Corporate Secretary Service in Singapore: Everything You Need to Know in 2023
Singapore is a thriving hub for businesses. Many entrepreneurs choose Singapore for setting up their business because of its strategic location, pro-business environment, and ease of doing business. However, running a business in Singapore requires complying with various regulatory requirements, including appointing a corporate secretary. In this article, we will discuss everything you need to know about corporate secretary service in Singapore in 2023.
A corporate secretary plays a crucial role in ensuring that a company complies with legal and regulatory requirements. In Singapore, every company is required to appoint a corporate secretary within six months of its incorporation. The corporate secretary should be a natural person who is a resident of Singapore and has the necessary qualifications and experience. In this article, we will discuss the importance of a corporate secretary, the eligibility criteria to become a corporate secretary, the duties and responsibilities of a corporate secretary, and how to appoint a corporate secretary in Singapore.
What is a Corporate Secretary?
A corporate secretary is an officer of a company who is responsible for ensuring that the company complies with legal and regulatory requirements. The corporate secretary is also responsible for maintaining statutory registers and records, filing annual returns, and drafting resolutions and minutes of meetings. In Singapore, every company is required to appoint a corporate secretary.
Why Do Companies Need a Corporate Secretary?
There are several reasons why companies need a corporate secretary.
Firstly, having a corporate secretary helps to ensure that the company complies with all relevant laws and regulations. This is important for several reasons. For example, failure to comply with regulations can lead to legal and financial consequences for the company.
Secondly, a corporate secretary can help to ensure that the company’s policies and procedures are up-to-date and effective. This is important because it can help the company to operate more efficiently and reduce the risk of problems occurring.
Finally, a corporate secretary can help to manage the company’s relationships with external stakeholders. This can include things like communicating with investors, responding to regulatory queries, and building relationships with other organizations. By doing this effectively, the corporate secretary can help to enhance the company’s reputation and build trust with stakeholders.
Eligibility Criteria to Become a Corporate Secretary in Singapore
To become a corporate secretary in Singapore, a person should meet the following eligibility criteria:
- Must be a natural person who is a resident of Singapore
- Must not be an undischarged bankrupt
- Must not have been convicted of any offence involving fraud or dishonesty
- Must have the necessary qualifications and experience
- A company must appoint a Corporate Secretary within six months of its incorporation.
A Corporate Secretary plays an essential role in any company, especially in Singapore, where the corporate sector is thriving. In Singapore, a company must appoint a Corporate Secretary within six months of its incorporation. The role of a Corporate Secretary in Singapore is to ensure that the company adheres to all the legal requirements and regulations set by the government. To become a Corporate Secretary in Singapore, there are certain eligibility criteria that must be met. In this article, we will explore the criteria required to become a Corporate Secretary in Singapore.
Educational Qualifications for Corporate Secretary
To become a Corporate Secretary in Singapore, you must possess at least one of the following qualifications:
- A degree in law
- A degree in business or accounting
- A degree in any other discipline, along with a relevant professional qualification, such as a Chartered Secretary qualification.
In addition to the above qualifications, a Corporate Secretary must also possess knowledge of the Singapore Companies Act, regulations, and guidelines related to corporate secretarial practice.
Skills and Experience to become a Corporate Secretary
Apart from educational qualifications, a Corporate Secretary must possess certain skills and experience to be eligible for the role. Some of these include:
- Strong communication and interpersonal skills
- Good analytical and problem-solving skills
- Attention to detail and accuracy
- Proficiency in using technology and software related to common business operations.
- Relevant work experience in a similar role
Regulatory Compliance and role of Corporate Secretary
One of the main roles of a Corporate Secretary in Singapore is to ensure that the company complies with all the legal requirements set by the government authorities such as ACRA. Therefore, a Corporate Secretary must possess knowledge of the following regulations:
- Singapore Companies Act
- Singapore Financial Reporting Standards
- Singapore Code of Corporate Governance
- Listing Rules of the Singapore Exchange
- Other relevant laws and regulations
How to Appoint a Corporate Secretary in Singapore?
To appoint a corporate secretary in Singapore, the company should follow these steps:
- Determine the eligibility criteria for a corporate secretary, as stated in the Companies Act.
- Identify potential candidates who meet the eligibility criteria.
- Interview the candidates and assess their qualifications and experience.
Appoint the selected candidate as the corporate secretary and notify ACRA of the appointment within 14 days.
Step-by-Step Process of Appointing a Corporate Secretary
- Choose a Corporate Secretary. The first step is to choose a suitable corporate secretary. You can either appoint an individual or a company to act as your corporate secretary. It is important to choose a qualified and experienced corporate secretary who is familiar with the laws and regulations of Singapore.
- Obtain Consent from the Corporate Secretary. Once you have selected a corporate secretary, you must obtain their consent to act as your company’s corporate secretary. The consent can be in the form of a letter or an email.
- Inform ACRA. You must inform the Accounting and Corporate Regulatory Authority (ACRA) of the appointment of your corporate secretary within 14 days of the appointment. You can do this by logging in to the ACRA website and submitting the relevant information.
- Update the Company’s Registers. Once the appointment has been approved by ACRA, you must update the company’s registers to reflect the appointment of the corporate secretary. This includes updating the register of directors, the register of officers, and the register of members.