- May 21, 2020
- Posted by: coseclinicadmin
- Category: Sharing
Roles and Responsibilities of Company Secretary in Singapore
A company secretary plays an essential role in the incorporation and operation of a company in Singapore. Read on to know more about the roles and responsibilities of the secretary position.
According to ACRA, it is mandatory for every company to appoint a company secretary within six months of incorporation. The company secretary looks after the efficient administration and keeps the directors and shareholders informed about the legal responsibilities of the company.
Company Secretary Appointment: Qualifications and Requirements
In compliance with Section 171 of the Singapore Companies Act, appointing a company secretary is a legal requirement for every company. To become eligible for the role of a company secretary, an individual should meet the requirements listed below.
For Private Company
- Resident of Singapore
- At least 18 years old
- Experienced and Qualified
- Not the sole director of the company
For Public Company
To be eligible for the role of company secretary in a public company, the individual should satisfy at least one of the following criteria:
- Qualified under the Legal Profession Act (Cap. 161)
- Experience of working as a company secretary for at least three years
- Registered Public Accountant (Cap. 2)
- Member of the Institute of Certified Public Accountants of Singapore
- Member of the Institute of Company Accountants, Singapore
- Member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
- Member of the Association of International Accountants
Roles and Responsibilities of Company Secretary
Before appointing a company secretary it is important to be aware of the roles and responsibilities the individual fulfills to ensure successful company administration and progress.
Maintain Statutory Registers
The company secretary is responsible for maintaining and updating the statutory registers of the company. These includes:
- Register of directors, CEO, secretaries, and auditors
- Register of shareholders
- Register of transfers
- Register of charges
- Register of allotments
- Register of substantial shareholders
- Register of debenture holders
Conducting Board Meetings
The company secretary is responsible for scheduling and organizing board meetings. This is followed by:
- Advise and inform directors on the topic of the meeting
- Prepare documents related to the meeting
- Record meeting minutes
- Prepare board resolutions
- Certify copies of minutes
Updating and Filing Returns on ACRA
The company secretary oversees and handles all the filings with the ACRA, a national regulator who looks after the business entities and corporate service providers in Singapore. This includes:
- Preparing and filing annual company returns on time
- Filing changes in the company name or share capital
- Updating about appointment or resignation of the company officers; CEO, directors, auditors or secretaries
Organizing Annual General Meetings
It is the duty of the company secretary to prepare and conduct the Annual General Meeting, an important yearly event in the company. He or she is accountable for:
- Prepare and circulate meeting notices to shareholders
- Prepare meeting agenda by consulting the director
- Prepare and distribute documents including the proxy report financial statements, balance sheets, and auditor’s report
- Record meeting minutes
The administrative responsibilities of the company secretary are the following:
- Ensure the right use and safe custody of the company seal
- Prepare the company accounts in compliance with law provisions and file these statements with the Registrar.
- Make sure every member of the company abides and operates according to the Company Constitution.
Company Secretary Services by CoSeClinic
The roles and responsibilities of the company secretary play a vital role in the administration, operation, and growth of a business. That’s why it is important to appoint a reliable, qualified, and experienced company secretary.
CoSeClinic offers company secretary services to ensure hassle-free company incorporation, accounting, and filing of returns of your company. To know more about our secretarial services kindly contact us today at 62701163 or mail us at firstname.lastname@example.org.