Every business in Singapore is required to have a corporate secretary. It is one of the basic requirements during the incorporation process of a company in Singapore. Furthermore, there are certain corporate secretary Singapore requirements that an individual needs to meet before becoming a company secretary. Therefore, it is easy to say finding a corporate secretary for your business in Singapore should not be taken lightly.
Singapore does not require companies to have a corporate secretary for no reason. There are even many secretarial service Singapore companies that help other businesses regarding this. That is because these secretaries have a crucial role in the business. In this article, we’ll cover the three key roles of a corporate secretary in Singapore.
Corporate secretary Singapore key role to the company
An in-house corporate secretary or one acquired through a secretarial service Singapore firm has a main job of maintaining the company statutory registers and records. This personnel ensures that the business is fulfilling all relevant statutory obligations. They make sure to file all the necessary documents required by the Singapore law on-time with no delays. Furthermore, they keep themselves updated on relevant developments and changes in company statutory and regulatory obligations. Thus, the company is certain that they are carrying out all their legal obligations.
Another corporate secretary Singapore key role is making sure that good corporate governance is practiced by the management. Company secretaries also assist in the implementation of corporate strategies. They guarantee that the decisions of the management are communicated and properly accomplished by all departments of the business. They also ensure that the interest of the business is secured and prioritized. Thus, it is important that the secretary is always present at work. This is the reason why the government requires the corporate secretary to always be at the company’s registered office address during business hours.
Corporate secretary Singapore key role to the directors
Aside from a company secretary, businesses in Singapore are required to have at least one Singaporean director. Both are crucial in a Singapore company because they have interdependent roles. In the case of a corporate secretary, they serve as an adviser to the directors. That is why many prefer to hire secretarial service Singapore agencies because of their experience and expert advice.
A company secretary also provides any practical support to the director that is needed. They share updated information with all the directors. They give them legal and administrative support. This is so that they can contribute fully during the board meetings.
Speaking of meetings, corporate secretaries organize a lot of meetings on behalf of the director. They arrange meetings between directors and shareholders. They also provide administrative support in these meeting preparations. All of these are easy to accomplish by the corporate secretaries if some of their tasks are disseminated to others. Thus, companies should acquire the services of a secretarial service Singapore business to make the company secretary’s job easier and faster.
Corporate secretary Singapore key role to the shareholders
As mentioned at the previous section, company secretaries organize meetings between shareholders and directors. However, that is not the only corporate secretary Singapore role that they have towards the shareholder. They are required to regularly communicate with the shareholders. This is done so that the shareholders’ interests are protected no matter what situation befalls on the business.
Aside from that, corporate secretaries always update the shareholders regarding the company’s financial statements. This is vital especially if the shareholders will be attending the company’s annual general meeting. The updated financial statements will help them prepare in the decision-making process of the meeting. Therefore, it is essential that the financial statements are always updated. That is why many businesses outsource these tasks to a secretarial service Singapore professional.
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Those are the three key roles of a corporate secretary in Singapore. As what you have read, a company secretary has duties to the company, to the directors, and to the shareholders. They make sure that all statutory obligations are met. They ensure that both the directors and shareholders are updated regarding the current standing of the company in terms of operations and financing. Therefore, it is important that every business in Singapore is hiring competent company secretaries.
Hiring an in-house company secretary is important and required by the law. However, these many key roles can be too much for one company secretary. Thus, it is important that the company lessens the burden of the secretary by hiring a good secretarial service Singapore company.