Secretarial services are a prerequisite for the corporate governance framework in Singapore, company secretary services playing an important role in its smooth running and compliance with statutory requirements. Such responsibility entrusted to professional service providers like Entrust would save precious time and afford efficiency and expertise for businesses in Singapore, especially SMEs and bigger corporations, while providing peace of mind.

Overview of the Role of a Company Secretary

The company secretary would be described as the keystone of the compliance and corporate governance efforts of any company. Though this sounds very technical, it has much more to it than just traditional administration. A company secretary ensures the adherence of a company to Singapore’s legal and regulatory framework. Maintaining statutory records and filing returns and annual statements and organising and conducting board meetings with regard to ensuring compliance under the Companies Act are some such responsibilities.

A company secretary that functions well lets the board of directors know their rights and obligations under law; in that, they are an intermediary between the board and the regulatory authorities. In Singapore, there is a statutory requirement to appoint a company secretary for every private limited company within six months after incorporation, underlining the significance of the role in the country’s corporate environment.

Importance in the Singapore Business Landscape

Singapore is renowned to be an international business hub with its reputation for transparency, efficiency, and a good regime of regulatory governance. The country’s regulatory environment is tough and dynamic, therefore demanding that companies keep themselves abreast of changes that are constantly happening so as not to be left out of compliance. It is here that a company secretary becomes indispensable.

Failure to comply with regulations can incur a fine, penalties, or reputational damage. It might be challenging for a foreign company that may venture to put down a shop in Singapore to navigate this local regulatory environment in the absence of a learned company secretary. They ensure that businesses are compliant with the laws of governance, taxation, etc, which promotes stability for growth and success.

Apart from heading the company affairs, the company secretary is an essential tool to ensure that Singapore maintains a position as a business-friendly jurisdiction. In this context, their role is that they should ensure that the business runs strictly according to the laid regulatory framework so as to provide a more conducive investment, entrepreneurship, and global trade business environment.

Key Responsibilities of a Company Secretary

The responsibility of a company secretary

The responsibilities of a company secretary Singapore are diverse and cover a wide range of legal, regulatory, and governance-related tasks. Here are some of the key responsibilities:

  • Maintaining Statutory Records: A company secretary maintains proper up-to-date statutory records such as the director’s register, Shareholder’s Register and Secretary’s Register of the company.
  • Filing Annual Returns: They ensure that annual returns are submitted on time to the Accounting and Corporate Regulatory Authority (ACRA).
  • Organising Meetings: Company secretaries organise board meetings and AGMs, prepare the agenda for the meetings, and also maintain minutes.
  • Ensuring Compliance: They ensure that the firm adheres to the stipulations as outlined under the constitutional documents, together with that of the Companies Act and other applicable laws.
  • Communication with Shareholders: The company secretary allows good communication between the company and its shareholders for transparency and proper governance.
  • Advisory Role: They advise the board on matters of corporate governance and ensure that the directors perform their legal duties.

Legal Requirements for Company Secretaries in Singapore

In Singapore, the appointment of a company secretary is not a formality but a statutory requirement as stipulated in the Companies Act. Companies ought to appoint a company secretary within six months after incorporation. Company secretary has to be a resident in Singapore with public companies ensuring that the person appointed is suitably qualified.

For quoted companies, the law stipulates that the company secretary should be an individual with requisite experience and qualifications in being either a qualified lawyer, accountant, or one possessing the appropriate level of corporate governance experience.

Failure to meet these requirements may result in penalties to the company as well as to its directors. In this respect, there is a need to ensure appointment of a professional company secretary who is well-equipped with knowledge regarding Singapore’s legal framework and corporate governance standards.

Benefits of Professional Company Secretary Services

While some businesses may want to in-house a company secretary, seeking professional service providers for the same can have an added advantage. Why professional company secretary services are helpful:

  • Expertise and Experience: In-depth knowledge of local rules and regulations and international best practices of corporate governance as brought about by professional providers.
  • Time Efficiency: Managing compliance and corporate governance takes much time. Outsourcing such business management to professional providers saves business time from sidetracking core activities.
  • Cost-Effective: A professional service provider might be more cost-effective than maintaining a full-time in-house company secretary, which is very sensible to an SME.
  • Risk Mitigation: A professional company secretary will make sure the company is compliant with all the changes in regulations which may result in penalties and eventually result in actions being taken against the organisation at the judicial level.
  • Access to Resources: A service provider has read access to diverse resources and tools to effectively manage company secretarial work.

Professional company secretaries are also important for companies that have to restructure, merge, or acquire other companies. Compliance and necessary filings are taken care of in an expeditious and trouble-free manner.

Why Choose Entrust for Your Company Secretary Services?

Professional corporate secretarial services by Entrust

As a Singaporean company that has years of experience in corporate services, Entrust is truly a sure partner to venture with when choosing your professional company secretary.

The qualified and experienced professional team assures that your company will remain in complete compliance with all of the statute’s demands, thus allowing you to focus on business growth. Entrust takes care of all statutory and governance-related responsibilities, and your company stands tall with its highest standards of corporate governance.

In addition, Entrust has bespoke solutions tailored to the specific needs of your business. Whether it is a start-up, SME, or an international multi-national company, Entrust is the expert with which you can entrust the management of your corporate secretarial effectively and efficiently.

Conclusion

The secretarial role is absolutely indispensable in the highly regulated business environment of Singapore, starting with ensuring statutory compliance all the way to upholding good corporate governance. Company secretaries play a very important role that will help in making businesses achieve their activity. Here, engaging professional services that a company secretary provides, such as Entrust, can help your organisation stay compliant, save time and reduce risks.

For businesses that want to thrive in Singapore, a company secretary services is that which not only presents a legal requirement but also a strategic necessity. Entrust’s professional services will make sure that your company operates well, stays compliant, and puts itself in the best position for growth. Entrust your corporate secretarial needs to us and focus on what’s important to you: your business.