May 20, 2024
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What is the Purpose of Having a Company Secretary?

Companies formed in Singapore are required by the Accounting and Corporate Regulator Authority (ACRA) to have a company secretary appointed within six months of the date of establishment. As required by Section 171 of the Companies Act, a company secretary must be a Singaporean resident and will be the principal person in charge of a number of administrative and reporting tasks. Among these basic obligations are the filing of the company’s annual reports, the registration of members, the recording and filing of board resolutions, and so forth.

A company’s secretary is solely responsible for assisting its directors in adhering to all applicable laws and regulations, which is outlined in the Companies Act. However, the secretary must work within this framework. With the Certificate of Residence (COR) it is important.

This article discusses the numerous responsibilities and tasks of a corporate secretary, including the legal requirements for the employment of such a person.

Provisions for Important Appointments

The company’s board of directors will be responsible for appointing a corporate secretary.

  • Candidates for the position must meet the requirements set out in Section 171 (1AA) of the Companies Act
  • A normal human being
  • One who calls Singapore home

Hence, a human being who is permanently resident inside Singapore’s jurisdiction must serve as your secretary. This includes Singaporeans, PRs, and those with EntrePasses.Singaporean citizens and permanent residents who have a SingPass are eligible to apply for the role of company secretary in private firms. No one may be appointed to the role of company secretary if the firm only has one director or shareholder.

The board of directors may appoint the secretary of the firm by a resolution, as stipulated in this section. If the Registrar has issued a debarment order on the date of appointment, the board of directors will not nominate a person to the post of company secretary.The provision further states that the position of company secretary shall not be vacant for more than six months at a time. With the corporate secretarial package it works fine.

What are the requirements for becoming a company secretary?

When it comes to the appointment of a company secretary, all Singapore-registered businesses are required by law to satisfy certain criteria. According to the Singapore Companies Act, a candidate for the position of company secretary must meet at least one of the following criteria:

Be familiar with Singapore’s corporate rules and regulations. If you want to be secretary of a publicly traded firm, you need at least three to five years of experience. If you’re a filling agency, you must be certified by ACRA.

Under the Accountants Act, you must be a registered public accountant in order to practice

Adhere to the requirements of the Legal Profession Act in all respects.Be a member of a professional organization such as the Singapore Institute of Chartered Secretaries and Administrators, the Singapore Association of the Institute of Certified Public Accountants, or the International Association of Certified Public Accountants (Institute of Company Accountants).

The Company Secretary’s Role and Responsibilities

There are certain functions and obligations assigned to the corporate secretary under Singaporean legislation.

Positions to Be Filled

As a result of the broad breadth of their work, business secretaries often find themselves in many capacities inside the organization. Listed below are the numerous responsibilities of Singaporean company secretaries.