FAQs for Company Secretarial Services in Singapore
What is a corporate secretary in Singapore?
In essence, a corporate secretary is an officer that has been appointed by a company. However, the person chosen to conduct corporate secretarial services has to adhere to the strict requirements of the Singapore Companies Act.
The corporate secretary chosen has to be a Singapore Citizen or Permanent Resident. Alternatively, they can be Singapore Employment Pass Holders or Singapore Dependent Pass Holders.
Every business organization needs to have a corporate secretary, as stated by state corporation laws. But, not everyone is qualified to be a corporate secretary as there are certain qualifications they need to possess.
The elected corporate secretary must have a degree in law, accounts or public administration. Furthermore, they may also need to have experience in certain areas, such as accounts and credit control.
Is a company secretary mandatory in Singapore?
Yes, having a company secretary is mandatory in Singapore. The country’s Company Law states that every business has to appoint a company secretary. Furthermore, this process must be done within six months from the date that the company has been formed.
The person providing corporate secretarial services must be a Singapore Citizen or Permanent Resident. But, they can also be appointed to the role if they are Singapore Employment Pass Holders or Singapore Dependent Pass Holders.
It is also important to note that the company secretary position cannot be vacant for more than six month. In addition, the sole director of a firm cannot assume the role of company secretary as well as this is not permitted. Private limited companies don’t need to appoint a professionally qualified secretary. Public limited companies, on the other hand, are required to choose someone who is professionally qualified, such as a lawyer, accountant or chartered secretary.
Can I handle the role of secretary myself?
If you are the sole director of the company, then you are not eligible. Singapore law also mandates that the company secretary must be over the age of 18 and a local resident of Singapore.
How much does a company secretary cost in Singapore?
The cost of a company secretary will vary depending on the corporate secretarial services you require. To get a more accurate quotation, contact us for more information.
What is the role of the company secretary?
The company secretary will have to provide many corporate secretarial services in Singapore. First and foremost, the company secretary will have to ensure that the organization is in full compliance with all of Singapore’s legislations and regulations. They will also have to keep the firm’s board members up to date on their legal responsibilities to the company. For more information on this, the Company Law defines how the company secretary and board members must operate within a business.
The company secretary must also take up the responsibility of being the company’s compliance officer. This means the company’s chairperson and board members will rely on the company secretary to ensure that their duties are being carried out in accordance with the law, corporate governance rules and listing requirements.
The company secretary must also ensure that the business holds its legally required meetings on time. In addition to this, the company secretary must make sure that the firm itself and its directors adhere to the Singapore Company Constitution.
Can a company secretary be CEO in Singapore?
The CEO of a firm in Singapore is not allowed to take on the role of the company secretary. Since CEOs cannot provide corporate secretarial services, many businesses decide to appoint their corporate service provider to the role. A company director who is a Singapore resident can be made the company secretary, but in order for this to work, there must be more than one director.
The company secretary has to adhere to many requirements, according to the Companies Act. They must be knowledgeable about Singapore’s company regulations and compliance rules. They are also expected to have a deep understanding of all required company filings. Those appointed to give corporate secretarial services must also live in Singapore, and this is the case for both local businesses and foreign-owned firms that have a base of operations in the country.
If an organization appoints a CEO or another unqualified individual to the position of the company secretary, the Singapore government may require the firm to choose a new candidate who fulfils all the requirements.
In a Singapore business, who can be company secretary?
There are many individuals who can hold the post of a company secretary. A company shareholder and director are both eligible. However, it should be noted that a director can only be appointed if they are not the sole director of the company. If they are the only director, then they will now be permitted to conduct corporate secretarial services in Singapore.
A Singapore permanent resident is allowed to be the company secretary as well. A foreign company secretary cannot hold the post within a Singapore-based company unless they are a permanent resident of the country. Foreigners, in general, are not permitted to be company secretaries. However, exceptions are made for those who happen to be Singapore residents or EntrePass holders.
Is the corporate secretary the same as the company secretary?
Yes, they are the same. Simply put, company or corporate secretaries are senior members of a firm that ensure the organization is complying with statutory and regulatory requirements. They are also responsible for other corporate secretarial services, such as making sure that the decisions made by the board of directors are implemented. Company or corporate secretaries also advise the board on all the company’s legal matters as they are seen as the in-house legal officers.
In a firm, company or corporate secretaries also have a lot of responsibilities when it comes to governance structure and the mechanisms that are in place. They also play crucial roles in ensuring that the firm complies with the law and all regulatory and listing requirements. Those providing corporate secretarial services are seen as the go-to people for business advice, which can relate to conflict of interest issues, development strategy and corporate planning.
Can I give the role of secretary to one of my employees?
If your employee lives in Singapore and is over the age of 18, then yes, you can.
However, the employee should have adequate relevant experience of the secretarial work to prepare the compliance documents and necessary filing with the local registrar of companies.
How can I get started to engage a company secretary?
If you are ready to lower your overhead and free up your time, give us a call to enquire about our company secretarial services in Singapore.