When starting a new business venture in Singapore as in any foreign country staying compliant with applicable government regulations can be challenging. The key to meeting these challenges is to have either a knowledgeable person on staff or to hire a reputable corporate secretarial service.
What are the Duties of the Corporate Secretary?
Secretarial services in Singapore take the place of an individual in making sure that the company is doing everything which is legally required by the Accounting and Corporate Regulatory Authority (ACRA), the agency which governs reporting compliances for corporate businesses in Singapore. The corporate secretarial service takes over the responsibilities to manage and record share transactions, record and document the minutes of board meetings, record and document the minutes for general shareholder meetings and other duties rule compliance activities that an individual holding the office of corporate secretary would perform.
Routine Tasks Handled
The secretarial service will handle the routine tasks which must be performed to stay compliant such as maintaining the corporate minute book, reporting as necessary directors, managers, auditors and share transfers. The service will also be responsible for filing the company’s annual reports and interim statements with the appropriate agency, as well as preparing the director’s report and ensure safe custody and use of the corporate seal.
Qualifications of the Corporate Secretary
To be in compliance with the Singapore Companies Act a company must appoint a corporate secretary or in the alternate a corporate secretarial service within the first six months of its corporate existence. That being said the corporate secretary is required to be a permanent resident of Singapore and hold one of the three required passes (Employment, Dependent or Entrepass). The corporate secretary must also have a professional pin which requires the possession of a level of knowledge deemed appropriate by the ACRA.
You will want to make sure that any service that you hire meets these requirements and has a solid reputation in the field to ensure that your company is in compliance with Singapore corporate regulations.