Every business in Singapore, no matter if it is a private company or a public one, needs a corporate secretary. It is one of the basic requirements for getting a company incorporated in Singapore. Furthermore, they need to be a Singaporean citizen that is registered under the Accountants Act of Singapore. However, finding a company secretary that will be all the qualifications needed can be challenging. That is why other companies in Singapore hire a secretarial services Singapore agency instead.
A company secretarial services Singapore firm can provide a corporate secretary for a business. There will be a specific person who will be registered as the secretary but the roles and responsibilities of the secretary will be handled by the secretarial services Singapore team. In this article, we will discuss what are the roles and responsibilities that can be given to a company secretarial services Singapore outsourced staff.
Secretarial services Singapore responsibilities to the company
The main responsibilities of the secretarial services Singapore company revolve around ensuring their partner business meets all relevant statutory obligations. This means they make sure that the company they worked for is submitting accurate annual tax returns. They also make certain that their obligations to ACRA are also fulfilled. They make sure that these statutory documents are filed on time as mandated by the law of Singapore. Moreover, they stay updated on relevant developments and changes in statutory and regulatory obligations so their client company can keep up.
As mentioned, there will be an actual person that will be presented to the ACRA as the corporate secretary. This personnel will be present at the company’s registered office address from time to time. He or she will make sure that the business interest of the company is always protected and only share information with the company secretarial services Singapore firm. They will also ensure that good corporate governance is practiced in the business.
However, there are responsibilities to the company that an appointed secretarial services Singapore secretary cannot accomplish. One of them is observing the implementation of corporate strategies. Since this nominal secretary isn’t directly working for the business, they won’t be able to ensure that the management’s decisions are properly carried out and communicated to the employees. That is why it is still important to hire another secretary that will be responsible for that.
Company secretarial services Singapore roles to the shareholders
The only responsibility that a company secretarial services Singapore business can do for the shareholders is more on information-related matters. They can file and keep the details of all shareholders of the company and regularly make updates if needed. They can also disseminate financial statements in a timely manner to the shareholders. In addition, a nominal secretary can attend to the shareholders regarding company information and financial statements.
However, an appointed secretarial services Singapore secretary cannot provide administrative support in the preparation of meetings. They are not responsible for any comprehensive legal and administrative support to the shareholders. Most importantly, they cannot arrange meetings. These other tasks are better off accomplished by an in-house secretary.
Responsibilities and roles to the directors
The responsibilities and roles of company secretarial services Singapore nominal secretary to the director are very limited. In fact, they can only provide timely information regarding the company and ACRA-related matters. However, they cannot fully serve as an advisor to the directors. They cannot also provide practical support since they are basically secretaries in name. However, they can help directors by providing the necessary information to prepare all the directors for meetings.
The other responsibility to the directors that an appointed secretarial services Singapore personnel cannot do is more on arranging meetings. A corporate secretary is responsible for arranging meetings of directors among themselves. He or she also arranges their meetings with shareholders and even meetings with government agencies. However, this can be done by the in-house corporate secretary.
Check out our company secretarial services Singapore offers
As you have read, a lot can be done if a company hires a secretarial services Singapore firm to handle most of the secretarial tasks. However, not all tasks can be handled by the outsourced company. That is why it is highly recommended that you have a company secretary hired for the business. Luckily, you don’t need to take into consideration if they are qualified with ACRA’s requirements. That is because the company secretarial services Singapore agency will take care of that. If you are looking for corporate secretary services, contact WLP Group.