Gone are the days when a company secretary is thought be just a personal assistant of the boss. Because today, especially in Singapore, the company secretary plays a very critical role in your business.
Apart from it being a legal prerequisite for businesses that are to be incorporated in Singapore, it must not be taken lightly as choosing and hiring such professional can actually make or break the future of your company.
Speaking of which, one of the best ways to find the perfect man or woman for the job is to completely understand what the vital position entails. And because of that, your experts here at Enterprise Assurance PAC are here to help you out.
In the hopes of finding the perfect company secretary for your business, keep in mind these roles and duties:
Unlike the “regular secretary or assistant” who basically just answers to his/her boss, the company secretary is actually answerable to almost everyone. He or she has obligations to fulfill for these 3:
- The Company – make sure that good corporate governance is practiced, all statutory obligations are promptly and properly met; and the company’s best interest is always protected.
- Company Directors – provide practical support and relevant advice; promptly share important information so that they could participate in board meetings
- The Shareholders – make sure their interests are protected and that they are updated with all the latest information. Company secretaries also disseminate financial statements on time for the benefit of the shareholders.
The Vital Roles of the Company Secretary
Administrative: This is actually the primary role of the secretary. In other words, this is what most people think secretaries do. Well, because of this primary role, company secretary contributes greatly to the smooth operation of your business.
He or she is in charge of complying with all ACRA-related and legal requirements of the company; preparing and maintaining minutes of General Assemblies and Board Meetings; managing of company shares; filing taxes and returns on time; and a lot more.
Fiduciary: This equally important role of the company secretary is all about trust. Having said that, the company secretary is obliged to always act for the best interest of the company. That at all times, he or she must act in good faith, knowing how his or her actions and decisions could have a great effect on the welfare of the business. In example, he or she must avoid disclosing information that might affect or stir up conflicts of interest. In the same way, the company secretary is expected not to make illegal or illegitimate profits from private dealings for or with the company.
Advisory: Because of their in-depth knowledge of legal and financial compliance tasks plus the experience on the operations and internal communications of the company, they are also relied on by everyone in the company for their advice. They communicate with almost everyone including the directors and shareholders.
In addition, they can also provide key information about the company so that it will be easier for the higher-ups to come up with strategies and make decisions. They must also be able to identify once there are company policies that do not adhere to ACRA’s standards and requirements. Their advice is simply valuable for making sure that the company is always compliant with the laws and requirements in Singapore.
Other Duties of the Company Secretary:
Because the company secretary’s position has a very wide scope in terms of tasks and responsibilities, we ought to provide you with a brief summary of his/her other duties:
- Updating and Filing with ACRA
- Appointment, resignation or death of company officers
- Update of directors’ particulars
- Filing of Annual Returns
- Amendments to the Company Constitution
- Share allotments or transfers
- Changes in company name
- Maintenance and Upkeep of Statutory Registers
- Filing of signed Board Resolutions
- Maintenance of Minutes Book (AGMs and EGMs)
- Issue of shares
- Distribution of Annual Report and company accounts
- Preparation of Board Meetings and AGMs
- Distributing company’s financial reports
- Attendance and taking of meeting minutes
- Preparation of meeting agenda
- Preparation of the directors’ resolutions
- Miscellaneous Services
- Reminders for filing deadlines
- Ensure the safekeeping and proper use of the Company Seal
- Monitoring shareholder register and movement of shareholders
- Maintaining shareholder relations
In conclusion, given all these important roles, it just also goes without saying that finding a well-trained, trustworthy, experienced, and competent company secretary should be taken seriously. And because of that, we also suggest that you consider getting company secretary services Singapore. It’ll be a lot easier and less time-consuming for you. Plus, you would be able to focus on other important things about your business in Singapore. Should you need further help, don’t hesitate to ask the experts here at Enterprise Assurance PAC. Simply send us an email or call us on +65 6224 1164.