Nowadays, every business must need a company secretary for their business operations. The word secretary carries with it many implications that seem daunting, which may be a reason why directors neglect the role of appointing a company secretary in the first place. However, this does not change the tasks that companies follow and the tasks that secretaries must do. In the majority of cases, companies will not appoint a secretary, and if they do, the director often accepts the role additionally. A company secretary is an important professional in the organization. He/she acts as a link between the board of the company and the various stakeholders, clients, and Regulatory authority. A corporate secretary ensures compliances with various corporate, economic, and labor laws and establishes proper corporate governance in the company.
Why Company Secretary Is Required?
Though, for start-ups not having such a large paid capital but seeing advancing to projecting capital fundings or spirit investments in future, it is suitable to employ a company secretary in advance, so that he/she ensure all business and supervisory compliances with several laws and represent the company in bulky due persistence process followed by such stockholders. And you as a promoter will not have too various difficulties in raising funding and won’t have to spend a large amount to hire legal advisors. Corporate secretary provides many qualified professionals for your business needs. They have highly qualified secretary experts.
Important things you need to know about Company Secretary in Singapore
A company secretary confirms that the business he/she is employed by is complying with all regulations also confirming the implementation of the decisions of the board of directors. It is a very good-looking career option as candidates can join professional organizations providing CS services to initiatives or join a group as the resident professional. Here are some important things you need to know about company secretary in Singapore.
- Every company must employ a secretary within 6 months from the date of its incorporation
- The company secretary must be living locally in Singapore and he or she must not be the sole director of the company
- The Secretary may also be held accountable for the company’s miscarriage to comply with the law in certain situations.
- The secretary of a public company must comply with section 171(1AA) of the Companies Act that is must have at least one of the qualifications. Been a secretary of a company for at least 3 of the 5 years immediately before he is appointed secretary of the public company.
- The company secretary is answerable for the well-organized administration of a company, mainly about warranting compliance with statutory and regulatory needs and for ensuring that decisions of the board of directors are executed. Despite the name, the role is not religious or secretarial.
- Company Secretary Singapore is the company’s named illustrative on legal documents, and it is their charge to ensure that the company as well as its directors operate within the law.
- It is also their responsibility to keep company records, such as lists of directors and shareholders, and annual accounts.
- Company secretaries in all sectors have high-level responsibilities including compliance with legal, regulatory & listing requirements.