Do you have a registered company in Singapore? If yes, you would be wondering whether there is a need to hire a corporate secretary or not. Well, opting for corporate secretarial services in Singapore is important. In this blog, you will learn about the significance of hiring corporate secretaries for your company.
Top Reasons to Hire a Corporate Secretary in Singapore
Are you wondering why you must hire corporate secretaries in Singapore? In that case, consider the reasons mentioned below.
- Enable companies to effectively manage the operational and business duties
- Avoid the chance of administrative and business errors
- Carry out financial and legal responsibilities effectively
- Comply with the legal requirements of Singapore and avoid penalties
- Ensure smooth functioning of the business.
Eligibility Criteria of a Corporate Secretary in Singapore
The eligibility criteria for a corporate secretary will vary based on whether you have a private or public enterprise. As per the companies act, if you have a private company, you can hire an individual with a SingPass for the role. However, ensure that the person has the essential knowledge and skillsets for carrying out the different functions of a company secretary.
On the other hand, if you are a public entity, the eligibility requirements will differ. To be hired as a corporate secretary in a public company, the individual must:
- Be fit to discharge the duties and responsibilities of the role
- Be living in Singapore legally
- Be a person of sound mind
- Have successfully completed a course in Combating the Financing of Terrorism (CFT) or Anti-Money Laundering (AML).
Important Responsibilities of a Corporate Secretary in Singapore
One of the most important responsibilities of a corporate secretary is to ensure that the organisation complies with the governing laws. Apart from that, the important functions that the corporate secretary will perform includes:
- Maintaining and updating the record books of the company
- Preparing minutes and administering them to the relevant stakeholders
- Updating and maintaining the statutory registers
- Updating the directors and important stakeholders of the company relating to the changes in the regulations of ACRA
- Filing the annual returns of the company on time
- Notifying directors about the pending deadlines of ACRA
- Handing out the financial reports of the company
- Filing transfers and allotments of company shares
- Filing any changes in the name of the company.
Potential Drawbacks of Not Hiring a Corporate Secretary
If you have a registered company in Singapore but do not have a corporate secretary, the ACRA may fine you an amount of USD 1000. Apart from that, other potential drawbacks include:
- Missing deadlines for annual return filings
- Forgetting to update the location and composition of your company in the ACRA registrar
- Not notifying about the changes of directors and auditors in the registrar.
By now, you must have an idea about the importance of a corporate secretary for your business. It is time to hire one. Are you looking for the best corporate secretarial services in Singapore? If yes, Paciol can be the best option. Collaborate with the experts today!