Roles & Responsibilities of a SG Corporate Secretary
What is a Corporate Secretary?
A corporate secretary is a qualified individual that is appointed by a company in order to fulfil administrative and compliance duties. According to the requirements and regulations of the Accounting & Corporate Regulatory Authority (ACRA), the process of a company's incorporation in Singapore is incomplete until a corporate secretary is appointed. In fact, all Singaporean companies are required to appoint a corporate secretary within 6 months of date of incorporation.
Responsibilities of a Corporate Secretary
One of the biggest misconceptions about corporate secretaries is that they are simply administrators. However, the roles corporate secretaries must fulfil are far more demanding. Here are the different types of responsibilities a qualified corporate secretary can carry out when appointed to a company
- Maintaining the company’s statutory registers
- Timely lodging and filing all necessary documents required by law
- Maintaining corporate records to serve as a point of reference for compliance issues
- Proactively meet regulatory standards and corporate governance rules
- Staying educated on relevant developments and changes in statutory and regulatory obligations
- Communicating adequately with shareholders
- Offering advice on company incorporation best practices
- Assisting to lodge the company incorporation
- Complaint onboarding of company officers
- Ensure the appropriate steps are taken before the striking off
- Assist to lodge the strike off
Who Can be a SG Corporate Secretary?
In order to successfully appoint a reliable corporate secretary to positively impact your company with practice of good corporate governance, a number of factors must be considered. First and foremost, an eligible corporate secretary for both private and public companies should possess one of the following:
- Permanent Residency in Singapore
- Singaporean Citizenship
- EntrePass Holder
- Employment Pass Holder (issued to work at the company concerned)
However, while it is possible for a locally resident company director to fulfil the role as a company secretary, this can only be done if the company has more than one director. Additionally, S Pass holders can also fulfil the role of company secretary, although, S Pass holders cannot act as company directors.
In Public Companies:
to be eligible to be a corporate secretary, he/she must be a chartered accountant and a member of the Institute of Certified Public Accountants of Singapore (ICPAS). He/she must also possess the relevant qualifications from the Legal Professional Act.
In Private Companies:
to be eligible to be a corporate secretary, private limited companies need not appoint a professionally qualified individual to fulfil the position of a corporate secretary. With that said, it is highly advisable to engage a qualified individual to fulfil your statutory compliance requirements.
What are the Benefits of Outsourcing Corporate Secretarial Services?
With the help of a trusted service provider, you can outsource your corporate secretarial needs to meet Singapore’s strict legal obligations with ease.
- You will get the opportunity to gain access to industry expertise from a reliable team of specialists, allowing your company to develop an accurate and consistent method to adhere to your administrative obligations.
- As you can rely on your corporate service provider to seamlessly meet the multiple deadlines you’re expecting, you do not have to worry about juggling all of them while managing your company’s day to day operations.
- Many reputable corporate service providers are also able to create personalised, value-added services for you according to your specific business needs.
- Outsourcing services like these or more saves you and your company time and effort with the hiring process and training, allowing for a competitive advantage!
Reach Out to Sprout!
Here at Sprout, we provide reliable services for businesses in all stages of growth to reach their maximum potential. We are determined to help your company simplify your corporate secretarial services and meet your specific needs with our budget friendly packages to allow you to focus on what you’re best at, while we take care of the rest. For more information on our packages or for any queries, feel free to reach out and carry out a free consultation with a Sprout representative to discuss your business needs. We’ll get back to you in 24 hours.