What Is A Corporate Secretary And Why Do You Need One In Singapore?
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Corporate Secretary, Company Secretary, CoSec, Corp Sec - these terms are all used interchangeably in Singapore. If you’re setting up a company or opening an office here, this is a role you’ll want to get to know as you can’t operate without one.
For a listed company, your secretary needs to have considerable experience – at least three to five years. This very specific sort of person is not always easy to find, especially if you’re new to Singapore - which is why working with a company like Accela who provides corporate secretarial services can be a great option.
Want to learn more about what a corporate secretary handles, how to find one and what sets Accela Corporate Secretary apart? Read on for our deep dive into the role.
But what does the corporate secretary actually do? And why do I need to hire one?
In essence, your corporate secretary ensures your company complies with the mandatory requirements set by Singapore’s Accounting and Corporate Regulatory Authority (ACRA), and ensures that all directors and shareholders are informed of their statutory obligations such as filing of annual returns
The duties of a corporate secretary may vary from company to company, but key tasks will include maintaining and updating the company’s registers and minute books, administering, attending and preparing meeting minutes for directors and shareholders, and updating directors and shareholders on relevant changes in corporate regulations. The corporate secretary will also circulate your Annual General Meeting (AGM) documents and file your company’s annual returns.
Why do I need to hire one?
Singapore requires companies to appoint a corporate secretary within six months of incorporation; if the position is left vacant for more than six months, the directors may face a fine of up to S$1,000.
Why Accela?
Under the Singapore Companies Act, the corporate secretary must be a Singaporean resident and cannot double as a director of your company.
The Accela team has done it all before but we also know that each client has unique requirements, so you can’t take a “one size fits all” approach. We pride ourselves in putting our clients first, and set ourselves apart from the competition in the following areas:
Expert Complex Corp Sec Support: our team has the skills, experience and local knowledge to navigate through the more complex corporate secretarial matters of the company. We’re able to seamlessly support the demanding needs especially if it's a company that is active in share buybacks/preference shares allotment/adding pool of investors, etc.
Fast response: we have the capacity to support transactions with tight deadlines for clients.
Trustworthy & reliable: we value our clients' trust and we ensure all transactions are handled with utmost confidentiality.
Compliance: we keep track of all ACRA's announcements and regulations, working closely with clients to ensure all statutory obligations are completed in time and deadlines are met so clients do not have to worry about them.
Convenient & digitally savvy: we are 100% paperless, giving clients who are frequently travelling, or relocating from overseas, peace of mind when it comes to coordinating documents for signatures, etc.
Forward-thinking: We take the time to understand what you envision for the future of your company, and keep your future work pass needs in mind. As you’ll find when you start talking to other entrepreneurs and business owners here in Singapore, if your company is not incorporated with the future in mind, you may face work pass rejections further down the road.
Bundling services: When it comes to a third party agency, working with a company like Accela allows you to bundle your corporate secretary into our company incorporation service, which includes managing all paperwork associated with incorporating your company here in Singapore. Accela’s incorporation service can also include setting up a bank account for your Singapore-based business, something most entrepreneurs here will agree can become a real headache when the right boxes aren’t ticked.
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Accela is a professional services firm for people planning to set up and incorporate a business in Singapore, and we are licensed to act as a corporate secretary for companies. If you’re exploring the idea of setting up a business or office here in Singapore and are looking for guidance, please reach out for an introductory chat with our Corporate Secretary team: [email protected].