Corporate Secretarial Services: What Are Its Impacts In A Business?

Corporate obligations should be met by the company, or else the company will face issues in the future. To have a company secretary is like a business with a strong foundation. An incorporated and registered company will not operate for over six months without a company secretary singapore.

A company secretary is mandatory for the incorporation of a company. It is stipulated by the Accounting and Corporate Regulatory Authority in Singapore. The eligibility requirements for a company secretary are according to the kind of business.

Company secretarial services

Indeed, company secretarial services are an essential part of any business administration. A company secretary’s primary concerns are:

  • corporate governance
  • administration and compliance with regulations

Company secretarial services contain various legal, ethical, and corporate obligations.

Duties of company secretary: businesses keep legal

A company secretary must keep the business legal. A business may not be required by the law to appoint a company secretary, but in the Singaporean government, they do. Company secretaries are positioned as the guardians of the company’s best practices and proper compliance with the law.

A company secretary service completes all the tasks associated with the company’s formation and meets ongoing requirements, such as:

  1. The company’s statutory book maintenance
  2. Provides ongoing board-level support
  3. Manages annual general meeting process
  4. Responds flexibly to ad hoc queries

Why do companies need a company secretary?

Various regulations and laws guide the operations and establishment of companies in Singapore. But, without a company representative to ensure that business laws are followed, many companies are in danger of infringing them even though some are unintentional. Affecting the revenue generation of the government like non-compliance with established corporate governance practices can affect the smooth running of a business.

Business Services are a must to help a company develop and one of them is hiring a company secretary as a part of the compliance.

Responsibilities of a company secretary

The role of the company secretary in Singapore depends on every company. One main responsibility of a company secretary is to ensure the company they represent complies with the relevant laws that govern their operations. Most companies have their company secretaries to work on other functions, such as:

  1. The company’s record books are updated and maintained
  2. Set meetings upon the relevant authority or orders of the directors.
  3. Prepare records and administer them to relevant stakeholders and directors
  4. It notifies the directors of any pending deadlines from ACRA, especially when related to yearly returns
  5. It updates the company’s directors and stakeholders on any changes in the regulations of ACRA
  6. It performs other functions specified in the employee handbook of the company

When all these responsibilities are not performed in a business, can you imagine what will happen in a company?

The company secretary serves as the guardian of compliance and a facilitator of communication between the following people:

  • board of directors
  • other stakeholders

Company secretaries will stand as the custodians of corporate records. Well, the role of a company secretary is not just someone who takes note of important details and handles important company documents, it is more than that!