With the advent of technology, there are many companies hiring corporate secretary. The appointment of the corporate secretary is an essential step in corporate incorporation in Singapore. Companies must hire a corporate secretary at the same time as corporate incorporation because the office of the Secretary must not be left empty for more than 6 months at any time. If you choose to engage with professional services firm for the corporate incorporation, the firm will typically appoint one of its employees as a Singapore corporate secretarial services. You must opt for a reliable corporate services firm with a good reputation for your initial incorporation.
Why Is A Corporate Secretary Essential To A Corporation?
The Monetary Consultant of Singapore, through its Code of Business Governance, states that the corporate must outline the role of the Secretary openly. As such, the Secretary is answerable to ensure the compliance of laws and regulations and be present at all the board meetings to advise the Board on governance stuff. For private companies, having a specialized corporate secretary can be very beneficial and cost-effective. This is because as well as permitting directors to focus on what they do best, the corporate secretarial will also ensure the corporate is aggressively complying with very strict legal needs.
The Tasks of a Corporate Secretary in Singapore
The role of the corporate secretary is a significant one of supporting the directors in ensuring that the corporate is compliant. Although it is not a necessity that a corporate secretary of a private corporate is capable, either the directors performing the function or the person that they entrust it to must be competent. Failure can be costly as professional advice is inevitably required. Here are some important duties of a corporate secretary.
- Maintenance of Statutory Registers
The corporate secretary is answerable to keep and update the legal registers as arranged by the law, for instance, the register of substantial stockholders, register of charges, and the register of members.
- Care of Corporate Seal
The corporate secretary is the individual that ensures the safe protectionand proper use of the corporate seal.
- Notice and Agenda of Meetings
One of the duties of the corporate secretary is to send the bills of the meetings to the members and shareholders. Also, he or she must prepare the agenda, prepare the minutes, and organize these meetings.
- Follow the Structure of the Corporate
The corporate secretary has to check that the corporation and its managers stand by the rules set out by the Structure of the Corporate at all times.
- Preparation of Accounts
The corporate secretary is responsible to make sure that the accounts of the corporate are compliant with the Corporate Law provisions.
- Filing of Constitutional Forms with the Registrar
The corporate secretary has to file essential returns and forms with the Registrar within the detailed timeline. The filing of returns and forms such as Annual Returns, the return of allotment of shares, and a notice of appointment or resignation of a director are also the responsibilities of the corporate secretary.
- Insurance for the Corporate
Another responsibility of the corporate secretary is to ensure that an adequate insurance cover is in place for the corporate, directors, officers, and the office and staff.
