The Singapore Companies Act mandates that you hire a corporate secretary within six months after incorporating your company. Your firm will be terminated if you don’t comply. The corporate secretary’s office should never have a vacant post for more than six months at a time.
How Singapore Works Here?
In Singapore, the ACRA mandates that a corporate secretary perform a broad range of duties, including the following: maintaining company records; holding board meetings; and reporting and updating paperwork with ACRA. Depending on the size of the company, it may be more cost-effective to hire an independent corporate secretary rather than nominate a director to fill this duty. For the company secretary it is important.
It’s crucial to realize that the requirements for a private company’s corporate secretary are significantly less onerous than those for a public corporation’s. Corporate secretaries in Singapore are only need to have a Singaporean passport and the requisite skills to carry out their duties. For a private company, this is all that is required of the corporate secretaries. However, corporate secretarial laws for public companies are substantially more demanding and difficult, which is why many public enterprises opt to outsource this duty to a company that provides corporate secretarial services.
With so many corporate secretarial businesses in Singapore, it may be tough to find the best one for your needs. Here are the five most crucial questions you should ask yourself before picking which corporate secretarial services business to outsource to, as well as how to determine exactly what services you need. For the non-routine secretarial services online options are perfect.
Is the organization employing people who are qualified for the roles that are now open?
You should always deal with a company that has the best credentials, regardless of your position, whether you’re starting a business or seeking to go public.
Generally speaking, a corporate secretary of a public company in Singapore must fulfill one or more of the following requirements:
- At least three of the five years immediately before his/her employment as secretary of a public business were spent working as a secretary for a corporation.
- Qualified somebody who is a member of the Institute of Singapore Chartered Accountants and a member of the legal profession. A licensed public accountant in the state of California.
- Chartered Institute of Secretaries member from Singapore (CIS).
The Association of International Accountants’ Singapore Chapter Member Certified Public Accountant (CPA) in Singapore A member of the International Association of Certified Public Accountants (IACCA) (Singapore Branch) works perfect.
Consider these requirements to be an excellent indicator of whether or not a company you’re contemplating has the ability to manage the corporate secretarial services for both public and private businesses.
Do they know all there is to know about the rules and regulations in the area?
A firm that is well-versed in the rules and regulations of the area where they are providing secretarial services is essential.
Annual general meetings, tax filings, and the preservation and storage of corporate papers must all be handled within the time restrictions imposed by authorities. As an added benefit, an excellent secretary service should ensure that your business is well organized, allowing you to save money in the long run.