Company Secretary Services: Roles, Responsibilities and Duties
The position of a company secretary services is one that’s not well understood by many, and that has led to a lot of confusion. It’s a legal requirement that all the companies incorporated in Singapore get to appoint a company secretary who must be a resident. If in case the company has only one director, it’s important to note that the director cannot again act as a company secretary, however, if in case a company has two directors one is permitted to act as a company secretary. Having an understanding of the roles, responsibilities and duties of a company secretary is quite critical and should be considered before stepping up to act as one.
Here are some of the roles, responsibilities, and duties of a company secretary;
Administrative and reporting functions
As much as the Singapore Companies Act doesn’t define the duties, roles and responsibilities of a company secretary, they are expected to be responsible for administrative and reporting tasks as mandated by law. The company secretary, therefore, must help the company directors by ensuring that all the regulatory and statutory obligations are met. When appointing a company secretary, the organization should engage a reputable professional firm that’s capable of offering company secretary duties and other professional services as well.
The company secretary services Singapore for business in Singapore should be a resident so such a task cannot be handled by a person living outside the country. The board of directors should appoint the company secretary, and the person chosen for the task should be qualified and should also meet some set criteria.
Ensures compliance with statutory requirements
A company secretary is expected to maintain the company registers, should record the company’s minutes during annual general meetings. The company secretary should also act as a second signatory to the corporate documents. They should be able to provide advice to the directors and stakeholders on company operations. When considering the incorporation of company, having a qualified company secretary can help with ensuring that the responsibilities are met adequately.
With the help of the company secretary, the management will have a better understanding of compliance responsibilities that the company should adhere to.
Files statutory returns
Corporate deadlines can be stressful, especially if there is no dedicated staff that can handle such tasks. Failure to meet the statutory deadlines is likely to attract fines, and that’s something that can be avoided with the help of a company secretary. Statutory returns such as the annual returns, audit reports, and such as are some of the statutory returns that a company secretary ensures that are filed and submitted in good time to avoid late filing that can to a great extent attract a penalty.
Updates on changes in the company
The company secretary is also expected to notify the directors and shareholders of any changes that could be taking place in the company. They are expected to draft and also submit the necessary reports that update the company information with the registrar of companies. Working with a professional service provider of company secretary services can be of great help as they are highly qualified and with demonstrated expertise.
Originally published by onestop-ca.com