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The Role And Importance Of Company Secretaries

Audit Firm, Audit Firm Singapore

A lot goes into running a corporate business in Singapore, which is why company secretary services are often outsourced by owners.

Apart from the mandate from the Singaporean government that requires every company to have an appointed secretary, their role is very comprehensive and they handle quite a number of duties that help the company move in its intended course.

With that being said, read on and further understand the responsibilities and tasks a corporate secretary has to take charge of.

 

The common roles of a company secretary

A secretarial responsibility that most people are probably aware of is that they are in charge of updating, keeping, and maintaining important meeting records. They help to take down everything that is discussed during a company meeting to make sure that every issue or concern that is being tackled has been taken into account.

But apart from constantly keeping a report on the minutes of a meeting, company secretaries also handle a variety of records and documentation that are essential to the company’s operations such as contracts, agreements, legal papers, financial statements, to name a few.

In a workplace, it is not unusual to find established rules and constitutions that promote order and safety. In this regard, it is the duty of a company secretary to make sure that the entire company is compliant with its constitution. This is made possible by close monitoring of the operations and making amendments to existing regulations if some things are not working.

The importance of company secretary

Given that the job scope of a company secretary is quite comprehensive, their importance is very crucial to the operations of a given company. Especially since they are the eyes and ears inside a meeting room, their minutes report helps to guarantee that every progress or deficiency isn’t overlooked upon and are being taken into account. Furthermore, they make sure that the company’s legal requirements are met by submitting the annual audit accounts and returns.

Moreover, as company secretaries are also in charge of making changes and adjustments to the constitution, they need to communicate all the amendments with the company’s shareholders to make sure that they are aware of the changes. Shareholders are crucial to the support of a company, and it is important that company transparency is maintained.

How to find the right company secretary

If you plan to internally hire your own company secretary, finding the right candidate is key to doing it appropriately. The minimum requirement that most corporates look for in a secretarial candidate is legal residency in Singapore. But having the background knowledge and experience in an industry that is similar to your company would be advantageous.

As such, you can consider outsourcing company secretary services to professionals to spare you from all the fuss of a taxing recruitment process. With an experienced secretary, the company incorporation process will be an extra smooth one.

Conclusion

It’s common practice for small business owners to learn as they go. This includes learning more about accounting as they run their business. However, working together with reliable, experienced audit firms can help minimise any risk of potentially costly financial mistakes.

Get in touch with OneStop Professional Services to plan ahead and prepare for a smooth business setup process – we are able to offer a number of services like corporate financing, financial outsourcing, accounting, and nominee director services.