What Is The Role Of The Company Secretary In 2021?

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What Is The Role Of The Company Secretary In 2021?

No matter how big or small, every business that wants to ensure long-term growth will need the help of a brilliant company secretary Singapore staff in the corporation. Whether it’s for the start of the company formation Singapore process, or the internal workings of the company itself, having a secretary on your payroll ties it all together.

Basics of what a secretary does

  • Makes sure that the company meets its statutory obligations and good governance is regularly practiced.
  • Serves as advisor to the company directors. A company secretary  must provide much-needed practical support along with sharing the needed information that allows the said directors to contribute to meetings.
  • Communicates with shareholders to ensure their interests are protected, along with sharing financial information that allows them to participate in decision making.

However, there’s more to what a secretary is than what you think. Their core duties extend to the following:

  • Communicate and arrange meetings with shareholders and directors.
  • Maintain statutory registers and records.
  • Provide assistance in implementing corporate strategies by carrying out and communicating the board’s decisions.
  • Lodge and file employee records and all necessary documents on time.

These are the major reasons why you need the services of a company secretary. A company secretary is important especially when it comes to the process of company formation Singapore organizations need to go through:

You want good governance in your company?

By their mandate, secretaries, especially those working with company formation Singapore agencies, ensure that everything in your business complies with its original mission and vision.

They keep every department transparent since they are responsible for providing the annual reports, and this means they are also responsible for giving you the numbers and projections that will help you make the right decisions.

Choosing the right company secretary Singapore agency, all major paperwork in your business, are filed correctly and in one place. Deadlines are met and everything goes on schedule, which in turn leads to good governance in the company.

It’s not easy to clear out the paperwork. Starting a business and running a business both have one thing in common: lots of paperwork. While you’re going to see a good amount of it, it can really slow you down in the long run.

For example, routine annual filing and AGM preparation are no joke. You have to keep track of your gains and losses. You have to keep track of the profits and expenses that your business has made for the duration of the fiscal year.

On top of that, you may even need to do other things, like change your company name or address, depending on whether your business is doing well or struggling. A great company secretary Singapore agency can help you with that.

Company secretary help you make the tough calls

As with many companies, whether they’re starting out or already gearing towards bigger operations, there are tough decisions that need to be made. A company secretary Singapore agency has the power to authenticate different kinds of formal documents and proceedings. A company secretary can execute these kinds of official documents under your behalf using the company’s seal.

This means they know and understand the kinds of decisions that every business needs to make to grow, and these decisions can sometimes be difficult even for business owners and directors themselves.

What’s in a company secretary?

The Companies Act says that a company secretary Singapore companies can employ must meet the following requirements:

  • Qualified under the Legal Profession Act.
  • Registered as a public accountant under the Accountants Act.
  • A certified member of the following: Institute of Certified Public Accountants of Singapore, the Association of International Accountants, the Singapore Association of the Institute of Chartered Secretaries and Administrators, and the Institute of Company Accountants.

These are the guidelines in appointing a company secretary. According to the Accounting and Corporate Regulatory Authority (ACRA), a company formation Singapore secretary must be hired along the following mandates:

  • Every company must hire one within six months of its incorporation
  • Every company secretary Singapore businesses hire must be residing locally. A Singapore citizen or a permanent resident, but may also hold an EntrePass, an Employment Pass, or an S Pass.

 

Kickstart your company with us today!

When you work with WLP Group, you work with a team composed of only the best of the best. WLP Group understands that your business is the business of growth. WLP take pride in keeping everything about your company clear and geared towards the future.  To get started with the company formation Singapore step, send a message today.