A well-managed company will have well-defined and categorized activities throughout the various levels of administration and operation. However, who will supervise whether the company procedures are compliant with the existing law and regulations? Here comes the role of the company secretary. It relieves the governing board of workload that is arduous, time-consuming, and inefficient. As the chief administrator, the position of company secretary is vital in the governance of an enterprise.
The government of Singapore encourages entrepreneurs to invest in businesses and start-ups, given that they follow the rules strictly and comply with all the statutory requirements of ACRA (Accounting and Corporate Regulatory Authority). According to the Singapore Companies Act, you must appoint a company secretary within six months of company incorporation. It’s not an easy feat for even a Singaporean company, let alone foreign entrepreneurs.
Companies struggling with various secretarial responsibilities should find reliable firms like Morrison Management, which is a good choice among corporate secretarial service providers. You can directly visit their website https://www.morrisonconsultants.com.sg/corporate-secretarial to check out the corporate secretarial services they provide. This Singapore-based company extends its services to Singapore incorporated companies, branches of foreign companies, and offshore companies.
Eligibility Criteria for Company Secretary in Singapore
A private limited company has less restrictive qualifications of a company secretary than a public limited company. You can summarize the eligibility in the following points –· The applicant must be above 18 years of age.
· The candidate should be a Singapore citizen, permanent resident, or holder of employment, dependent or entrepreneur pass.
· The candidate must have full knowledge of the Singapore Companies Act.
· A director of the company can also act as company secretary if not the only shareholder.
Is It Necessary To Have Corporate Secretarial Services?
Always remember that hiring a corporate secretarial firm is never a replacement for appointing an in-house company secretary. However, a professional and experienced secretarial service provider has many benefits for small and medium private limited companies.
- The first benefit of hiring professionals is always peace of mind. You can stop worrying and focus on the core activities of the company to bring innovation and development.
- The secretarial firms strictly adhere to the compliance of laws and therefore avoiding penalization. They also keep up with the deadlines of filing and updated laws and regulations.
- Whether it is a foreign company opening up a branch or a foreign entrepreneur trying to incorporate a company, local guidance is crucial.
- They also help in appointing company secretaries who have years of experience with the prescribed job responsibilities.
- During the initial period of incorporation, a private limited company, corporate secretarial firms play an indispensable role in managing various administrative responsibilities. They provide comprehensive services.
Every company has a different management system and policies. Only you can decide whether the cost of hiring a corporate service provider is worth the curated services. No matter what, both in-house company secretary and corporate secretarial service provider contribute to the company’s management and development in the long run.