Corporate Secretarial Services in Year 2020
On this page, you will learn why WLP is the best corporate secretarial services Singapore provider in the year 2020. We discuss the needs of hiring a company secretary, the importance of a Singapore corporate secretary, qualification requirements, and finally the roles and responsibilities of a corporate secretary towards the company. For more information, check out our list of corporate secretarial companies in Singapore.
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Why Do You Need to Hire the Best Corporate Secretarial Services Singapore for Your Company?
Over the past five years, WLP Group of Companies are proud to be one of the best secretarial company in Singapore, consistently offering professional corporate secretary who has helped thousands of companies to comply with the local law and jurisdiction. Referring to Section171 of the Singapore Companies Act (SCA), every Singapore business must hire a corporate secretary.
This corporate secretary is responsible for drafting documents and reporting to the local authorities when required to do so. The corporate secretary is accountable for ensuring the company complies with the current Singapore companies’ regulation and failure to abide to the local jurisdiction can cause hefty fine to the company.
According to the Singapore Company Act, all businesses upon successful company incorporation must appoint a company secretary within six months. You can nominate a local resident to become your company secretary, and he or she must reside in Singapore. Alternatively, you can also hire an individual who possesses Employment Pass (EP), Entrepreneur Pass (EntrePass), Dependant’s Pass and Permanent Pass. Do remember that once you have picked a company secretary, the same individual cannot be chosen as your company director.
The solution to this problem is to elect multiple directors so that one of them can combine both the roles of a director and company secretary. To save your time and effort in finding a reliable corporate secretary, you may want to consider engaging a professional corporate secretarial services Singapore provider like us to supply the ideal candidate as your corporate secretary.
The Importance of Corporate Secretary
The tasks managed by a Singapore corporate secretary is not easy at all. Besides maintaining daily paperwork, the Singapore corporate secretary is required to identify and prevent non-compliance with company policies or the legal framework.
Failure to achieve compliance may cause severe repercussions for the company and its directors, which include facing expensive fines and penalty, sacking of the corporate secretary or director, and imprisonment. That’s the reason why hiring an experienced corporate secretary or engage a trustworthy corporate secretarial services provider like WLP Group is crucial to your business survival since they are highly experienced and knows the ins and outs of this field. They also have an in-depth understanding of Singapore corporate law.
As mentioned earlier, a local resident can be elected as the company secretary. Alternatively, this role can be executed well by a filing agent or a highly-qualified person who can satisfy one of the following conditions as below. The filing agent should have a lot of experience with providing company secretarial services. The conditions are:
- Appointed as a company secretary of a company for a minimum of 3 to 5 years before appointed as the secretary of a public company.
- Meet the minimum qualifications as stated in the Legal Profession Act (Cap. 161).
- Public accountant registered under the Accountants Act (Cap. 2).
- Registered as one of the Member of the Institute of Certified Public Accountants of Singapore.
- Registered as one of the Member of the Singapore Association of the Institute of Chartered Secretaries and Administrators.
- Registered as one of the Member of the Association of International Accountants (Singapore Branch).
- Registered as one of the Member of the Institute of Company Accountants Singapore.
The Responsibilities of a Corporate Secretary
We have mentioned many times that the role of a Corporate Secretary is to ensure the company’s compliance with the local law. The company secretarial services Singapore job scope includes drafting, maintaining and organizing multiple essential documents. Here are some of the most common yet crucial tasks needed to be executed as a corporate secretary in Singapore!
Board Meetings and Annual General Meeting
- The corporate secretary needs to set the schedule, organizing and maintaining the documents during the critical meetings of the company. The corporate secretary will inform you about the required documents during the company secretarial services consultation.
Maintaining Statutory Registers
- If there are any changes in the company structure or directors, the corporate secretary needs to update and report the changes to multiple registers, which include:
- register of directors
- register of members
- register of transfers
- register of allotments
- register of secretaries
- register of charges
- The corporate secretary is responsible for filing the annual returns and company accounts with the Accounting and Corporate Regulatory Authority (ACRA). If missing the deadline or submitting the wrong information, a penalty or fine will be issued to the company.
Legal Compliance and Necessary Paperwork
- The company secretary is responsible for informing the directors and shareholders for any changes in the company. Once the corporate secretary has received the next step of action from the board of directors, then only he or she can process these changes according to the Singapore legal framework. This next step of actions can be in the form of drafting resolutions, edit the Company Constitution, and update ACRA on the latest changes in the company; which includes:
- Change of the registered address
- Change of company name
- Change of company profile
- Appointment or resignation of directors
- Change in directors’ details
- Appointment or resignation of Secretary
- Change in the secretary’s details
- Changes in the share capital or distribution
- Any other special resolutions
Maintaining Registered Office
- It is compulsory to have a registered business address for any Singapore companies. The registered address must be a real place in Singapore, not just a PO box number. Please take note that you need to register the business address with ACRA and make sure all legal documents are sent to this address. This business address does not have to be the exact place where the real office is situated. A registered business address can serve as a service, with the address provider receiving the correspondence, scanning and forwarding it to you for your reference.
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RELATED QUICK FACTS
Financial Statement Preparation:
Directors are required to present accounts that comply with the Accounting Standards and which give a true and fair view of the state of affairs of the company to its shareholders. Our accountants would ensure that your Financial Statement is prepared according to the required Accounting Standards for filing to ACRA (Accounting and Corporate Regulatory Authority). We can also assist you with preparation of AUDITED financial accounts, if required. Check out our Financial Statement Preparation Service.
GST Computation & Submission:
If you are a GST-registered trader, you would need to submit quarterly GST returns to IRAS (Inland Revenue Authority of Singapore). If you need assistance with computations and to avoid missing filing deadlines, check out our GST Computation & Submission Service.