Company Secretary
in Singapore
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outsource company secretary in singapore
As stated by the Singapore Companies Act, when an investor plans to open a company in Singapore, it is mandatory to appoint one or more company secretaries. The directors are directly responsible for ensuring that their chosen employee has the necessary qualifications and knowledge, to carry out their assigned duties. Among them, the most critical are to ensure that the company is in full compliance with all of Singapore’s corporate legislation and regulations and that the mandatory company meetings are hold on time.
- Maintenance of Statutory records
- Application/Renewal for Business Registration
- Change of Company Name, Business scope and Address
- Other Bank Accounts Opening
- Preparation of Annual General Meeting documents
- Share Transfer and Share Allotment
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Company Secretary Duties in Singapore
The Company Secretary is a very important position in any company. The Singapore Company Act does not specify all of their duties, but they can vary depending on what’s needed for each individual firm or organization that hires them. For this reason, a very popular solution is to outsource this job to prevent unforeseen changes that will happen over time and to have an outside advisor that helps prevent unwanted surprises when they do occur.
Some specific examples of company secretary responsibilities are stated on the ACRA (Accounting and Corporate Regulatory Authority) website.
Among them, maintain and update the company’s registers and minutes books, administer, attend and prepare minutes of the meetings of directors and shareholders, keep company directors aware of the deadlines for tax return in Singapore and any other filings required by ACRA, and update directors and shareholders on relevant changes in corporate regulations.
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Annual General Meeting preparation in Singapore
The annual general meeting (AGM) is a very important mandatory procedure during which the company informs its shareholders about the financial situation and the shareholders can issue resolutions of approval. Related documents must be filed, even if the AGM isn’t held during the year; these include Annual Returns with relevant information such as profit or loss statements for each period covered by those reports.
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Change of Company name in Singapore
The process of changing a company’s name can be really exciting, but there are certain steps to take before validating it with ACRA. The company will have to pay $15 for the application and wait until they receive word from referral authorities if words like “bank,” “school” or “hospital” appear within the new name. Once approved, the company needs to file the Notice of Resolution through the government portal Biz File+.
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Change of Company address in Singapore
In order to change a company registered address, first, a new place of work should be decided and then an official board resolution needs to be drafted to record such a decision. Next, update ACRA about the registration change so that any other relevant stakeholders or government agencies can be informed too such as those at Ministry Of Manpower.
To ensure a smooth transition to the new quarters, ACRA requires all address changes to be submitted using BizFile+ website. This is free of charge and easy using the Sing Pass.
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Change of Business Scope in Singapore
In the event of a change in the company’s business activity, the company needs to notify ACRA. The way to do so is to update the company’s information on BizFile+ website within 14 days. On the website the business scope must be indicated with a business activity code (SSIC code).
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Share Transfer and Share Allotment in Singapore
The transfer of shares in a private limited company – it’s an important procedure when one shareholder sells all their stocks or some to another party. The legal requirements for this deal must be met according with the company constitution, that requires an approval of the exiting shareholder by the directors during a general meeting, and other state laws.
The allotment of shares is a procedure that creates and issues new shares for new or existing shareholder. To initiate this process, the directors must get approval from the existing shareholders during a general meeting.
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