The company secretary plays a vital role in the success of any business. In Singapore, the company secretary appointment is the primary prerequisite for setting up the company. According to Section 171 of the Companies Act, it is mandatory for the company to appoint a qualified company secretary while incorporating the business. Keep in mind that you should do this within the six months of the company establishment. The highly experienced and skilled person should undertake the responsibilities and duties associated with the corporate secretary.
Many people assume that the need to hire the company secretary is only for the established company. However, it is not at all true because having a skilled person to handle administrative and legal related tasks helpful for your business in several ways. If you are running a startup, then you really need the help of the corporate secretary. Are you thinking about the reasons to hire someone by spending your money to handle several tasks? Scroll down the page to get enough information related to the topic.
Why a startup needs to hire the company secretary
With the fewer requirements expected from the company secretary of the private companies, it is not surprised to undervalue the secretary role, particularly by the startups. However, many company secretaries serve as a significant role in businesses, such as the annual filing of the requirements and annual general meetings required by ACRA. The essential roles and duties of the Singapore company secretary can be classified into two types, such as legal and financial duties and business and operational duties.
Getting the corporate secretary becomes mandatory for the startups as the responsibilities and duties under their designation are incredibly vital for the business processes. Usually, startups are still at the initial stage, where they are developing their groundwork in the vast market. Keep in mind that not all persons are dedicated to doing company secretary tasks. Sometimes, they miss certain things and make your business stand in a complicated situation. Thus, be careful when making a selection and ensure that they are the backbone of your company’s success.
The company secretary has operational, financial, legal, and business responsibilities. They also act as the bridge between the directors and employees of the company. Likewise, they work as the mediator between the directors and shareholders. The company secretary is the key person in charge of overseeing, planning and documenting meetings as well as various other office activities. They also manage and supervise the Preparation and filing of the financial statements and documents as required by the law. Take a glance at the company secretary’s significant duties, which helps startups reach further heights.
- Custody of the company seal
- Maintenance of the statutory registers
- Notice and agenda of the meetings
- Identify the company and Preparation of the account
- Following the company constitution
- Filing the statutory forms with the registrar
- Preparation of the meetings on an urgent basis
- Offer advice and feedback for company growth