5 reasons why you should engage a Company secretary in Singapore

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5 reasons why you should engage a Company
secretary in Singapore
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• Whether you are in process of incorporating
  company in Singapore or you have registered a
  Singapore company, one of the key requirements
  for all companies incorporated in Singapore is to
  have a company secretary who must be a resident
  of Singapore. Company secretary in Singapore is
  the primary person or officer responsible for
  administrative and reporting functions mandated
  by law. 

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• It is therefore the job of company secretary to
  ensure that the Singapore company he is
  responsible for meets all the regulatory
  obligations.
• As per law, every Singapore company has to
  appoint company secretary within 6 month of its
  incorporation. 
• As the company secretary is such a key position
  in a company, the following are 5 reasons why you
  need to appoint company secretary in Singapore.
  These reasons are important for companies and
  individuals who want to incorporate company in
  Singapore.

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1. MANDATORY AS PER LAW

• The Accounting and Corporate Regulatory Authority
  (ACRA), which is the national regulator of
  business entities and public accountants,
  mandates that every company must appoint a
  company secretary within six months of the date
  of its incorporation. 
• This person must be a Singapore resident and
  cannot be a sole director of company.
• It is possible for a local resident company
  director to also be the company secretary, but
  only when the company has more than one director.

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2. A COMPANY SECRETARY IS RESPONSIBLE  IF COMPANY
FAILS TO COMPLY WITH LAWS

• According to ACRA website, The Secretary may
  also be held liable for the companys failure to
  comply with the law in certain situations.
• In this very case, the secretary holds the
  highest standard of responsibility and care
  towards its directors. He or she has a fiduciary
  duty to keep the directors updated of changes on
  Singapores Companies Act, all the statutory
  requirements and compliance requirements of the
  company as well as the deadlines associating with
  them.

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3. A COMPANY SECRETARY PLAY KEY ROLES TO
STAKEHOLDERS IN THE COMPANY

• Company secretary of a Singapore company plays
  extremely vital and key role, not only in the
  context of being responsible for regulatory
  compliance but in terms of being answerable to
  the company, directors as well as shareholders.
• To company ensures all relevant statutory
  obligations are met, business interest of the
  company is always protected and good corporate
  governance is practiced.

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• To company directors serves as an adviser to the
  directors and provide any practical support that
  is needed share timely information with all the
  directors so that they can contribute fully
  during the board meetings.
• To company shareholders regularly communicate
  with the shareholders and ensure their interests
  are protected timely disseminate financial
  statements so that shareholders are prepared to
  take part in decision making at the companys
  Annual General Meeting.

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4. A COMPANY SECRETARYS DUTIES AS PER LAW

• There are several duties of company secretary in
  Singapore which are obligatory to be complied and
  a Singapore company secretary is therefore
  necessarily required to exercise them
• Statutory compliance with ACRA  filing of the
  companys annual accounts on time and maintaining
  the necessary registers notice of share
  transfers, amendments to MAA, notice of removal
  or resignation of auditors, change of registered
  office address and any other regulatory
  requirement by ACRA
• Board meetings  organize these meetings and
  facilitate the companys formal decision making
  process
• General meetings  arrange for the Annual
  General Meetings in compliance with the Companies
  Act and the companys constitution

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• Memorandum Articles of Association (MAA) 
  ensure that the company and the board of
  directors comply with this at all times
• Duties related to shareholders  supervise
  share allotments, issues and transfers and deal
  with other matters affecting shareholdings and
  queries from shareholders
• Duties related to non-executive company
  directors  act as a channel of communication and
  information for them
• Corporate governance  assist the company
  directors in implementing good corporate
  governance practices
• Company seal  ensure the safe custody of
  company seal

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• Company identity  ensure that all business
  letters, notices and other official publications
  of the company carry the name of the company and
  Unique Entity Number
• Overseas operations  supervise the
  establishment of overseas operations of the
  company according to proper procedures and laws
• Acquisitions and disposals  ensure all
  acquisitions, restructuring, mergers and
  amalgamations are implemented with the companys
  best interests in mind
• In addition to this, Singapore company secretary
  is also responsible to exercise fiduciary duties
  similar to the company directors.

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5. A COMPANY SECRETARY HAS THE POWER TO APPROVE
COMPANY RESOLUTIONS

• A company secretary in Singapore, apart from all
  the various roles and responsibilities has the
  power to authenticate documents or formal
  proceedings of the company. He or she may be
  required to execute official documents with a
  company director under the common seal.
  Generally, a company secretary can issue
  certified copies of company resolutions along
  with any one of directors, which is considered
  proof of passing of the resolution. In most
  cases, authentication of resolutions by company
  secretary is the necessary requirement for the
  respective resolution to be considered valid.

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• Having such important roles, responsibilities,
  duties and powers, the company secretary in
  Singapore is no doubt a custodian of Singapore
  company and therefore choosing who should be your
  company secretary has to be a conscious and
  cautious choice.
• At Precursor, we offer unmatched corporate
  secretarial services in Singapore providing you
  end-to-end support and consultancy for your need
  of company secretary in Singapore.

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• Our Corporate Secretarial Services Team provides
  clients with a one stop service to set up and do
  business in Singapore. It can be a branch,
  representative office, partnership, Singapore
  incorporated company or offshore entities, our
  clients are assured that they can have the peace
  of mind to entrust us to do the set up and advise
  them on all the compliance matters.

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• For More information visit this link
• http//precursor.com.sg/5-reasons-company-why-enga
  ge-secretary-singapore/

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