Determine if Being Both a Shareholder And Secretary in Singapore is Possible
Yes, a person can be a shareholder and secretary in Singapore for the same company. The secretary can have shares in a company; there are no constraints to it. Anyway, there are some requirements for the person to become a secretary in Singapore.
Here are the requirements that a person should fulfill while becoming a secretary for a private limited company in Singapore.
- Should be residing in Singapore.
- Should be an ordinary Singapore citizen. Otherwise, he or she should have a Singapore citizenship, permanent residence, or even an employment pass.
- Should have organization knowledge and be acquainted with secretarial skills.
Remember that the last point we mentioned about the organizational knowledge and skills, they are not only being said for officiality. There are some things that a company secretary is liable for in Singapore. These duties have been specified in the companies act, and the failure to perform them might result in consequential penalties. So, you need to hire the right secretary for your Singapore company.
Does This Apply for a Public Limited Company?
Now that let’s say your company grows up to be bigger, i.e., a public limited company. Some requirements add on to the guidelines for selecting a company secretary in this case.
Essentially, the individual should at least fulfill one of these criteria, including the ones to become a secretary of a private limited company by a person to become secretary of a public limited company in Singapore:
- The individual has been working as a company secretary for at least 3 to 5 years immediately before a public company accepting to hire him/her.
- The individual is qualified under the Legal Profession Act (Cap.161)
- He or she is a public accountant under the Accountants Act (Cap. 2)
- The person is a member of the Institute of Certified Public Accountants of Singapore.
- The individual is a member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
- He or she is a member of the Singapore Branch of the Association of International Accountants
- The person is a member of the Institute of Company Accountants, Singapore
A person can’t be a secretary in a public limited company in Singapore if they can’t satisfy any of the requirements.
What Can You Do?
Well, being a shareholder and secretary is Singapore has the same requirements as for everyone else. You can become a shareholder and secretary in Singapore at the same time given that you fulfill the requirements of secretaries in different types of companies in Singapore.
The responsibilities of a company secretary directly influence the company’s well-being. Hence, if you are looking to hire a company secretary in Singapore, you should be attending the services of an individual who can really be called a professional. Here are the qualities of a good company secretary.
As a startup, you have various options in Singapore to hire a company secretary; the best for you would be working with a company secretarial service. For example, work with us, we have helped some of the biggest corporates in Singapore. You can know more about us here.