Can the Same Person Be the Director And Company Secretary in Singapore?
Yes, a person can be a director and company secretary in Singapore at the same time; but for that, there should be more than one director in the company. The sole director of a Singapore company cannot appoint himself/herself as a secretary. Engaging a company secretary in Singapore is a must but a straightforward process. Basically, anyone living in Singapore can act as a secretary of a company, but there are some liabilities as secretaries in a Singapore company, and they should make sure that they can take full responsibilities.
Requirements for a Secretary in Singapore
There are two sets of requirements for a person to become a secretary in Singapore; their qualifications differ according to the type of company. Here are the conditions for a person to become company secretary of a private limited company in Singapore.
For A Private Limited Company
- He/ she is 18 years or older.
- He/she has a permanent residence or is currently living in Singapore.
- He/ she has necessary knowledge skills and can take care of the responsibilities of the secretary
- He/ she is an ordinary resident of Singapore (has Singapore citizenship, permanent residence or in some cases an employment pass).
Company Secretary Requirements For Singapore Public Limited Company
A public limited company is bigger than a private limited company, and thus, the requirements are also more rigid. In addition to the person complying with all the requirements of being a private limited company secretary, they should fulfill at least one of these criteria to qualify as a company secretary of a public limited company in Singapore.
- The person has been working as a company secretary for at least 3 to 5 years already.
- He or she qualified under the Legal Profession Act (Cap.161)
- The individual is a public accountant under the Accountants Act (Cap. 2)
- The person is a member of the Institute of Certified Public Accountants of Singapore.
- He/she is a member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
- The person 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
Stipulations for the Above Requirements
Note that at your secretary must fulfill one of the conditions above. According to the ACRA, more than 10,000 businesses in Singapore face yearly penalties because of the failure to satisfy with the criterion. It is the same if you are to become a director and company secretary in Singapore, you have to fulfill these conditions in addition to satisfying the requirements for being a company director in Singapore, which are more or less similar to the terms for being a secretary.
Also, make sure that you appoint a company secretary within six months of company incorporation in Singapore. If not, it will be a breach in the law, and the director will have to answer in the form of cash penalties or other. In the worst-case scenario, your company registration might be taken back.
You can be a Director and Company Secretary in Singapore at the same time, but it might not be preferable for many because directors and company secretaries are both busy people. The Director and secretary both have many responsibilities, and it is not at all convenient for a single person to handle all the activities. But this doesn’t mean you can’t try, or you can work with a corporate secretarial service.
A corporate secretarial service helps your company by sending expert secretaries to work for you, and it is cheaper than giving contracts. Contact us for more information.