Is it Truly Necessary for a Singapore Company to Have a Company Secretary?
So, you want to know if it’s vital for every Singaporean company to hire a corporate secretary. The answer is yes. Every Singapore corporate must hire a company secretary within six months of incorporation. He/she must be residing in the city-state with considerable knowledge in the domain. The failure to appoint a company secretary in Singapore will result in the registration being taken down. Hence, it is a must for you to look for a corporate secretary if you are willing to open a company in Singapore.
The Government’s Stance on the Matter
Singapore government has made a lot of provisions for helping business in the city-state, and Section 171 of the Company Act, which requires every company to have a secretary is one of them. A company secretary handles many things in the office, and they are responsible for maintaining a work environment in the place. Office secretary roles in Singapore includes fixing schedules, organising board meetings etc. (here’s more about the roles and responsibilities of office secretary) and everything they do directly influence how good a company does in the market. To conclude, we can say that it is a very good concept for every company needing to hire a secretary in Singapore.
Singapore Company Secretary Guide: What Are The Requirements for A Company Secretary
Here are some requirements for a company secretary:
- He/she must be a natural person and a permanent resident of Singapore.
- The secretary must be an ordinary citizen of Singapore. (a Singapore citizen, Singapore permanent resident, or an entrepass holder. In some cases, a Singapore employment pass holder can also be an ordinary citizen).
- The sole director can’t be a secretary.
- Should know the company rules and compliances.
- A Singapore company may also outsource its secretarial service, i.e. hire corporate secretarial services in Singapore.
After meeting the above requirements, a director can appoint a secretary through a resolution. He must then pass it among the board of directors.
The company secretary must do every job according to Singapore standards. To know more, here is more about the secretarial duties list in Singapore.
Singapore Company Secretary Appointment Procedure
A company can decide to hire its own company secretary or decide to go with corporate secretarial services. Both options are fine and they can select one with their own hiring process. However, they need to file an appointment with the Accounting and Corporate Authority (ACRA). The company secretary will then be required to complete a consent to act as a secretary, the form 45B.
Resignation and Removal
Again, for resignation, the company has to prepare a board resolution accepting the departure of their secretary. Also, the company should file a cessation of company secretary with ACRA within two weeks.
And in the worst-case scenario, if a company wants to remove the secretary without a resignation process, the process is the same. The employer must, however, prepare a board resolution and filing a cessation with ACRA within 14 days.
So, you can see that it is a must for a Singapore company to have a company secretary, and a skilled one if they are to grow. Contact us if you are looking for corporate secretarial services in Singapore, we will help you flourish your business.
Chai Chung Hoong, Account Manager
Chai Chung Hoong will assist you in all accounting related services, and help your company in digital transformation.Contact Us