Companies in Singapore should appoint a secretary within six months of their incorporation. However, what role does a secretary do and what can they bring in-house? Know the important role a company secretary plays in your company makes it important to choose a dependable one instead of just anyone as a legal compliance.
The Extent of their Role
From acting as an executive assistant to being a communications officer and keeping records, a corporate secretary in Singapore can perform the jobs in the following categories:
- The Accounting and Corporate Regulatory Authority directly contracts a company’s secretary for concerns regarding the particulars of the company. The secretary prepares the minutes of the extraordinary general meetings and annual general meetings, ensure company registers are up-to-date and file essential company documents with relevant authorities.
- The secretary of a company acts as the director’s advisor. They offer practical advice that includes concerns about compliance and legal practices.
- The secretary maintains a regular communication with shareholders and protects their best interests. They keep them informed to ensure they are ready to engage in making at the annual general meeting of the company.
Hiring a Corporate Secretary Reduces Director Workloads
A director of a company cannot try to do everything themselves. In fact, even if a company has many directors, performing secretarial work on their own is more than just a simple administrative role. Although they can do simple secretarial tasks on a daily basis, they will only waste plenty of time and energy doing duties that are not part of their core function. This is especially true if they are not familiar with the non-regular duties of a corporate secretary.
Choosing a Secretary who Knows How to Handle Startups
Owners of a startup business must pick a company secretary who has familiarity with the problems that could arise in a startup life. This is because the secretary will process and do the resulting paperwork correctly.
Usually, startup businesses in Singapore grow rapidly and undergo many rounds of investment in their first year. Thus, owners are likely to deal with various classes of shares and several investors. In addition, they may be considering an employee share option plan.
A Good Secretary Moves at their Boss’ Speed
A lot of businesses haven’t fully adopted the paperless option and prefer physical signatures to carry out their company resolutions. This means, there are lots of running around for setting up meetings, processing delays, and courier fees. The best corporate secretary can handle this pressure with ease.