According to the Singapore Companies Act, ACRA requires all private limited companies to appoint a company secretary within 6 months of incorporation. On top of that, the company secretary role must not be vacant for more than 6 months.
What is the role of a company secretary?
Basically, a company secretary is an administrator who assists the director in facilitating management affairs. This includes sending a notice to hold the annual general meeting, drafting of resolutions to effect any changes of the company, or advising the board of directors regarding the regulations that may affect the stakeholders.
On the other hand, the director can appoint any individual as the company secretary, provided that the individual is equipped with the capabilities to perform the duties.
Since there is no need for a company secretary to be on a day to day basis, the majority of the companies in Singapore have outsourced the role to a corporate secretarial firm. On the other hand, the compliance requirement is getting tougher each year. The Corporate Secretarial Services comprises of:
- Appointment of company secretary
- Basic advisory of corporate matters
- Preparation of Annual General Meeting resolutions
- Filling of Annual Return
- Maintaining the company registers
- Obtaining declaration and complete information up to the beneficial owners of the company.
- Perform KYC review of all officers and UBO
- Update the Register of Registrable Controllers to ACRA.
Ad-hoc Company Secretary Services:
Drafting of resolution for the common transaction such as:
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- Appointment/resignation of directors;
- Change of registered address
- Transfer of shares
- Increase of share capital
- Change of Company Name / Company Name Appeal
ACRA Annual Statutory Filing
Do you know that Companies are required to hold an Annual General Meeting within 6 months after its financial year-end? Subsequently, an Annual Return has to be submitted to ACRA within 1 month from the AGM date. Failure to submit the annual return will incur a penalty of up to $900. ($300 for each section)
Furthermore, ACRA has the power to strike off the company if the annual return is not filed for many years. As a result, the Director who has 3 or more companies that are struck off by ACRA, will be disqualified to hold any directorship or management position for 5 years.
How we can assist you?
Most importantly, our professional team ensure that all your corporate compliance obligations will be well taken care of. By using our Company Secretary Services, you can benefit from our corporate advice whenever you require professional input. Ultimately, we aim to take away all the hassle when complying with the annual statutory filing.
For more information on our services, do drop us an enquiry and we will reply with a quote.
