Duties & Powers of a Company Secretary
Every Singapore company, whether locally or internationally owned, is required to appoint a company secretary within the 6 months after incorporation. But apparently, there are still many who have failed to comply either because they fail to recognize its utmost importance, or, they simply lack the knowledge for such legal prerequisite.
Unfortunately, what these companies fail to understand is that this stern requirement of appointing a company secretary isn’t something to be taken lightly. This law wasn’t set in place for nothing. Why? Because contrary to common belief, there is actually more to the company secretary’s role than just being an assistant. As a matter of fact, he or she is essential in keeping your business afloat.
Read on so you could have a better of understanding of why this legal prerequisite is even there in the first place. Your friends here at Enterprise Assurance PAC ought to provide you a concise and clearer explanation of why a company secretary Singapore is vital to any enterprise.
In a nutshell, a company secretary plays an essential role in managing and administering all important matters of your business. He or she is also acts as the bridge to all the company’s stakeholders including the employees. And many times, he or she also acts as an advisor or confidant of BOD and CEO whenever tough business decisions need to be made.
Powers of a Company Secretary
The moment you appoint a person to be your company secretary, he or she immediately gains some powers when it comes to running your business. Some of which are given by the law, while some are handed over by you and your board of directors.
The company secretary is vested with the power to:
- Authenticate minutes book, formal proceedings and other important documents of the company
- Issue certified copies of of company resolutions along with any of the BOD, under their seal
- Advise the company and its board of directors on what should be done to remain compliant with Singapore corporate laws and regulations
- Approve certain company resolutions
- Provide vital company information to stakeholders
- Issue share certificates and handle the transfer process
Duties of the Company Secretary
Just like what the famous Spiderman movie quote says, “With great power comes with great responsibility”. The role of your company secretary isn’t any different. Those powers you endow your company secretary generally come with a price, so you must make sure that not only they are qualified to be your company secretary and also they are ready to face their duties with enthusiasm.
To give you an overview of what responsibilities we are pertaining to, here is a list of the duties of your company secretary:
- Keep and update the statutory registers (register of members, shareholders, charges, etc.) as mandated by the law
- Always keep the company seal under his/her care AND use it only for the good of the company
- Organize, prepare the agenda, and send notices of regular board meetings
- To make sure that everyone in the company including the directors abide by the rules as stated in the company’s constitution and by-laws
- Ensure that all the company accounts are prepared according to the company and state laws
- File the necessary forms and returns with the Registrar in an orderly and timely manner.
- Prepare and record minutes of every meeting
- See to it that an adequate insurance cover is in place for the employees, the officers, directors, and everyone connected with the company
- Process and file documents whenever important corporate events happen such as: change of company name and/or address; appointment of a new director; amendment to the company’s constitution; any change in the number of shared capital; and more
- Advises the board of directors to carry out their statutory duties and responsibilities religiously
- Ensure timely payment of dividends
- Responsible for the ensuring good communication between the shareholders, stakeholders, and the whole company
- Acts as the officer in charge
- Overlooks the administrative functions as well as other internal and operational activities of the company
- Always act in the best interest of the company, inside and outside the office
Being endowed with such duties and powers, it must now go without saying that the company secretary position needs to be filled with someone who is not only highly capable, skilled and experienced, but more importantly one who is honest, trustworthy, and efficient. Thus, the task of choosing whom to appoint becomes not really difficult but more of crucial.
So if you are determined to avoid the mistake of choosing the wrong person, the most viable option for you is to seek experts who provide company secretary services Singapore. Think of it as an investment. By doing so, you’ll be able to start right and stay on the right track as you run your business in Singapore and fulfill your goals.
In this light, we suggest that you look no further than Enterprise Assurance PAC. We will be able to give you exactly the kind of company secretarial services you specifically need for your growing company.