Importance of appointing a company secretary in Singapore
Conducting a business anywhere in the world is a daunting task. There are several tasks and policies that must be followed to be able to operate legally and continuously. Some countries are even better places than others to conduct a business as different countries have different laws when it comes to conducting a business.
In 2020, Singapore was named as the most open-market economy in the world because of its business policies. Singapore has the most business-friendly laws and regulations that is why it is a favorite when it comes to business transactions. It offers a relaxed environment to businesses. These policies are beneficial as they can save time and money for companies which could translate into millions of sales.
Singapore’s policies make it easier for any business from different industries to build and thrive in its economy. However, it is the competition among other companies that makes it complicated to survive here. This is why companies should be careful in planning and managing their business. Strict observance and compliance with various Singaporean laws and regulations should always be followed. One of the first things to do, that is also required by the law, is hiring a company secretary Singapore staff.
There are many more important roles of a company secretary Singapore staff aside from it being required by the law. It plays an important role in the company’s survival so it is advisable to hire this during the company incorporation Singapore process. In this article, let us talk about the importance of a company secretary Singapore personnel.
Importance of a company secretary
Ensures compliance with laws and regulations
One of the stated and most obvious importance of a company secretary Singapore staff is that it ensures compliance. According to section 171 of the Companies Act Singapore, companies are legally mandated to hire a company secretary. Hiring one should not exceed 6 months after the company incorporation Singapore procedure. This position cannot be left vacant for a long period of time as there are many roles that a secretary is required to do.
There are many legal documents that a secretary should file and take over that is why there are basic qualifications for this position. One of the most basic is that residency status. A company secretary Singapore staff should be a legal Singapore resident, i.e citizen, permanent resident, or EntrePass holder. These are the only residential status that makes a person qualified for the position. One must also have enough skills and training as the government process like the company incorporation Singapore procedure is a complicated process.
Responsible for legal documents
As stated above, the company secretary will be responsible for filing and processing all legal documents in the company. Where he or she is hired even before the company incorporation Singapore procedure, they can be the ones to process thus. A secretary takes so much of the owner’s plate when he or she can immediately for these kinds of documents and legal filings.
After the company incorporation Singapore procedure, the company is required to conduct an annual general meeting which summons all company board members, shareholders, and relevant personnel. This is to discuss vital and important matters regarding the company. For bigger companies, it may be harder to set this schedule as there are many busy individuals involved.
The role of the secretary is to make this meeting happen as it is legally required. After the meeting, there is a report that must be submitted to government agencies. This document is also the responsibility of a company secretary. Failure to conduct a meeting and submit the document may cause further complications to the company.
Helps in future planning
A company secretary Singapore staff has many skills and talents through intricate training and experience. Their skills go beyond arranging and filing documents. That is why more than these roles, they are also considered as one of the assets of the company. Their opinions and suggestions can be a great help and contribution to the company. As the ones who have a grasp of the overall situation of the company, they can give an unbiased opinion and suggestion to help the company improve and implement more effective strategies.
There are many perks to hiring a company secretary. That is why hiring the right one even before the company incorporation Singapore is vital to the company. In WLP Group, we offer the highest-quality secretarial services. Visit us today to know more.