SECRETARIAL SERVICES
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Know the qualification and responsibilities of the company's secretary in Singapore
Company's secretary
The company's secretary needs to be highly qualified in accounting and taxation. Also, there are several other requirements which one need to accomplish in order to act as the company's secretary, which are as follows;
Strategy Clarification
The company's secretary has to be qualified and knowledgeable about the Legal Profession Act.
public company
- He has to achieve an experience of minimum three to five years as the company's secretary before working as company secretary of the public company.
Taxation requirements
Need to pose the knowledge regarding taxation requirements for a company or business entity.
Public Accountants of Singapore
He needs to be registered under the Accounts act, also need to be a member of the Institute of Certified Public Accountants of Singapore and Singapore Association of the Institute of Chartered Secretaries and Administrators.
The basic role and responsibilities of a company's secretary:
Company secretaries take on extremely wide job scope, with their work ranging from reporting and updating of company information on The Accounting and Corporate Regulatory Authority (ACRA). ACRA acts as a regulator of business authorities, public accountants and corporate service providers under the Singapore government. Here we will mention the other important functions of a company's secretary, are as follows;
Filling annual returns:
The annual return is the return on investment provides over a period of time, which includes dividends, returns of capital and capital appreciation and expressed as a time-weighted annual percentage. Filing the annual returns along with some other accounts requirements, which need to be fulfilled as per ACRA requirements are also responsibilities of the company's secretary. Also if there any requirement for the amendment of the company's constitution the secretary will process the same.
Maintenance of Statutory Registers:
The statutory register is the record book for the company's administration, as the details of the company's owners and shareholders are mentioned herein. The resolutions taken after a board meeting is also updated in the statutory register, along with the maintenance of Minutes Book is a vital responsibility of the company's secretary. Also issuing of shares, distribution of Annual Report and company accounts are done by the secretaries.
Other responsibilities:
Manager / Company
Many of the compliance and reporting requirements are stipulated by law and order set by the government. A failure to adhere to them is equivalent to breaking the law, and your company will be subjected to legal disputes. Thus the roles and responsibilities of the company's secretary provided by the secretarial services of Singapore play an important role with regards to the legal compliances.
There are several statutory obligations set by the government, which need to be fulfilled by the Singapore secretarial services as failure to fulfill these statutory obligations may result in prosecution and penalties as per ACRA and the company's act. As any kind of mistakes made in this field can be costly, with penalties such as fines, imprisonment and the removal of a director or company's secretary from his or her appointment, which will surely hamper your business growth and affect your reputation.