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Why do I need a Company Secretary?
The appointment of a company secretary is mandatory under Singapore law. Your company secretary is an office bearer. He or she, must be a Singapore resident.
1. Comply with Statutory Requirements & the Law
The Accounting and Corporate Regulatory Authority (ACRA) requires that every company appoint a qualified company secretary within 6 months from the date of its incorporation.
Failure to appoint a qualified company secretary within 6 months from the date of its incorporation is an offence and you might be subjected to penalties or prosecution according to the Companies Act.
2. Maintain Statutory Company Records
Every company is required to maintain proper records of important statutory documents, such as incorporation papers, director’s consent to act, director’s resolutions, shareholder agreements and annual returns in the company registers and files.
Failure to do so is an offence and you might be subjected to penalties or prosecution according to the Companies Act. Checks may be conducted by the authorities from time to time.
3. Lodgment of statutory filings
Your company secretary will prepare and lodge important statutory documents such as the annual return of your company, changes in the Memorandum & Articles of Associations, notices of allotment of shares, changes in the address of your registered office. It is important to know that these filings have to be performed within a stipulated time. Once you are late, the directors of the company may be liable to pay late lodgement fees and/or fines. Other Companies Act offences may attract much heftier fines or imprisonment.