Any company to run successfully in Singapore has to have a secretary. The process of selecting and appointing a secretary for your company should be done within six months of incorporation. This clearly shows how vital a secretary is to a Singaporean company. This article helps you get an idea about how to choose a secretary for your company.
TIPS FOR CHOOSING A COMPANY SECRETARY IN SINGAPORE
The forthcoming things are to be considered while choosing the company secretary:
Qualifications and background experience:
You must consider the company secretary’s expertise in your field and the development of your business when selecting one. The secretary you appoint should have prior well knowledge about your startup. The secretary should be talented enough to handle the problems arising from paperwork.
Your business experiences rapid growth and numerous turns of funding in the initial stages of existence. As a result, you may be required to handle a variety of share classes and investors. He should have enough potential to tackle that all.
Understanding of your requirements:
A corporate secretary’s responsibilities are widely divided into three divisions.
- Advisory: The corporate secretary counsels the directors and serves as their secretary. They must stay current on all legislative and legal requirements and ensure that the business complies with them. They are in charge of informing the directors of their legal obligations and ensuring they are fulfilled within the allotted time. The company secretaries are deeply involved in business affairs. Therefore, the directors may approach them for guidance on how to handle problems with internal governance.
- Fiduciary: A company secretary keeps in constant contact with the shareholders, looks out for their needs, and distributes financial reports, which prepare the shareholders to participate in the AGM’s decision-making process.
- Administration: All of the company’s information is given to ACRA by the company secretary. They update company records, write the minutes of AGMs and related meetings, and submit important paperwork to agencies like ACRA and IRAS.
Working knowledge of automated compliance software:
Automated compliance software helps company secretaries in various tasks by automating major processes where compliance needs to be maintained. The company secretary should have a working knowledge of the specific software that the company is using for compliance. This includes understanding how to navigate the software, input data and documents, and run compliance-related reports.
They should also be familiar with the software’s capabilities, including its ability to track and monitor compliance with laws and regulations, identify potential non-compliance issues, and generate alerts when potential issues arise. In short, a company secretary should understand the software’s capabilities, the types of laws and regulations it is designed to help the company comply with, and its data security and data privacy features.
Understanding the use of modern tools:
In today’s fast-paced business environment, it is important that a company secretary is able to understand and use modern tools to effectively carry out their responsibilities. They must be a person who is updated and aware of new technological trends and who can leverage them to increase productivity and work frames.
It is good that a company secretary should be well enough and good at handling all modern tools such as automated compliance software, cloud-based document management software, and modern communication tools. These tools can positively impact their work and can help them organize work easily.
Responsible, responsive, and reliable:
When involved in the process of selecting your company’s secretary, evaluate their market position in the sector. It is very important to select someone responsible and responsive. Make a well-informed choice by conducting a full background check and requesting their customers’ opinions.
Combination of skill sets:
As a company secretary, one should possess a mix of skills to be successful.
- First and foremost, a company secretary should be able to understand the legal and regulatory framework within which their organization operates. This includes knowledge of corporate governance and company law, as well as any relevant industry-specific regulations.
- Another major skill for a company secretary is strong communication and interpersonal skills. They might need to connect and network with a broad group of people. Hence, effective communication is required. They also have a direct link with the board of directors, the company’s shareholders and stakeholders due to which their communication skills must be exceptional in a clear and concise manner.
- In addition to these skills, a company secretary should also have strong organizational and project management skills. This includes the ability to manage multiple tasks and projects simultaneously, as well as the ability to prioritize and plan effectively.
- In summary, a company secretary should have a combination of legal and regulatory knowledge, strong communication and interpersonal skills, organizational and project management abilities, attention to detail, and be updated with the latest trends.
Cost of services:
When employing a corporate secretary, the cost is a significant element considered. Always double-check the features and conditions before purchasing a plan. Some businesses cost a very appealing charge, but they offer you only a few services. This might lead you to spend considerably more than you had anticipated.
On the other side, some businesses may cost you heavily upfront, not including everything needed. They might only be adding a surcharge for their brand name. Ensure there are no unexpected expenditures.
You can decide to outsource non-revenue generating tasks as your organization grows rather than performing. When choosing a company secretary, you should also take into account whether they can provide any more services which you might not now require, such as tax preparation, nominee directorship, payroll, bookkeeping, and HR management services. By outsourcing these works, you can save time and save the headache of hunting for a reliable ally.
Choosing a company secretary in Singapore is an important decision that can significantly impact your organization’s success. It is always important for a company to ensure that a person possesses all the qualities mentioned in this detailed guide. By taking the time to consider these factors carefully, you can ensure that you choose a company secretary who will be able to support your organization and help it to thrive effectively.
You can refer to the Singapore Company Secretary guide for additional information.