Singapore is one of the countries that have the most number of corporations. This is because Singapore is one of the top places to build a business on. For years, it has been dubbed as the most business-friendly economy in the world. This is because it has the most relaxed, easy, and open policies. This makes it a great candidate to conduct a business in. Businesses from almost every industry can be found in Singapore. From the technology, food and beverage, mining, law, to the environmental industry can be found here. These big companies have served as the pillar and foundation of Singapore’s economy for the longest time.
This is also the reason why the economy is saturated and overcrowded. As there are already a lot of different entities here, there is still a handful coming in. This is because Singapore promises good fortune for those who can successfully build and expand here. Its economy is one of the most stable and resilient among economies in neighboring countries and even western ones. That is why there are many benefits to building a business here.
Singapore may have a business-friendly environment with relaxed policies, but these policies are strictly implemented and followed. They may be offering regulations that are in favor of the businesses but the catch is these regulations should be strictly observed or it can lead to your business license to be revoked. One of the policies that must be followed is the existence of company secretary Singapore staff. This is a required part of any company and should be hired during or not more than 6 months after the company incorporation Singapore procedure. To know more, here are the qualifications and the roles of a company secretary Singapore staff.
Qualifications
A company secretary Singapore professional is a part of the company that is legally mandated and required. In Section 171 of the Companies Act Singapore, the guidelines for hiring a secretary can be found. In section 88 of the same act, one of the basic qualifications of a company secretary Singapore staff can be found. This states that he or she should be a resident in Singapore, i.e citizens, permanent residents, or EntrePass holders.
The company secretary Singapore should also have enough qualifications to fulfill legal duties as some of their roles involve attending to legal and confidential government documents. This position should not be left vacant for more than 6 months that is why it is advisable to start hiring while the company incorporation Singapore process is still ongoing. It is also stated that a company director cannot be appointed as the company secretary Singapore staff because they act as the sole director of the company. Aside from that, it is a legal requirement, there are many things that a company secretary Singapore staff is required to do.
Roles of a company secretary
Statutory registers
After the company incorporation Singapore process, there are still many things to do, file, and update. That is why the help of a company secretary Singapore staff is required. The maintenance or upkeep of statutory registers involves registering substantial shareholders, registering of board members, and registering oyster charges as these are mandated by the law. A company can only continue to operate legally if it has followed simple procedures like this one.
Meeting appointments
Another one of the things that are legally required by the law is to have general annual meetings. This can be started 18 months after the company incorporation Singapore processes. There is a report that contains the annual overview of the company that should be submitted to the government.
For big companies, it may be harder to set a general annual meeting as it involves all the shareholders and board members of the company. This is one of the reasons why the existence of a company secretary Singapore staff is vital to the operations of a company. It is usually the secretary that sets these kinds of meetings and makes sure that the schedules of busy individuals can meet halfway.
Filling of insurance
After the company incorporation Singapore procedure, one of the things that must be immediately addressed is the insurance. Companies involve huge amounts of money so there is a high risk, especially for investors. That is why it is important to get insurance for everyone to have a safe financial fallback. The company, its directors, officers, and regular office staff should be included in the insurance.
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The existence of a company secretary is vital to a company’s success that’s why it is important to find the best-fit personnel. In WLP Group, we offer the best-qualified company secretaries. Visit us today to know more about our services.