The companies incorporated in Singapore must follow Companies Act, Section 171, and appoint a company secretary.
The secretary's role is to act as the chief compliance officer of the company. The first-time owners, especially the foreigners, search for info on how to appoint a company secretary in ACRA. However, there are a few owners wrongly think it an extravagant expense.
The corporate secretary plays a vital role in the streamlining the operations of the company. The secretary act as an advisor, a fiduciary to the company, board of directors & its shareholders. They free the management of the company to focus on its strategic planning which eventually leads to success. Here are a few key tips on the appointment of company secretary resolution.
Resolution to Appoint Company Secretary in Singapore
A company incorporated in Singapore must appoint a secretary within 6 months of its date of registration. Such an appointment is a key requirement of the registration of a company in Singapore. It is actually the right time to hire a secretary as the firms offering registration services have a promo or discounted incorporation packages.
It takes a board of directors to appoint a company secretary. They have to cast their votes and pass the board resolution. The appointee then have to give his/ her consent to act as the company secretary by filling and submitting the form 45B.
Appointing Company Secretary in BizFile+
The company than have to make the appointment of the secretary official by filing the info with the Accounting and Corporate Authority (ACRA).
You need to use an online portal BizFile+ (Singapore’s online company filing system). You need to use your CorpPass to log-in on the system to file the change in the officers of the company.
Singapore Corporate Secretary Resignation
The companies have to take the following steps when its company secretary resigns:
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The corporate secretary has to submit a resignation letter
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The board has to pass a resolution to accept the resignation and to remove the secretary
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The company has to inform the ACRA by filing (BizFile+) a cessation of secretary within 14 days of the resignation
Who can be a Company Secretary in Singapore
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The company secretary needs to be a natural person.
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The appointee must be ordinarily resident of Singapore.
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A Singapore Citizen, permanent resident, an EntrePass or Employment Pass holder can act in this capacity.
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It is a tough job and the majority of companies hire firms offering company secretary services.
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The appointee must be knowledgeable and experienced with the Company Act, accounting, and compliance-related matters.
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A private company can hire an experienced and knowledgeable person as their secretary.
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A public company must hire a certified professional who has prior experience of working as a corporate secretary.
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The sole director of a company cannot act as its secretary.
The company secretary is an important post from the company's compliance point of view and should not be left vacant for more than six months. If it comes to that you can always hire a cheap but prompt company secretary for your Singapore company.
