Factors To Consider When Hiring A Corporate Secretary In Singapore
The law makes it compulsory for every business in Singapore to hire a corporate secretary. Since a corporate secretary is responsible for various tasks and duties, it is important for companies to make a well informed and careful decision.
Generally, a company secretary is a chartered accountant who has the required knowledge, skills, experience, and qualification to fulfil the responsibilities of a corporate secretary in Singapore.
Following are some of the most important factors that you should consider while hiring a company secretary in Singapore:
1. Familiar with Singapore Company Law
The Companies Act in Singapore is a comprehensive legal act that gives various information about companies’ procedures and recruitment process. It also states the responsibilities of a company secretary in Singapore.
Therefore, you should make sure that your company secretary is well-versed with the rules and regulations stipulated in the Singapore Law. This is because the company secretary plays an important role in ensuring the company is complying with all of the legal rules and regulations.
Other than the Singapore Companies Act, the company secretary should also be familiar with the rules set by ACRA and the annual requirements that a company has to fulfil to renew its registration.
Hence, it is always preferred that the company secretary has rich knowledge and experience in fulfilling such responsibilities.
2. Qualification and Experience
While the Companies Act does not mention any specific qualification criteria for a company secretary, companies typically prefer candidates with ample knowledge and experience. This allows companies to focus on the core business without having to worry about issues with compliance.
3. Communication Skills
It is important for the company secretaries to have excellent communication skills as they will be dealing with different people such as stakeholders, directors, and many others. They are the communicators between directors, shareholders, especially when it comes to conducting important company functions like Annual General Meetings (AGM).
Moreover, company secretaries are also required to fulfil other important responsibilities such as acting as the advisor on legal matters. Therefore, good communication skills are essential to ensure smooth and effective communication.
4. Organization Skills
A company secretary in Singapore has to deal with a variety of administrative responsibilities. For example, handling the company’s official documents, meeting agendas, registers, and other related responsibilities.
Moreover, the company secretary will also be entrusted to handle filing matters, which means they will be acting as an important bookkeeper of the company. This includes filing annual returns, financial reports, etc. In this regard, reliable organization skills come in handy to ensure work efficiency.
5. Financial Management Skills
A company secretary has to deal with various departments of a company, including the finance department. Therefore, it is highly important that the company secretary has sufficient financial management skills to ensure the financial efficiency of the business. Generally, that is the reason why accountants are preferred for the position of a corporate secretary in Singapore.
In a Nutshell
We hope is post is useful in helping companies make a smart choice in hiring a company secretary. By hiring the right company secretary in Singapore, you can eliminate the worries associated with legal compliance.
Last but not least, bear in mind that the service fees of a company secretary should not be the only deciding factor. Instead, look for a company secretary that is qualified, competent, skillful and experienced. For more information, feel free to get in touch with us.