The Role of Company Secretaries in Singapore: Responsibilities and Obligations to ACRA
In Singapore, company secretaries play a crucial role in ensuring that companies comply with the laws and regulations of the country. As the primary point of contact between the company and the Accounting and Corporate Regulatory Authority (ACRA), company secretaries are responsible for ensuring that the company meets all its regulatory requirements. In this article, we will explore the role of company secretaries in Singapore, their responsibilities, and obligations to ACRA.
Responsibilities of Company Secretaries
Company secretaries in Singapore are responsible for a wide range of tasks, including:
- Preparing and filing annual returns with ACRA, including the company’s financial statements and director’s report
- Maintaining the company’s register of directors, shareholders, and officers
- Ensuring compliance with company law and other relevant regulations
- Providing information to ACRA and other authorities as required
- Maintaining the company’s minute book and ensuring that all meetings are properly recorded
- Providing guidance to the board of directors on corporate governance matters
Obligations to ACRA
Company secretaries have several obligations to ACRA, including:
- Providing accurate and timely information to ACRA, including financial statements and other documents
- Ensuring that the company’s records are accurate and up-to-date
- Providing access to the company’s records and information to ACRA as required
- Complying with ACRA’s requirements and regulations, including filing requirements and audit requirements
The Importance of Compliance
Compliance with ACRA’s regulations is crucial for companies in Singapore. Failure to comply with the regulations can result in serious consequences, including fines and even the revocation of the company’s registration. As a result, company secretaries must ensure that they are familiar with the relevant regulations and that they are taking all necessary steps to ensure compliance.
Licensing Requirements
In Singapore, company secretaries must be licensed by ACRA in order to practice. To obtain a license, company secretaries must meet certain requirements, including:
- Being a natural person
- Being a qualified secretary or accountant
- Having at least 3 years of experience in a secretarial or accounting role
- Passing a proficiency test administered by ACRA
Types of Company Secretaries
There are several types of company secretaries in Singapore, including:
- In-house company secretaries, who are employed by the company to perform their secretarial duties
- External company secretaries, who are independent professionals who provide secretarial services to multiple companies
- Corporate secretaries, who are responsible for overseeing the secretarial function within a company
Conclusion
In conclusion, company secretaries play a vital role in ensuring that companies in Singapore comply with the laws and regulations of the country. As the primary point of contact between the company and ACRA, company secretaries are responsible for ensuring that the company meets all its regulatory requirements. To fulfill this role, company secretaries must be familiar with the relevant regulations and must take all necessary steps to ensure compliance.
FAQs
Q: What are the responsibilities of a company secretary in Singapore?
A: Company secretaries in Singapore are responsible for preparing and filing annual returns with ACRA, maintaining the company’s register of directors, shareholders, and officers, ensuring compliance with company law and other relevant regulations, and providing information to ACRA and other authorities as required.
Q: What are the obligations of a company secretary to ACRA?
A: Company secretaries have several obligations to ACRA, including providing accurate and timely information, ensuring that the company’s records are accurate and up-to-date, and providing access to the company’s records and information to ACRA as required.
Q: What are the licensing requirements for company secretaries in Singapore?
A: To practice as a company secretary in Singapore, one must be a natural person, be a qualified secretary or accountant, have at least 3 years of experience in a secretarial or accounting role, and pass a proficiency test administered by ACRA.
Q: What are the different types of company secretaries in Singapore?
A: There are three types of company secretaries in Singapore: in-house company secretaries, who are employed by the company to perform their secretarial duties; external company secretaries, who are independent professionals who provide secretarial services to multiple companies; and corporate secretaries, who are responsible for overseeing the secretarial function within a company.
