Any limited company in Singapore must have a minimum of one company secretary. The appointment of the professional is decided by the directors of the business. These days, many businesses look to outsource corporate secretarial services as they are affordable and will do the job to perfection. Any business must take a lot of time and effort in choosing the right professional for the secretary job. There is no point in appointing anyone that is available for the job as they need to abide by many rules and regulations. They are fully responsible for the smooth functioning of the business in compliance with the laws.
The duties of a company secretary
The following are some of the important duties and responsibilities of the company secretary.
- He or she must be present at all the board meetings held by the business and should record the minutes of the meeting.
- The share register, minute book and the all the necessary registers of the company must be kept and maintained.
- They must issue notice of the board meetings to the shareholders upon the instruction from the board directors.
- Must ensure the proper filing of the tax returns, be it annual returns, balance sheets, forms, etc.
- Must be countersigned the essential business documents of the company, especially the banking related documents.
- The company seal must be in the safe custody of the company secretary and he or she is fully responsible for it.
They are responsible for the smooth and efficient functioning of the business. They have to take care of the fiduciary duties of the business. He or she needs to be very honest in what they do and meet all the statutory requirements. If they commit any wrongful acts, then they are liable for criminal charges and can also be penalized with a fine or imprisonment.