There are key points to note on how to be a corporate secretary in Singapore. Aside from being a resident of Singapore, he should satisfy at least one additional eligibility requirement stated under the Singapore Companies Act.
- One such requirement is that he should have held office as a company secretary for at least three years in the period of five years immediately before his appointment.
- One can also be appointed secretary if he is a qualified person under the Legal Profession Act.
- He could also be a public accountant or a member of any of the following:
- Institute of Certified Public Accountants of Singapore
- Singapore Association of the Institute of Chartered Secretaries and Administrators
- Association of International Accountants
- Institute of Company Accountants.
The corporate secretary is appointed by the board of director(s) of a business, as mandated by the law. Any of the directors of the company can act as the secretary. However, if the company only has one director, he cannot assume the role. According to the Accounting and Corporate Regulatory Authority (ACRA), the company must appoint a secretary within six months after its incorporation.
The primary role of the company secretary ensures that the company, through its directors, are meeting all its regulatory obligations. This is crucial as the appointed secretary will also be held liable for the company’s failure to adhere to the law in certain situations. The secretary is also in-charge of organising board meetings and annual general meetings. On the shareholders’ side, the secretary is accountable for supervising share allotments and stock transfers. All these require company secretaries to possess certain skills in analytical, organisational.