Why are corporate secretarial services an important part of company compliance?
When it comes to incorporation companies in Singapore, corporate secretarial services in Singapore are becoming increasingly relevant. This is a one-of-a-kind role within the organization that is neither part of the line management nor a direct member of the board. As a result of the position’s importance, the job is formally known as an administrative servant of the board and is set to be renamed as a board advisor. This role carries a great deal of responsibility and, as a result, should be treated with extreme caution especially when you are about to incorporate a company in Singapore.
What exactly is a corporate secretary?
A corporate secretarial service Singapore professional assists in the maintenance of the organization’s everyday activities. This involves upholding the credibility of the governance process, being responsible for all company administration, and adhering to legislative and regulatory requirements. They also assist with the implementation of the board of director’s decisions.
What responsibilities come with the job?
It is always necessary to remember the duties that are expected in such a role while looking for a company secretary in Singapore. These responsibilities include the following:
Acting as an advisor
As part of the job, the corporate secretarial service Singapore professional will advise the board of directors on important decisions. They have a huge influence on the decisions that are made, so it is important that the right person is chosen for the role.
Handle equity transactions
This includes everything from issuing new shares as the business grows to arranging dividend payments and ensuring that all legal requirements are met. This element of the role is critical because it will save a lot of money in legal fees if anything goes wrong when you incorporate a company in Singapore.
Liaison
Onboard governance questions, everything will be done through lawyers, auditors, tax advisors, bankers, and shareholders.
Attending directors meetings
It will be the corporate secretary’s responsibility to take notes and minutes of directors’ and stakeholders’ meetings during these meetings.
Although these are some of the primary responsibilities of the role, corporate secretaries are responsible for a wide range of tasks. Each of these duties is an essential component of any organization and has a major effect on the day-to-day operations of the company. The primary duties of the position are as follows:
- Board and committee meetings
- Meeting minutes
- Annual shareholder meeting – including a proxy statement
- Corporate records and subsidiary management
- Stock transfers and dividends
- Securities market listings and compliance with listing standards
- Compliance with federal and provincial board governance laws
- Governance liaison for officers and directors
- Shareholder engagement
Characteristics of a corporate secretarial service Singapore experts
Given the nature of the position, a variety of skill sets are needed to effectively complete the job. Without these skills, it is possible that the job will not be done quickly enough to ensure the company’s success. The following are the most desired characteristics:
Analytical skills
The ability to evaluate a situation and make fast problem-solving decisions is essential for this role. Throughout the day, it is critical to consider a wide range of circumstances in order to determine which would be the most beneficial when you incorporate a company in Singapore.
Management and organizational skills
Organizational skills are required since the role would require managing a team of individuals. The corporate secretary would be able to ensure that everyday activities operate as smoothly as possible by efficiently managing and coordinating a team.
IT familiarity
Technology has had a greater effect on modern corporations than at any other point in history. As a consequence, familiarity with IT is important. This covers everything from comprehending spreadsheets to handling emails effectively.
Good communication
Having good communication skills is essential for the job and considered a soft skill. It is normal for the corporate secretarial service Singapore professional to negotiate on behalf of the company. As a result, they must be able to properly present their own point of view while also recognizing the points of view presented to them by employees and team leaders.
Understanding the legal system
Understanding the legal system is important for every corporate secretary. This ensures that when you incorporate a company in Singapore, you’ll follow all legal rules and avoid any unnecessary legal expenses that may arise.
Time management
Due to the number of duties covered in the work, flexible time management is essential. A corporate secretarial service Singapore expert must make the most of every minute of the day. They will do exactly that by possessing excellent time management skills and supervising the business’s day-to-day activities.
In addition to these characteristics, core competencies are required to effectively manage the job. The following are the core competencies needed for the job:
- Working knowledge of corporate and securities law.
- Demonstration of presence and excellent communication skills.
- Sensitivity and intuition toward CEO and director thoughts and feelings.
- Ability to read signs and provide management with early alerts.
- Ability to mediate and assist in achieving consensus.
This is very demanding work that needs a lot of respect. There are so many tasks to cover on a daily basis that choosing the right person for the job is an incredibly important activity in and of itself.
Summary
Appointing a company secretary is a crucial step to incorporate a company in Singapore. A corporation’s directors are accountable for the corporation’s compliance with relevant laws. They will oversee the proper execution of this work by appointing the appropriate company secretary. When a corporation incorporates with the assistance of a professional services firm, the professional services firm often appoints one of its staff as the company secretary. As a consequence, it is critical that you choose a reputable corporate service, such as WLP Group, to handle your initial incorporation. Visit our website for more details today.
