After your incorporation, what is next: Get a Corporate Secretary, know their 3 Main Areas of Responsibilities
"The best way to predict the future is to create it." - Peter Drucker
Get a Corporate Secretary. Know their 3 main responsibilities.
There is an increasing number of entrepreneurs, ventures and corporations of all varieties and sizes across the globe using Singapore as the incorporation jurisdiction for their business. Being an entrepreneur, having a world-changing creative idea is sensational. The next step is incorporating it into a company. Now that your business is incorporated, you will need to appoint a corporate secretary for your company. A corporate secretary will be able to help you with essential compliance matters like completing annual meeting minutes, annual report filing, keeping corporate records in order and many more.
The Accounting and Corporate Regulatory Authority (ACRA), which is the national regulator of business entities and public accountants, mandates that every company is required to appoint a corporate secretary within six months of the date of its incorporation.
Importantly, the appointee must be residing locally in Singapore and the individual must not be the sole director of the company. However, if the company has more than one director, one of the directors can act as the appointed corporate secretary. Nevertheless, if you wish to free up time to focus on your business, you can also appoint an outsourced corporate secretary.
A corporate secretary holds different roles and benefits to the 3 core bodies of a business
(1) To the company, a corporate secretary:
- Ensures all relevant statutory obligations are met
- Ensures business interest of the company is always protected
- Ensures good corporate governance is practiced
- Is present regularly at the company’s registered office address
(2) To company directors, a corporate secretary:
- Serves as an advisor to the directors
- Provides any practical support that is needed
- Shares timely information with all the directors so that they can contribute fully during the board meetings
(3) To company shareholders, a corporate secretary:
- Regularly communicates with the shareholders and ensure their interests are protected
- Timely disseminates financial statements so that shareholders are prepared to take part in decision making at the company’s Annual General Meeting.
A Corporate Secretary holds great responsibility
In Singapore, a corporate secretary is vested with the power to authenticate documents or formal proceedings of the company. He or she may be required to execute official documents with a company director under the common seal. In general, a company secretary can issue certified copies of company resolutions along with any one of directors, which is considered proof of passing of the resolution.
The corporate secretary of a company in Singapore has various core responsibilities as aforementioned and other adhoc duties ranging from ACRA compliance and regulatory, to corporate governance, acquisitions and disposals. In general, a corporate secretary will be able to take on such responsibilities in accordance to their level of professional qualifications and work experiences. Nevertheless, if you do not feel confident in managing such responsibilities, focus on your business and outsource such necessities.
Find yourself partners who can identify with the same mission as you, commit their time to the cause, cover your weaknesses, and most importantly, be able to motivate you. A team with diversified skill sets, commitment, and a clear goal is a formula for success.
Roger Yip
After your incorporation, what is next: Get a Corporate Secretary, know their 3 Main Areas of Responsibilities
"The best way to predict the future is to create it." - Peter Drucker
Get a Corporate Secretary. Know their 3 main responsibilities.
There is an increasing number of entrepreneurs, ventures and corporations of all varieties and sizes across the globe using Singapore as the incorporation jurisdiction for their business. Being an entrepreneur, having a world-changing creative idea is sensational. The next step is incorporating it into a company. Now that your business is incorporated, you will need to appoint a corporate secretary for your company. A corporate secretary will be able to help you with essential compliance matters like completing annual meeting minutes, annual report filing, keeping corporate records in order and many more.
The Accounting and Corporate Regulatory Authority (ACRA), which is the national regulator of business entities and public accountants, mandates that every company is required to appoint a corporate secretary within six months of the date of its incorporation.
Importantly, the appointee must be residing locally in Singapore and the individual must not be the sole director of the company. However, if the company has more than one director, one of the directors can act as the appointed corporate secretary. Nevertheless, if you wish to free up time to focus on your business, you can also appoint an outsourced corporate secretary.
A corporate secretary holds different roles and benefits to the 3 core bodies of a business
(1) To the company, a corporate secretary:
- Ensures all relevant statutory obligations are met
- Ensures business interest of the company is always protected
- Ensures good corporate governance is practiced
- Is present regularly at the company’s registered office address
(2) To company directors, a corporate secretary:
- Serves as an advisor to the directors
- Provides any practical support that is needed
- Shares timely information with all the directors so that they can contribute fully during the board meetings
(3) To company shareholders, a corporate secretary:
- Regularly communicates with the shareholders and ensure their interests are protected
- Timely disseminates financial statements so that shareholders are prepared to take part in decision making at the company’s Annual General Meeting.
A Corporate Secretary holds great responsibility
In Singapore, a corporate secretary is vested with the power to authenticate documents or formal proceedings of the company. He or she may be required to execute official documents with a company director under the common seal. In general, a company secretary can issue certified copies of company resolutions along with any one of directors, which is considered proof of passing of the resolution.
The corporate secretary of a company in Singapore has various core responsibilities as aforementioned and other adhoc duties ranging from ACRA compliance and regulatory, to corporate governance, acquisitions and disposals. In general, a corporate secretary will be able to take on such responsibilities in accordance to their level of professional qualifications and work experiences. Nevertheless, if you do not feel confident in managing such responsibilities, focus on your business and outsource such necessities.
The Retail Industry
New technology, changing consumer tastes and borderless competition from e-commerce are shaking up the retail industry. Many businesses begin to embrace the “new retail” era to cash in on newfound business opportunities. Singapore is home to many retail services that draw eager crowds ready to explore new products. There is also an abundance of retail space that is ideal for businesses that are start-ups, SMEs, events or even pop up stores.
Digitalisation has a drastic impact on how people shop today. Many businesses are taking up e-commerce routes to amplify their visibility in a short time frame. For example, start-ups can utilize eBooks and social media platforms to generate leads while showcasing their products online. Furthermore, Singapore is one of ASEAN’s top e-commerce hubs, with an innovation-first focus and strong infrastructural support. The Singapore government has also launched initiatives and grants to help entrepreneurs like you, looking into entering the e-commerce Retail industry, to set up and expand. Some Retail businesses include Specialty Retailing like florist and fashion and Lifestyle Retailing like entertainment and sport. Many of which have great potential in the e-commerce market.
There is a wide magnitude of competition and– Business owners have to understand that the competition is ever-intensive and trends come and go in a blink of an eye. It is a game-changer to fully understand your business and its business models, while having the ability to build strong foresight in pinpointing the changes in needs and trends of the industry.
Starting your business right
All in all, when planning to set up a business in Singapore, you should know that everything is regulated. You will require licenses and permits to fully operate your business. The government has made it easy for local and foreign entrepreneurs to set up businesses locally, with different grants and legislations in place to propel entrepreneurs and their businesses. Business consultants like us are here to advice your business from its incorporation, to helping your business on the side with anything accounting and finance.
Find yourself partners who can identify with the same mission as you, commit their time to the cause, cover your weaknesses, and most importantly, be able to motivate you. A team with diversified skill sets, commitment, and a clear goal is a formula for success.
Roger Yip
How we helped
At Tisch Global, we are professionals of over 30 combined years in anything Accounting and Finance. Being your modern business advising firm, we bring the best-in-class knowledge and tools to support the startup, growth and maturity of businesses in the many industries throughout Singapore.
We are your growth partners at different business stages:
✅ If you are a Young StartUp, let us materialise your vision.
✅ If you are a Fast-Growing Small Business, let us support your business goals.
✅ If you are a Mature SME, let us give you that competitive edge.
How we helped
At Tisch Global, we are professionals of over 30 combined years in anything Accounting and Finance. Being your modern business advising firm, we bring the best-in-class knowledge and tools to support the startup, growth and maturity of businesses in the many industries throughout Singapore.
We are your growth partners at different business stages:
✅ If you are a Young StartUp, let us materialise your vision.
✅ If you are a Fast-Growing Small Business, let us support your business goals.
✅ If you are a Mature SME, let us give you that competitive edge.
Written by, Sai Prema | After Incorporation Whats Next | 12 June, 2022 | #TGInsights
