With the rapidly evolving and increasingly complicated regulation in doing business, companies in Singapore look at corporate secretaries as blessings.
The Accounting and Corporate Regulatory Authority (ACRA) sanctions around 10, 000 violating corporations and directors annually. The common reason they provide is confusion or insufficient knowledge of the provision of the Companies Act. Such instances illustrate the vital role played by a corporate secretary. They keep the company, owners, directors, shareholders and auditors extensively aware of regulatory specifications to avoid non-compliance.
Thus, Singapore companies need to have a competent and skilled corporate secretary. Towards that end, read below the qualifications that you should look into in hiring a corporate secretary.
Qualifications Of A Corporate Secretary In Singapore
It is the responsibility of the board of directors of a company to appoint the company secretary. Section 171 (1AA) of the Companies Act specifies that a secretary of a Singapore incorporation must be eligible and meet at least one of the following standards:
- Should have related work experience for at least three years before the appointment.
- Should be qualified as provided in the Legal Profession Act (Cap. 161).
- A registered public accountant under the Accountants Act (Cap. 2).
- Affiliated with the Institute of Certified Public Accountants of Singapore.
- Affiliated with Singapore Association of the Institute of Chartered Secretaries and Administrators.
- Affiliated with Association of International Accountants (Singapore Branch).
- Affiliated with the Institute of Company Accountants, Singapore.
Critical Skills Required In A Corporate Secretary
There are several corporate secretarial services offered in Singapore. Choosing which one would be a good fit for your company may become a challenge. To help you with that, below are some of the critical skills you should look into hiring a corporate secretary.
Excellent Communication Skills
A company’s board depends significantly on a corporate secretary when it comes to communications about the condition of the business and the priorities for subsequent board meetings. Thus, a secretary must interact efficiently in both speech and writing. The facility of the English language is a must.
Proven Negotiation Skills
As a business owner, you may face times where parties refuse to make concessions on issues. Consider hiring a corporate secretary with proven skills on negotiating to make both ends meet. one that will mediate where board members refuse to understand the value of setting aside their personal preferences and desires for the common good. Someone who will step in to steer the majority towards the company’s benefit.
Attuned Problem-Solving Skills
In searching for a reliable corporate secretary, look for one that can address internal and external problems that impact the business. If any issues occur with the taxation, sales practices, client interactions, etc., the corporate secretary should be in the frontline in solving the problems. A person with limited problem-solving abilities can not last longer for the role. A corporate secretary ought to have the capacities to address issues that occur to ensure that internal and external conflicts do not compromise the company’s core functions.
While it is assumed that a corporate secretary abides with principles, they should be reasonably flexible. The reason is for them to cope with circumstances that need a change of attitude. When they resolve any scenario with tailor-made initiatives to make sure that the business works well, it is easier to be more profitable.
Where To Find The Best Corporate Secretaries In Singapore?
A business secretary is a critical member of the corporate staff of every company. This is because they can only promise that a corporation is entirely consistent with such regulatory standards and rules.
Companies must then guarantee that the vacancy is taken by somebody prepared to handle all the required criteria and correctly maintain all relevant documents. Companies can also opt to use licensed accounting and legal advisors’ services. These individuals may be able to take on this genuinely vital position.
3E Accounting Singapore provides consumers with business solutions, corporate secretarial services, or any other services required.
We understand that the duties and responsibilities of a company secretary can be challenging. Still, if these responsibilities are performed well, the company stands to succeed. Contact us and ask about our corporate secretarial services.