The upsurge of potential problems caused by not having a company secretary

0
35

A company secretary is a professional appointed to ensure the company maintains compliance with several statuary requirements. These requirements may involve filing and maintaining the statuary records and returns. Any person who is ordinarily residing in Singapore and has the accurate required knowledge to carry out the duties can sit in the position of a company secretary.

The company secretary generally has a strong and wise skillset including finance governance, corporate law, corporate secretarial processes, and strategic planning. They equip advice to a company’s board in areas like CEO and non-executive directors, providing support to the chair.corporate secretary services

What does he do?

The corporate secretary services sit responsible for ensuring that the company complies with the requirements of the Companies Act. These include –

  1. Change of Directors, auditors, company secretary and transfer of shares among the shareholders, etc.
  2. Preparing and filing of the documents and updating of changes to ACRA. These documents may include minutes of general meetings, directors’ resolutions, etc.
  3. Preparing and submitting the Annual Returns.
  4. Maintaining the registers of the company secretary, directors, shareholders, and charges.
  5. Conserving the indexes of the partners and debenture holders.
  6. Recording transfers of shares, issuing share certificates, and share allotment.

Potential problems for not getting engaged with the right company secretarial service –

As per the ACRA, these are the common mistakes and offenses that can stand up in front of a company and affect its performance. So, the presence of a reliable company secretary is important to avoid any mistake that could arise for companies under the Companies Act. Let’s have a peek at a few of these blunders –

  • Failure to substantiate a crucial business step.
  • Failure to form a business resolution.
  • Failure to publish the name of the company and registration number.
  • Records that are not organized appropriately.
  • Failure to notify the Registrar about the changes in the condition of the registered office address and the hours.
  • Wrong year-end reports.
  • Failure of the substantial shareholders to disclose changes or interests in the company.
  • Non-compliance with the Companies Act and Companies Regulations.
    • Failure to give information to the Registrar of any changes in managers, auditors, directors, corporate secretaries, registered office addresses, etc.
    • Failure to lodge the Company’s annual return within one month from the date of holding the General Meeting that occurs annually.

The duty of a secretary about the payment of taxable dividends is disclosing the amount lying in the unpaid dividend account of the company concerning the last seven years.

The number of dividends is transferred by the company to the IEPF diving the year shall also be shut off. The IEPF stands for The Investor Education and Protection Fund.

Timcole is a renowned company in Singapore that offers services for incorporation or accounting firm. They have a complete package of services for your company with the highest degree of excellence and expertise.