As a business owner in Singapore, appointing a company secretary is a legal requirement under the Companies Act. A company secretary plays a crucial role in ensuring your company’s compliance with regulatory requirements with ACRA, maintaining financial records, and providing administrative support. With so many options available, selecting the right company secretary can be a daunting task. Below are some key qualities that will guide you through the key considerations to make an informed decision:
  1. Experience and Qualifications: Ensure the company secretary has relevant experience and qualifications, such as membership in professional bodies like the Institute of Singapore Chartered Accountants (ISCA) or the Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA).
  2. Technical Knowledge: Look for a company secretary with a strong understanding of Singapore’s Companies Act, tax laws (IRAS Corporate tax/GST), and financial regulations.
  3. Communication Skills: A good company secretary should possess excellent communication skills to effectively interact with stakeholders, including directors, shareholders, and government agencies.
  4. Attention to Detail: A company secretary must be meticulous and detail-oriented to ensure accuracy and compliance in financial records and regulatory filings.
Selection Process
  1. Referrals: Ask for recommendations from business associates, accountants, or lawyers.
  2. Interviews: Conduct interviews to assess the company secretary’s experience, knowledge, and communication skills.
  3. Due Diligence: Verify the company secretary’s qualifications and membership. Search and read the company website for any indication of experience eg relevant articles on key issues on compliance, secretarial, accounting, SME business challenges or tax issues.
  4. Proposal and Fee Structure: Request a proposal outlining services, fees, and terms of engagement.
Choosing the right company secretary is a critical decision for your business. By considering the key qualities and the selection process outlined above, you can ensure your business receives the necessary support and compliance expertise to thrive in Singapore’s competitive market.