The company law in Singapore mandates that as a business owner, you must appoint a Company Secretary responsible for compliance with all applicable laws and regulations. The Secretary also keeps all the company board members informed of their legal responsibilities towards the company and provides directions on how they should operate. Commonly termed as the compliance officer of a business entity, how to change corporate secretary Singapore calls for a well thought out judgment.
There are times when as a business owner you are not happy with the performance of your company secretary and are forced to replace him/her with someone better. Though unpleasant, you might need to dispense your company secretary and engage someone else. The procedures involved in changing your Singapore company secretary are sometimes long and tedious and it is always your best option to take external help from company secretary services Singapore.
It is not uncommon for companies to consider how to change corporate secretary Singapore. There may be many reasons that compel you to change your company secretary however the main ones are
- The company secretary is not dedicated and often unreachable after office hours.
- The secretary can not handle compliance and administration simultaneously and effectively.
- The company secretary can not keep the company functions aware of their impending company law deadlines e.g. accounts not informed timely on filing returns to regulatory authorities.
- The information given on company-related matters is incomplete and inaccurate.
- The secretary fails to maintain appropriate documentation and compliance on company legal matters.
- The remuneration of a company secretary is high and unreasonable.
Before arriving at your final decision on how to change corporate secretary Singapore, it would be a wise move to directly communicate with your company secretary for understanding his/ her points and resolving the issues. Also, take the views of other management professionals of your company about the performance including collecting procedural information from company secretarial services Singapore. The decision for removal shouldn’t be subjective, rather needs to be founded on facts and figures.
It becomes easier and simpler when the company secretary is convinced and agrees to the decision of being removed from the company. It is then a straightforward process with any concern about how to change corporate secretary Singapore and only needs some documents to be organized.
- The resignation letter from your Singapore company secretary.
- A resolution in black and white from the Director.
Once these requirements are arranged, ACRA needs to be notified about the resignation. The transition including shifting over the responsibilities and sharing g of administrative records can take place at a later date.
As the business owner, you possess the right to dispense with your appointed Singapore company secretary, even when she/he may not agree and refuse to leave. This may lead to some complications and turns unpleasant when a secretary has to be removed without his/her consent.
Before deciding on how to change corporate secretary Singapore, it would be better to inform the company secretary in advance about your decision to remove him/her. The removal necessitates passing a board resolution to remove the company secretary. Once the resolution is done, you need to inform ACRA about the removal of the company’s secretary. It is also necessary and important to file a cessation within 14 days after the removal. ACRA will impose a late lodgement fee in case the company fails to update timely and within the prescribed time frame.
A Singapore company secretary is crucial to your businesses in Singapore as ACRA attaches a lot of importance to company secretary policies. Hence, any decision on how to change corporate secretary Singapore must be made at the right time and place as it wouldn’t be prudent to remove him/her during AGM preparations and other important business proceedings.