Corporate Secretary vs. Accountant: What’s the Difference?

When it comes to running a business in Singapore, two key roles often come into play: the Corporate Secretary and the Accountant. While both are essential in maintaining a company’s compliance and financial health, their responsibilities differ significantly. Understanding these distinctions can help business owners make informed decisions when hiring professionals for their company.

What Does a Corporate Secretary Do?

In Singapore, it is a legal requirement under the Companies Act for every company to appoint a Corporate Secretary within six months of incorporation. This role is crucial for ensuring that a company meets its statutory obligations and maintains proper corporate governance.

Key Responsibilities of a Corporate Secretary:

• Regulatory Compliance: Ensures the company adheres to the Accounting and Corporate Regulatory Authority (ACRA) and Companies Act regulations.

• Filing and Documentation: Prepares and submits annual returns, board resolutions, and other necessary filings.

• Board Meeting Administration: Organizes meetings, prepares minutes, and advises directors on governance matters.

• Statutory Record Keeping: Maintains records such as the Register of Directors, Shareholders, and Constitution of the company.

• Advisory Role: Guides directors and stakeholders on regulatory changes and best practices in corporate governance.

A Corporate Secretary acts as the bridge between the company and regulatory authorities, ensuring smooth operations without legal hiccups.

What Does an Accountant Do?

An Accountant, on the other hand, focuses on the financial health of the business. While not legally required for every company, having an accounting professional is crucial for tracking financial performance, ensuring tax compliance, and providing insights for business growth.

Key Responsibilities of an Accountant:

• Bookkeeping: Maintains accurate financial records of transactions, expenses, and revenues.

• Financial Reporting: Prepares balance sheets, income statements, and cash flow statements.

• Tax Compliance: Ensures timely submission of corporate tax returns, GST filings, and tax planning strategies.

• Payroll Management: Handles employee salaries, CPF contributions, and other statutory deductions.

• Financial Analysis & Advisory: Provides financial insights, budgeting, and forecasting to support business decisions.

  
  

An Accountant plays a key role in financial planning, ensuring that businesses remain profitable while complying with IRAS (Inland Revenue Authority of Singapore) tax regulations.

Key Differences Between a Corporate Secretary and an Accountant

Aspect	Corporate Secretary	Accountant
Primary Role	Compliance & Governance	Financial Management
Legal Requirement?	Yes, for all Singapore companies	No, but highly recommended
Regulatory Body	ACRA	IRAS
Key Responsibilities	Corporate filings, governance, advisory	Bookkeeping, tax filing, financial reporting
Impact on Business	Ensures regulatory compliance and smooth operations	Ensures financial health and tax efficiency

Do You Need Both?

Yes! Both roles are essential for a business to function effectively in Singapore. A Corporate Secretary ensures that your company remains compliant with ACRA, while an Accountant ensures that your finances are in order and aligned with tax regulations.

At Account-Ink, we provide both corporate secretary and accounting services to help your business stay compliant and financially sound. Whether you need assistance with regulatory filings, bookkeeping, tax compliance, or payroll management, our team is here to support you. Get in touch with us today to learn more about how we can streamline your business operations in Singapore!

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