Appointing a Secretary for a VCC

‍Timeline for Appointment

A VCC is mandated to appoint a company secretary within six months from its incorporation date. This timeline ensures that the company has adequate administrative support and complies with regulatory requirements right from its inception.

Qualifications of a Company Secretary

For a VCC, the company secretary plays a pivotal role in ensuring smooth operations and adherence to legal requirements. To be eligible for this position, the individual must:

• Be a Natural Person: Corporations or other entities cannot serve as the company secretary for a VCC. Only individuals are eligible for this role.
• Residency: The secretary must be ordinarily resident in Singapore. This requirement ensures that the secretary is familiar with Singapore's regulatory landscape and can be easily accessible for any company-related matters.

Vacancy and Role Delineation

• Duration of Vacancy: The position of the company secretary is crucial for a VCC's operations. Hence, it should not remain vacant for more than six months. Prolonged vacancies can lead to compliance issues and administrative challenges.
• Distinct Roles: The sole director of a VCC and the company secretary must be two different individuals. This separation ensures checks and balances within the company's governance structure and prevents the concentration of power in a single individual.

In conclusion, while a VCC offers a flexible structure for investment funds in Singapore, it's essential to adhere to the guidelines related to the appointment of a company secretary. By ensuring that the secretary meets the stipulated criteria and is appointed in a timely manner, VCCs can operate efficiently and in compliance with Singapore's regulatory framework.