Corporate Secretarial Services
Singapore Companies' Corporate Secretarial Services
The duty of the company secretary is critical in ensuring the smooth operation of your firm. This is particularly true when it comes to ensuring that you follow all rules and regulations. Everything you need to know about secretarial services is right here.
Choosing a Corporate Secretary for Your Company
When it comes to company secretaries, Singapore has fairly strict rules. Section 171 (1AA) of the Singapore Companies Act states that if a business is registered, it must acquire corporate secretarial services within six months to stay in compliance. There are some restrictions on who can fill this position:
- The company’s secretary cannot be the sole director of the company.
- The secretary must be a Singaporean resident.
When It Comes To Secretarial Regulations,
Businesses Have Two Options
- Employ a qualified secretary to join their company’s workforce
- Make use of a trustworthy accounting firm’s corporate secretarial services
Failure to comply with these regulations will cost your organization a significant amount of money in the short and long run.
What Are The Requirements For Corporate Secretaries?
First and foremost, corporate secretaries must be either registered under the Accounting Act or with the Members of Singapore Institute of Certified Public Accountants. The following are some of their areas of expertise:
- Managing and updating the company’s books and records in accordance with any changes that may have occurred over the year.
- Transfers and distributions of shares in accordance with established processes.
- All tax filings and compliance reporting, including the annual general meeting and the filing of annual returns.
The bottom line is that corporate secretaries are well-versed in every aspect of ensuring that your firm complies with Singapore’s regulations.
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The Advantages of Using a Corporate Secretarial Service that is
Outsourced
- Hiring secretarial services is more cost-effective. Hiring this role out means you won’t have to pay someone a full salary to work for you, and you’ll just have to pay for the services you require.
- With an in-depth understanding of Singapore’s corporate rules and regulations, corporate secretarial services are of the highest quality.
- Using expert services allows you to spend less time on administrative tasks and more time on growing your company.
What is a Corporate Secretary's Role in Singapore?
Board of Directors Meetings: Planning and Execution
All Board of Directors and committee meetings must be prepared and conducted by the Corporate Secretary. They are responsible for meticulously organizing everything, developing agendas, inviting important individuals, booking meeting space, and handling all logistical difficulties. They're also responsible for holding shareholder meetings for the company.
Keeping Record
Not only is the Secretary of the Company in charge of taking minutes at meetings, but also of their dissemination and content. The board of directors' final decision must be fully described and expressed in these minutes. They're more than just scribes; they're people in charge of carrying out the board's decisions.
Advising
The Board of Directors is advised by a Corporate Secretary on their roles and objectives. They also offer guidance on the officers' respective responsibilities. The corporate secretary advises the board of directors of corporations with subsidiary companies on how to govern and manage them successfully.
What are the benefits of Having a Corporate Secretary?
Observance of the law
Singaporean legislation mandates the hiring of a company secretary. Six months after the company is created, a corporate secretary in Singapore employee may be hired. Any organization requires a corporate secretary in Singapore since they play a critical role in its success.
The corporate secretary schedules important meetings
One of the things that the Singaporean government mandates is an annual general meeting. This is important since it is here that the company's directors, board members, and shareholders meet once a year to discuss important matters. Large corporations are made up of busy people. That is why such gatherings are tough to organize.
The annual general meeting is organized by the corporation secretary. After the meeting, the government will get a report on the general annual meeting.
How much does a Corporate Secretary
in Singapore cost?
It is a legal requirement in Singapore to hire a company secretary within six months following incorporation.
You should appoint a company secretary within six months of registering your company. Businesses have two options when it comes to this. Recruiting an internal secretary is one while hiring a corporate service provider is another.
Here’s a quick rundown of how much it costs to hire a corporate secretary in Singapore:
Subscription Fee (Annual)
Every corporate secretarial service in Singapore provides an annual subscription plan. You can pay the business a set fee and have a corporate secretary assigned to you. They’ll also help you maintain track of your company’s records and file all of your year’s resolutions and communications.
Consider hiring a business secretary who works from a remote location. Instead of hiring a corporate secretary to run your company out of your offices, you’ll have them operate it out of theirs.
Keep in mind that Singapore has extremely severe anti-terrorism and anti-money laundering laws. Leaving everything to chance is the greatest mistake you can make.
Pay strict attention to how you manage your registers, especially those of your nominated directors and controllers. This is the basic package, which can cost anywhere between $100 and $1000 depending on the business and services provided.
