All companies incorporated in Singapore are legally required to appoint a Company Secretary within 6 months of incorporation, and no company shall leave the position vacant for more than 6 months at any one time. The company secretary is the officer who lodges important company documents with IRAS, ACRA and other authorities, while keeping all company registers updated. He or she is also the personnel who prepares the financial statements prior to and the minutes during an AGM. Acting also as an advisor to directors and other invested parties, a company secretary in Singapore shares information and sound advice with regard to legal and compliance practices in the best interest of the company. The minimum criteria for a Company Secretary in Singapore are:
- a natural person who resides primarily in Singapore
- not debarred under Section 155B of the Companies Act
- has requisite experience and knowledge to discharge required functions
Singapore Company Secretarial Services
- Maintain and update registers and minutes
- Execute and lodge company resolutions
- Set up meetings for directors and shareholders
- Ensure compliance with statutory requirements
- Ensure compliance with the company’s Memorandum and Articles of Association (“M&AA”)
- Keep track of deadlines for annual returns and other required submissions to the authorities
- Update directors and other invested parties of relevant changes in statutory law and their implications
Therefore, worthwhile it is to be familiar with the considerations one must take into when choosing from a large profile of agencies offering Singapore Company Secretarial Services. Some useful questions to ask when assessing professional service providers are:
- Are their costs vis-a-vis services upfront and transparent?
- Do their quoted fees unambiguously reflect the service items or are there hidden charges like deposits, GST, etc?
- How responsive and flexible are they addressing your specific needs, even in query?
- Do they provide sound advice and guidance with regard to compliance regulatory requirements pertinent to your company’s structure and operation?