Guide to choose Singapore company secretarial services
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
A professional provider of Singapore Company Secretary Services is where many entrepreneurs turn to for engaging the ideal company secretary, the role of which is usually fulfilled by a certified accountant, lawyer or a professional with many years of experience as company secretary. Given the fast pace and competitiveness of Asia’s business environment, choosing the right candidate to serve as your company secretary from the get-go will help your company remain compliant with business regulations at all times and avoid any kind of sanctions, so as to faciliate the smooth running of your business operations.
While it might be cost-saving or simply tempting to act as your own company secretary in Singapore, do bear in mind that you can’t take on that position if you’re based overseas or the sole director of your company. Be reminded also that an amateur (like yourself or someone you appoint) may not be familiar with the list of duties a company secretary is required to perform punctually at some point of time during the financial year:
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?