Choosing a Secretary For Your Firm in Singapore

As a business owner who's planning to have a firm in Singapore, you ought to know that the Singapore Companies Act Section 171 mandates firms to appoint a company secretary service. Before you head out and look for your company secretary service, be sure to study this piece of content first to be aware of the key points related to this.

Have you got inquiries about this matter that you need help with? Does my business really need to retain the services of a company secretary? What are the skills of a company secretary? What duties are assigned to company secretaries? How much money are company secretaries paid? You've arrived at the right page where you could get the answers.

Does my business really need to retain the services of a company secretary?

It is obligatory for Singaporean companies to hire a secretary in 6 months time right after being registered.  If the corporation is not incorporated as an Exempt Private Company but instead as  a Private Limited Company, there is a need to retain the services of a professionally competent company secretary.

An Exempt Private Company has got fewer than 20 shareholders (in comparison to fewer than 50 in a Private Limited Company) and is without corporate shareholder. Any one of the shareholders of the Exempt Private Company could be the company secretary assuming he or she is informed about what to do.  It's not really easy to be a company secretary, so if one of the shareholders cannot do it, it's better to employ a professional who could do the task well.

The firm can take its time, up to six months right after the registration, prior to choosing a secretary. This is advantageous for small start-up firms and business people who manage the process of registration themselves.  However when you think using the services of a company secretary in the beginning could help you with the general process of incorporating the business, then go.

What are the skills of a company secretary?

You ought to know to begin with that the company secretary which is allowed by Singapore law must be a Singapore resident. Besides that, Section 171 (1AA) of the Companies Act calls for a company secretary to possess one of the following qualifying criteria:

1. Must be a company secretary for the past three years prior to employment
2. A Certified Public Accountant or a man or woman qualified according to the legal Profession Act
3. Has an active membership with any of these organizations: Singapore Association of the Institute of Chartered Secretaries and Administrators, Institute of Company Accountants Singapore, Institute of Certified Public Accountants of Singapore, Association of International Accountants (Singapore Branch)

What duties are assigned to company secretaries?  

A company secretary must do a good job or else he/she might be penalized or even jailed when he/she is not able to deliver the prerequisites of the Companies Act.  Listed below are a number of the obligations which a company secretary needs to accomplish:

- Making minutes of shareholders meetings and maintenance of important business documents like the yearly financial reports, incorporation papers, allotment of shares and director's resolutions
- Updates company records with the ACRA (Accounting and Corporate Regulatory Authority)
- Distributes facts with regards to the company's AGM to the company directors and shareholders

How much money are company secretaries paid? 

The price of employing a company secretary starts from S$600 upwards. Nonetheless, there are discounted packages which bundle incorporation services with one year of secretary service. This is a wise choice in case you need assistance with company registration, otherwise, simply hire a secretary service if you ought to.