As a business owner who’s looking to incorporate a firm in Singapore, you should know that the Singapore Companies Act Section 171 requires corporations to appoint a company secretary service. Continue reading this informative article to learn the important facts concerning hiring a secretary service for your business.
There are specific queries that you need to think about such as: Does my firm really should employ a secretary? What qualifications will you seek in a secretarial service? What are the responsibilities of a company secretary? How much are secretaries paid? You have come to the right page where you could get the responses.
Does my firm really should employ a secretary?
A company in Singapore technically has to appoint a secretary in six months of its incorporation. There is a provision not to hire a qualified secretary if you have got an Exempt Private Company. If you’re a Private Limited Company, you ought to hire one.
An Exempt Private Company has under 20 shareholders (compared to under 50 in a Private Limited Company) and is without corporate shareholder. One of the shareholders in the Exempt Private Company could be the secretary supposing he / she is familiar with the things to do. It’s not that easy to work as a secretary, so if one of the shareholders cannot do it, it is better to appoint a professional who can do the job very well.
A secretary could be engaged after the company’s registration up to 6 months after that. This is good for small start-up companies and business owners who manage the process of incorporation themselves. But when you think getting a secretary in the beginning can help you with the entire process of incorporating the business, then go.
What qualifications will you seek in a company secretary service?
An employed company secretary ought to be a resident in Singapore who’s either a citizen, permanent resident, having Dependent Pass or Employment Pass. It is also needed that a company secretary can prove her proficiency for the career by possessing any one of these: 3 years of working experience as company secretary, a CPA (Certified Public Accountant) diploma, qualification under the legal Profession Act or membership with the Singapore Association of the Institute of Chartered Secretaries and Administrators, Institute of Certified Public Accountants of Singapore, Institute of Company Accountants Singapore, Association of International Accountants (Singapore Branch).
What are the responsibilities of a company secretary?
The Companies Act has tough requirements and when the company secretary is not able to do her job effectively, he/she may be penalized or imprisoned. A few of the accountabilities of the company secretary include:
- Preparing minutes of shareholders meetings and upkeeping of important business documents such as the annual financial statements, incorporation papers, allotment of shares and director’s resolutions
- Filing, upgrading or amending of the company documents with the Accounting and Corporate Regulatory Authority
- Functions as the primary contact person for the directors and shareholders to obtain information and facts concerning the Annual General Meeting
How much are secretaries paid?
Appointing a company secretary would demand an expense of no less than S$600. When you avail of any qualified incorporation services, ask if maybe they offer secretary service also. You could obtain a better package by obtaining both services.
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