Crucial Facts Concerning Getting a Secretary in Singapore

As a business person who's looking to register a company in Singapore, you should know that the Singapore Companies Act Section 171 necessitates corporations to appoint a company secretary service. Now, go through all of the points in this short article first before you go and get a hold of a company secretary service.

Some questions that you may be asking yourself include: Is it definitely required for my firm to engage a company secretary service? How do you decide on a qualified company secretary? What are the duties of a company secretary? How much are secretaries compensated? Get the answers that you need to know from the content down below.

Is it definitely required for my firm to engage a company secretary service?

Companies should have a secretary right after its incorporation. They have 6 months to search for and employ one. If the company isn't incorporated as an Exempt Private Company but a Private Limited Company, there’s a need to get a professionally qualified company secretary.

The primary distinction between the Exempt Private Company and Private Limited Company is in the number of shareholders. The first has fewer than 20 (with no corporate shareholders) whereas the latter could have fewer than 50. It's not required for the Exempt Private Company to seek the services of a company secretary when one of the shareholders can take the responsibility. Nonetheless, engaging a company secretary would be recommended when nobody could do the work very well.

It's not necessary to hire a secretary immediately. The business has got up to 6 months right after its incorporation. Start-up corporations and enterprisers could save on expenses by registering the company without any assistance. At this time, a company secretary isn't really necessary. In case the businessman doesn't wish to worry himself with the incorporation procedure, he or she could hire a reliable company secretary to do this for him / her.

How do you decide on a qualified company secretary?

Only a local in Singapore could be designated as a company secretary. Apart from that, the Companies Act Section 171 (1AA) necessitates a company secretary to possess any of the following qualifications:

Should be a company secretary for the past 3 years prior to employment Has to be a Certified public accountant (CPA) or qualified to be

employed under the legal Profession Act Must be a member of any of the following: Institute of Certified

Public Accountants of Singapore, Singapore Association of the Institute of Chartered Secretaries and Administrators, Association of International Accountants (Singapore Branch), Institute of Company Accountants, Singapore

What are the duties of a company secretary?

The Companies Act has tough demands and when the company secretary is not able to carry out her work well, he/she can be fined or imprisoned. He or she must be experienced in:

Getting ready minutes of shareholders meetings and management of vital corporation files which include the yearly fiscal reports, incorporation documents, allotment of shares and director's resolutions

Complies with the requirement of ACRA to have up-to-date company papers

Notifying the directors and shareholders about the holding of the AGM.

How much are secretaries compensated?

Engaging a company secretary will entail a price of a minimum of S$600. There are incorporation providers which are offered to people who require assistance in registering their firm. As a bonus, some bundle it with a year of secretary service. This could end up as an excellent offer when you do require assistance with incorporation.

Resources:http://www.CompanyIncorporationsg.comhttps://www.acra.gov.sg/