Though a relatively small city-state, Singapore truly stands out in the Asia-Pacific region because of numerous factors. Political stability, accessibility, pro-business government policies, and more. Locals, foreigners, or company representatives who are keen on setting up a company in Singapore must comply with the legislation outlined under the Companies Act – one of which is the requirement to appoint a Company Secretary in Singapore.
OneStop Professional Services Pte. Ltd. comes equipped with certified professionals with a goal to help companies by managing and advising the compliance requirements needed to set up a company in Singapore, among which is through the company secretary services offered.
The following are professional corporate secretarial services we provide at OneStop:
OneStop offers complete corporate secretarial services deemed useful for all your business needs. As a professional services company, our knowledgeable team of specialists will connect you to experienced secretarial professionals responsible for fully managing your business’ compliance requirements, thus enabling you to prioritize on other aspects of your business to drive desired results to grow your business.
In accordance with Singapore’s Companies Act, all registered companies in Singapore are required to appoint a Company Secretary. As for the newly incorporated businesses, the Secretary would have to be declared within 6 months of the incorporation date.
Company Secretary Requirements:
- The Company Secretary’s primary role is to ensure that the organization complies with the law in administration and reporting areas.
- Only ordinary citizens who reside in Singapore can be the Company Secretary.
- Companies with one Director cannot have the Director appointed as the Company Secretary. That said, if the company has two or more Directors, one of them can hold the Secretary position.
Due to the rising number of registered businesses that translates to the need of a corporate secretary in Singapore, as the years go by, corporate secretary services are in high demand. In a case where a company primarily has foreigners who have yet to acquire an address in Singapore or new companies with no suitable employees to take up the Company Secretary position because of reasons such as the complexities of compliance requirements knowledge, this is where some organizations might find it helpful to outsource their secretarial position instead.
The Company Secretary’s scope of responsibilities depends on the nature and size of the business as well as the terms agreed upon along with the external corporate secretary services provider. While Singapore’s Companies Act does not outline the exact processes, these are the factors they usually cover:
- Hold and attend Board of Director Meetings/Annual General Meeting (AGM)
- Appointment as well as resignation of company Directors/Auditors/Officers
- Apply for change in business activities/financial year-end
- Keeping the Statutory Registers Books updated
- Apply for change in company name/address
- Reminders before compliance deadlines
- Prepare and file annual returns
- Take minutes during AGMs
The exact processes they do will depend on the nature and size of the business, as well as what is agreed upon with the external corporate secretary services provider.
Businesses have the opportunity to decide between appointing a Company Secretary of their own and outsourcing their job. Before doing so, here are a few things to consider before ultimately choosing one that suits the company’s needs:
Appointing a Secretary Internally:
- A presumably higher trust when you select an existing employee or Director as the Company Secretary.
- The ability to pick an individual familiar with the company’s way of work
- However, training may need to be provided to qualify the staff.
Outsourcing a Company Secretary:
- While the Company Secretary may be considered an outsider to the company, they can still be legally liable for the organization’s non-compliance, as well as required to act in the best interests of the company.
- The ability to hire a well-versed Secretary who is highly skilled and familiar with the compliance processes needed for your company.
- You are able to save time and money in training the Secretary from the ground up.
Why choose OneStop as a corporate secretarial services provider in Singapore
OneStop is a one-stop solution for reliable and trusted corporate secretary services with an aim to assist companies looking for a highly-skilled Secretary. With OneStop’s top-notch and affordable service, you can be assured of quick processing times to enhance convenience. Have your business’ administrative processes significantly streamlined as you acquire more resources and time to entirely focus on your company’s primary activities.
As a reliable secretarial services provider in Singapore, OneStop promises to provide you with only skilled company secretaries knowledgeable of company laws. Whether registering for a new business or simply looking for a certified Secretary for your company, OneStop’s corporate secretary services have all it takes for your company needs.
Apart from corporate secretarial services, we also provide tax filing, bookkeeping, accounting, as well as other corporate services for companies looking to simplify their day-to-day operations.
FAQs On Our Company Secretarial Services
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