All registered businesses in Singapore are expected to comply with the legislations outlined under the Companies Act. Our experienced professionals aid companies through advising and managing their compliance requirements required to do business in Singapore.
We provide end-to-end corporate secretarial services for your company’s needs. When you choose us as your professional services agent, we can connect you with experienced secretaries who will fully manage the compliance requirements of your businesses, allowing you to focus on the core aspects of your business to achieve your desired growth.
According to Singapore’s Companies Act, every registered company in Singapore is required to have an appointed Company Secretary. For newly incorporated companies, the Secretary must be declared within 6 months of incorporation.
Requirements of a Company Secretary:
- The Company Secretary has to be an ordinary citizen who is residing in Singapore
- If the company has only one Director, the Director cannot act as the Secretary. However, a company with more than one Director can have one of the directors as the Secretary.
- The Company Secretary’s primary role is to ensure that the company complies with the law in areas of administration and reporting.
Some companies may find it useful to outsource their secretarial position, for example, when the company is made up of mainly foreigners who do not yet have a Singapore address. In other cases, some new companies may not have suitable persons to hold the position of company secretary, due to the complexities of the knowledge of compliance requirements. As a result, corporate secretary services are in high demand.
While the Companies Act does not explicitly outline the scope of responsibilities of a Company Secretary, these are some things they typically cover:
- Keeping the Statutory Registers Books updated
- Prepare and file annual returns
- Appointment and resignation of company directors/auditors/officers
- Apply for change in company name/address
- Apply for change in financial year end/business activities
- Hold and attend Board of Director Meetings/Annual General Meeting (AGM)
- Take minutes during AGMs
- Reminders before compliance due dates
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.
When it comes to deciding between appointing your own Company Secretary and outsourcing the job, there are some things one must consider.
Appointing your own secretary:
- You are able to choose someone who is already very familiar with the company
- Presumably, there will be higher trust when you appoint an existing employee or director as the secretary
- You might need to provide training to qualify them as a secretary
Outsourcing the Company Secretary:
- You can hire a highly experienced secretary who is highly familiar with the compliance processes required for your company type
- You save time and money in training up a secretary from scratch
- The Company Secretary may be an outsider to the company, but they can also be legally liable for the company’s non-compliance, and are required to act in the interests of the company.
OneStop Professional provides trusted and reliable corporate secretary services to aid companies who are in need of this service. Look forward to fast processing times with all-in packages that offer affordable and convenient services. This greatly simplifies many of the administrative processes for your company, enabling your company to have more time and resources to focus on your primary activities.
We only choose experienced company secretaries who are well-informed of company laws. If you are registering a new business, let our corporate secretary services give you peace of mind. We also offer accounting, bookkeeping, tax filing, and other corporate services for a truly one-stop solution for you.