It is wrong to assume that company secretary Singapore would eat up start-up money. On a similar note, many new businesses consider that hiring of corporate secretarial services Singapore is unnecessary and a waste of money. And, they intend to start a business without involving any secretary on their workforce. But, a Singapore- incorporated company could not escape from its liability to appoint an efficient secretary within six months of the date of company incorporation.
Company Secretary Singapore for Private Limited Company
Company secretary in Singapore is one of the four major officers that serves as a pillar to the private limited companies. The other three being the directors, the shareholders, and the auditors. Out of these four stakeholders, the Secretary has the least liability. Despite this, the importance of a company secretary could not be ignored. Apart from fulfilling the compliance requirement of the authority, the appointment of corporate secretary needs to be done to fuel a successful start-up business.
The qualification of company secretary in a Singapore private limited company is not stated anywhere in the statute. As per the authority ‘a person who appears to have the requisite knowledge and experience to discharge the functions of the secretary of the company,’ can act as a company secretary for a private limited company. Nevertheless, he/she must be a natural person who is an ordinary resident of Singapore. A director of a Singapore company can also act as the company secretary unless he is the sole director.
In contrast, the scene is completely different for Singapore public companies. They must appoint a qualified person to discharge the responsibilities of secretary. According to Singapore Companies, Act, Section 171 (1AA), a company secretary of a public company must be suitably qualified and has to fulfill some prerequisite conditions.
In-house Staff or Outsourcing Corporate Secretarial Services Singapore?
Outsourcing your secretarial services to a third-party firm would be a better option in all aspects. The in-house staff could be a costly option when it comes to the tight budget of your start-up venture.
You just need to spend an annual fee for your corporate secretarial services Singapore whereas, in-house staff eats away the cost of a full-time employee (salaries, benefits, insurance cost, infrastructure, etc.). You have the option to save money. There are some good corporate firm that offers secretarial services free for the first year if you choose the complete incorporation package from them.
When you avail professional secretarial services from a third-party firm, you get expertise-driven solutions. Unlike in-house staff, you do not need to spend dollars on internal training sessions to hone the skillset of the secretary. They are already proactive in delivering the duties as per the laws and orders of the relevant authorities.
Services are delivered within the specified period. It does not get affected by the absence of an employee. These firms know how to manage the client’s project even during the days of uncertainties. They strive to fulfill their commitment at any cost. Thereby, you can expect fast, efficient and quality services from them.
You do not need to struggle to understand the ethics and laws of Singapore Companies Act. They understand how serious compliance is for business. Thus, services are delivered keeping pace with the ever-changing laws of the authorities.
Company Secretary Singapore: A Key Pillar to Your Business Success
Now that you are well versed with the term “Company Secretary,” you may still want more about its roles and responsibilities. A secretary lets your business to thrive by discharging a set of significant services.
One of the vital roles of a company secretary Singapore is to ensure that the company is complying with all statutory obligations that are stipulated by government authorities. For instances, he/she make sure that directors and shareholders know the dates of holding AGM and filing Annual Return of their company. If a company failed to lodge its financial report with authority within the deadline, it is the company secretary who will be questioned by the authority.
He/she is also liable for managing all important documents of the company about registration and operation of the business. Here, incorporation documents refer to incorporation papers, director’s resolutions (change of address, appointing new directors and change of shareholders), shareholder agreements and filed annual financials. In addition, the company secretary is responsible for filing amended Memorandum and Articles of Associations and Allotment of Shares of the company.
The arrangement of general meetings and AGMs (Annual General Meetings) of the company also has to be done by the secretary of the company. He/she is the person who assists the directors in practicing good corporate governance within the organization.
A good corporate secretarial services provider in Singapore can take the burden off your shoulder. For this, you don’t even need to shell out a hefty amount from your start-up budget. Firms like SBS Consulting is offering free one-year secretarial services in its incorporation package. If you are on the verge of planning to incorporate a company in Singapore, you may opt to avail the incorporation package that offers secretarial services for free or charge a reasonable price. The existing company may also switch their current secretarial services to a reliable and trusted firm like SBS Consulting.
About SBS Consulting:
SBS Consulting is at the forefront when it comes to offering corporate secretarial services in Singapore. Being a leading firm, SBS has built a huge client base across the world. Apart from secretarial service, the firm is renowned for a suite of corporate services such as company incorporation, accounting & bookkeeping, payroll services, GST registration, XBRL filing, Registered address services and so on.