Singapore Company Secretarial Fees: What You Pay for and What You Get
Incorporating a company in Singapore can be a complex and time-consuming process, and one of the most important decisions you’ll need to make is what kind of company secretary to hire. A company secretary is responsible for ensuring that your company complies with all the necessary regulatory requirements, and is responsible for preparing and filing the necessary documents with the Accounting and Corporate Regulatory Authority (ACRA). But with so many options available, how do you know what to expect in terms of fees and services?
Fees for Company Secretarial Services in Singapore
The fees for company secretarial services in Singapore can vary widely, depending on the type of services required, the size and complexity of the company, and the experience and qualifications of the secretary. On average, the annual fee for a company secretary in Singapore can range from SGD 1,500 to SGD 5,000 or more, depending on the level of service.
Here are some of the typical services that a company secretary in Singapore may provide, and the corresponding fees:
Preparation and filing of annual returns and annual general meetings (AGMs): SGD 500-1,000 per yearPreparation and filing of quarterly submissions to ACRA: SGD 200-500 per quarterPreparation and filing of other statutory documents, such as changes in directors or shareholders: SGD 100-500 per filingProvision of company secretarial support and advice: SGD 500-1,000 per month
It’s worth noting that these are just general estimates, and the actual fees charged by a company secretary will depend on a variety of factors, including the size and complexity of the company, the level of service required, and the experience and qualifications of the secretary.
What You Get for Your Money
So what do you get for your money when you hire a company secretary in Singapore? Here are some of the key services you can expect:
Preparation and filing of all necessary documents with ACRA, including annual returns, AGMs, and other statutory documentsProvision of company secretarial support and advice, including guidance on compliance with Singaporean regulations and best practicesOngoing monitoring of the company's compliance with regulatory requirements, including the Companies Act and the Accounting and Regulatory Authority ActRepresentation of the company in dealings with ACRA and other regulatory bodies
Having a company secretary in Singapore can provide you with peace of mind, knowing that your company is in compliance with all necessary regulations and that you are well-prepared for any potential issues that may arise.
Conclusion
Incorporating a company in Singapore can be a complex and time-consuming process, but hiring the right company secretary can make all the difference. With a range of services available, from preparation and filing of documents to ongoing support and advice, a company secretary can help ensure that your company is in compliance with all necessary regulations and well-prepared for the future. By understanding what you can expect to pay and what you will get for your money, you can make an informed decision about which company secretary to hire for your Singaporean company.
FAQs
What is the difference between a company secretary and a corporate lawyer?
A company secretary is responsible for ensuring that a company complies with all necessary regulatory requirements, while a corporate lawyer provides legal advice and guidance to the company. While there is some overlap between the two roles, they are distinct and separate.
Can I hire a company secretary who is not a licensed attorney?
No, in Singapore, only a licensed attorney can act as a company secretary. This is because the company secretary is responsible for providing legal advice and guidance to the company, and only a licensed attorney has the necessary qualifications and expertise to do so.
Can I hire a company secretary who is not a resident of Singapore?
No, in Singapore, the company secretary must be a resident of Singapore. This is because the company secretary is responsible for ensuring that the company is in compliance with all necessary regulatory requirements, and only a resident of Singapore can do so.
Can I hire a company secretary who is not a member of a professional body, such as the Singapore Institute of Chartered Accountants (ICAS)?
No, in Singapore, the company secretary must be a member of a professional body, such as the Singapore Institute of Chartered Accountants (ICAS), the Law Society of Singapore, or the Singapore Institute of Certified Public Accountants (ICPA). This is because the company secretary must have the necessary qualifications and expertise to provide professional services to the company.
What are the penalties for non-compliance with company secretarial obligations in Singapore?
The penalties for non-compliance with company secretarial obligations in Singapore can be severe, including fines and even the possibility of deregistration of the company. It is therefore essential to ensure that your company secretary is fully qualified and experienced in providing company secretarial services in Singapore.
