Incorporating a company in Singapore is an exciting step for entrepreneurs and businesses alike. However, as with any legal entity, there are certain obligations and responsibilities that come with setting up a Singaporean company. One of the most important aspects of company incorporation is company secretarial services. In this article, we will delve into the world of company secretarial fees and services, helping you understand the costs and services involved in maintaining your company’s compliance with Singaporean laws.
What are Company Secretarial Services?
Company secretarial services are a set of tasks and duties performed by a company secretary, also known as a secretary, on behalf of the company. These services include but are not limited to:
- Filing of annual returns with the Accounting and Corporate Regulatory Authority (ACRA)
- Maintenance of company records, including minutes and resolutions
- Compliance with regulatory requirements, such as filing of annual returns and submission of tax returns
- Preparation of board resolutions and minutes
- Notification of changes to company officers, shareholders, or directors
- Advice on compliance with Singaporean laws and regulations
Why are Company Secretarial Services Necessary?
Company secretarial services are crucial for maintaining the integrity and credibility of your company. Failure to comply with company secretarial obligations can result in fines, penalties, and even the deregistration of your company. Moreover, having a professional handle your company’s secretarial services can save you time, effort, and stress, allowing you to focus on your business operations.
What are the Company Secretarial Fees in Singapore?
The cost of company secretarial services in Singapore varies depending on the company’s size, complexity, and requirements. Here are some general fee ranges:
- Basic package: SGD 500 – SGD 1,500 per year (includes basic filing and maintenance services)
- Standard package: SGD 1,500 – SGD 3,000 per year (includes basic and additional services such as board resolution preparation and company record maintenance)
- Premium package: SGD 3,000 – SGD 5,000 per year (includes advanced services such as annual return filing, tax compliance, and regulatory submissions)
Factors Affecting Company Secretarial Fees
Company secretarial fees in Singapore are influenced by several factors, including:
- Company size and complexity
- Frequency and type of services required
- Industry and sector
- Location and jurisdiction
- Professional experience and expertise of the company secretary
How to Choose the Right Company Secretary>
Incorporating a company in Singapore is an exciting step for entrepreneurs and businesses alike. However, as with any legal entity, there are certain obligations and responsibilities that come with setting up a Singaporean company. One of the most important aspects of company incorporation is company secretarial services. In this article, we will delve into the world of company secretarial fees and services, helping you understand the costs and services involved in maintaining your company’s compliance with Singaporean laws.
What are Company Secretarial Services?
Company secretarial services are a set of tasks and duties performed by a company secretary, also known as a secretary, on behalf of the company. These services include but are not limited to:
- Filing of annual returns with the Accounting and Corporate Regulatory Authority (ACRA)
- Maintenance of company records, including minutes and resolutions
- Compliance with regulatory requirements, such as filing of annual returns and submission of tax returns
- Preparation of board resolutions and minutes
- Notification of changes to company officers, shareholders, or directors
- Advice on compliance with Singaporean laws and regulations
Why are Company Secretarial Services Necessary?
Company secretarial services are crucial for maintaining the integrity and credibility of your company. Failure to comply with company secretarial obligations can result in fines, penalties, and even the deregistration of your company. Moreover, having a professional handle your company’s secretarial services can save you time, effort, and stress, allowing you to focus on your business operations.
What are the Company Secretarial Fees in Singapore?
The cost of company secretarial services in Singapore varies depending on the company’s size, complexity, and requirements. Here are some general fee ranges:
- Basic package: SGD 500 – SGD 1,500 per year (includes basic filing and maintenance services)
- Standard package: SGD 1,500 – SGD 3,000 per year (includes basic and additional services such as board resolution preparation and company record maintenance)
- Premium package: SGD 3,000 – SGD 5,000 per year (includes advanced services such as annual return filing, tax compliance, and regulatory submissions)
Factors Affecting Company Secretarial Fees
Company secretarial fees in Singapore are influenced by several factors, including:
- Company size and complexity
- Frequency and type of services required
- Industry and sector
- Location and jurisdiction
- Professional experience and expertise of the company secretary
How to Choose the Right Company Secretary
When selecting a company secretary, consider the following factors:
- Professional qualifications and experience
- Industry expertise and knowledge
- Reputation and client testimonials
- Service offerings and package options
- Cost and pricing
Conclusion
In conclusion, company secretarial services are a crucial aspect of maintaining a Singaporean company’s compliance with Singaporean laws. Understanding the costs and services involved can help you make informed decisions when selecting a company secretary or package. Remember to consider factors such as company size and complexity, industry and sector, location and jurisdiction, and professional experience and expertise when choosing the right company secretary for your business.
FAQs
Q: What are the legal requirements for a company secretary in Singapore?
A: According to the Companies Act, a company secretary must be a natural person, at least 18 years old, and resident in Singapore.
Q: Can I act as my own company secretary?
A: Yes, but it is highly recommended to engage a professional company secretary to ensure compliance with Singaporean laws and regulations.
Q: What happens if I fail to comply with company secretarial obligations?
A: Failure to comply can result in fines, penalties, and even the deregistration of your company.
Q: Can I cancel my company secretary services at any time?
A: Typically, yes, but check your contract for any notice periods or termination fees.
