Singapore Company Secretarial Fees: A Breakdown of the Costs and Services You Can Expect
As a business owner or entrepreneur, setting up and maintaining a company in Singapore can be a complex and time-consuming process. One of the essential aspects of company management is ensuring compliance with regulatory requirements and fulfilling statutory obligations. This is where a company secretary comes in – a professional responsible for ensuring that the company is in compliance with Singapore’s Companies Act and other relevant laws.
However, the cost of company secretarial services can be a significant expense for small and medium-sized enterprises (SMEs) or startups. In this article, we will break down the typical costs and services you can expect from a company secretary in Singapore, helping you make an informed decision when selecting a service provider.
Services Offered by a Company Secretary
A company secretary in Singapore provides a range of services to ensure compliance with regulatory requirements and maintain the company’s good standing. Some of the key services include:
- Preparation and filing of annual returns and other statutory documents
- Conducting board meetings and shareholder meetings
- Preparation and circulation of meeting minutes
- Maintenance of company records and registers
- Compliance with regulatory requirements, such as tax and employment laws
- Advice on company law and governance
Costs of Company Secretarial Services
The cost of company secretarial services in Singapore can vary depending on the size and complexity of the company, as well as the level of service required. On average, you can expect to pay between SGD 500 to SGD 5,000 per year for basic company secretarial services. Here are some typical costs you may incur:
- Basic company secretarial services (annual return filing, meeting preparation, etc.): SGD 500 to SGD 2,000 per year
- Standard company secretarial services (includes basic services plus additional services such as tax compliance and employment law advice): SGD 2,000 to SGD 5,000 per year
- Premium company secretarial services (includes standard services plus additional services such as corporate governance advice and directorship services): SGD 5,000 to SGD 10,000 per year
Fees for Specific Services
In addition to the annual fees, company secretaries may charge extra for specific services, such as:
- Preparation of meeting minutes: SGD 100 to SGD 500 per meeting
- Conducting board meetings and shareholder meetings: SGD 500 to SGD 2,000 per meeting
- Preparation and filing of additional statutory documents: SGD 100 to SGD 1,000 per document
Choosing the Right Company Secretary
When selecting a company secretary in Singapore, it is essential to consider the following factors:
- Experience and qualifications: Look for a company secretary with relevant experience and qualifications in company law and governance.
- Services offered: Ensure that the company secretary provides the services you need, such as tax compliance and employment law advice.
- Cost: Compare the costs of different company secretarial services to ensure you are getting the best value for your money.
- Communication: Choose a company secretary with good communication skills to ensure that you receive regular updates and support.
Conclusion
In conclusion, company secretarial services are an essential aspect of company management in Singapore. While the cost of these services can be a significant expense, it is essential to ensure compliance with regulatory requirements and maintain the company’s good standing. By understanding the typical costs and services offered by company secretaries, you can make an informed decision when selecting a service provider and ensure that your company is well-managed and compliant with regulatory requirements.
FAQs
Q: What is the minimum number of company secretarial services required in Singapore?
A: In Singapore, a company must have at least one company secretary who is responsible for ensuring compliance with regulatory requirements.
Q: Can I act as my own company secretary?
A: Yes, you can act as your own company secretary, but it is recommended to appoint a professional company secretary to ensure compliance with regulatory requirements and to free up your time to focus on other aspects of your business.
Q: What happens if I fail to file annual returns or other statutory documents?
A: Failure to file annual returns or other statutory documents can result in penalties and fines. In severe cases, the company may be struck off the register or face legal action.
Q: Can I change my company secretary?
A: Yes, you can change your company secretary at any time, but you must notify the Accounting and Corporate Regulatory Authority (ACRA) and ensure that the new company secretary is appointed before the current one’s resignation takes effect.
