The dream of starting and developing a successful business entity in Singapore includes choosing the best company secretarial services to support your business. So, today let’s learn about it.
Upon company incorporation in Singapore, the company must appoint a Company Secretary within six months of incorporation. In addition to this, the post of Company Secretary cannot be left vacant for more than six months. The company can eitheire an in-house secretary or can avail company secretarial services from a corporate service provider.
Nothing in this world is free of cost, but the company secretarial services in Singapore can be availed by paying a minimum fee. So, let’s learn the services provided by a Company secretary and their general cost break up
Service Fee For Company Secretarial Services
The fee of services offered by a Company Secretary in Singapore varies based on the services being provided. The routine corporate services are lower in cost, that includes:
● Changing of a company’s financial year-end.
● Preparation of a board or shareholder’s resolution.
● Making updates in case of change in personnel with ACRA.
● Other routine secretarial services.
On the other hand, certain services cost a bit higher than usual ones. These mainly include services relating to:
● Setting up a private limited company in Singapore and other company incorporation services.
● Changing of a Singapore company’s name.
● Conversion of a sole proprietorship and limited liability partnership into private limited companies.
The routine services are usually charged around S$100 or below to S$200. The fees for higher corporate services can be more than S$1000.
Most of the corporate service providers offer you an annual subscription plan for a fixed fee. In this, the general company secretarial services are covered, that includes maintaining the company’s register and filing all the necessary correspondences and resolutions for the year. The average charge of an annual subscription is around S$450.
This is not a mandatory company secretarial service that all the companies require. Some companies build an in-house accounts team for bookkeeping; others use apps to reduce the complexities relating to the bookkeeping tasks. However, some companies prefer to pay Company Secretaries to do this task. The fees for it is usually paid every month and depend on the number of transactions made. A minimum general fee to perform this task is around S$150 per month.
Salaries Of Company Secretary
If the company is looking to hire an in-house Company Secretary, it should be aware of the average salary that a Company Secretary earns. In Singapore, the average earning of a Company Secretary per year is over S$47000. More experienced secretaries can earn approximately S$83000 per year.
Availing company secretarial services is mandatory and beneficial for keeping the company up-to-date by fulfilling all its regulatory and compliance requirements. So, a Company Secretary has a great hand in building the company and making its reputation better than before.