Singapore companies are required to appoint a company secretary within six months of establishment. The Singapore Companies Act specified that all Singapore companies must have at least one corporate secretary. The secretary position must not be vacant for more than six months.
The company may choose to appoint an in-house corporate secretary or hire a company secretarial services Singapore to perform this role. Here is a guide to the general costs companies may need to pay when hiring a company secretary services Singapore.
Overview of the Average Salaries of a Company Secretary in Singapore
Companies that plan to hire company secretaries should know the median salary of most company secretaries in Singapore. The average annual salary for a company secretary in the country is just over SGD 45,000. However, the annual income of a highly experienced company secretary is approximately SGD 83,000.
Although paying for secretarial services and hiring a company secretary involves considerable costs, doing so can bring significant long-term benefits to the company. Since the company secretary is required to assist company directors in complying with all the company’s legal obligations, a responsible and diligent company secretary will keep the company up to date in this regard, making the company’s reputation better than ever.
Relevant Fees for Secretarial Services:
In Singapore, the cost of secretarial services varies depending on the type of service provided. Low-cost secretarial services include changing the company’s fiscal year-end, preparing shareholder or board resolutions and appointing or replacing directors. One of the most expensive services includes private limited company’s incorporation, changing the company name, transfer of shares, reduction of share capital and converting limited liability partnerships and sole proprietorship into private limited companies.
The cost of the change at the end of the company’s financial year can be less than SGD 100, while the cost of converting to a private limited company can be close to SGD 1000.
Here is a breakdown of company secretary services’ general fees in Singapore.
Annual Secretarial Services Fees
The cost includes the company’s secretarial fee for the year. The secretarial service provider will provide a designated secretary, maintain the company’s registered and secretarial records, prepare AGM documents and file the annual return to ACRA. Outsourcing secretarial services to third-party providers is similar to having a secretary who can keep all company documents in the company office instead of having a secretary who will work in the company office.
Businesses should also note that Singapore has very strict laws against money laundering and terrorism. The appropriate maintenance of the company registry, particularly the controller registry and the nominee director registry, is obligatory for every Singapore company they are exempt.
Other common scopes of work for annual secretarial services subscription includes:
- Assist in understanding and compliance with the Companies Act
- Custody of common seal
- Documents preparation for AGM or annual general meeting
- Filing of annual return with ACRA
- Documents preparation for EGM or Extraordinary General Meeting
- Services for local registered address
The cost for annual services packages may also vary depending on the type of businesses. Corporate Services, for instance, offers secretarial services Singapore packages for local SME, foreign entrepreneurs, and foreign companies, which cost around SGD 750, SGD 900, and SGD 1,200 per year, respectively. Businesses may also choose a custom package that includes services tailored to their needs.
Other Non-routine or Add-on Services Fees
Some unconventional services may incur costs, such as setting up a business bank account, issuing new company shares, transfer of shares, changing company officers, company addresses, or company officer’s details. Therefore, companies looking to acquire such services should ask their service provider for the price list of these add-on services.
Choosing a Professional Company Secretarial Services Singapore
When choosing a professional company secretarial services in Singapore, consider its reliability, reputation, industry expertise, years of experience and pricing structure. Some corporate secretarial firms also provide other business solutions, such as company incorporation, taxation, accounting, bookkeeping, payroll, audit and business advisory services.