Every company based in Singapore is legally required to appoint a company secretary. Singapore’s Companies Act stipulates that every Singapore-based company must have a minimum of one company secretary. There are relatively few restrictions with regard to becoming a company secretary in Singapore. In Singapore, a company secretary has to be at least 18 years old and a resident of the country in which the company is based. Every public company secretary in Singapore is also required to be compliant with Section 171 (1AA) of the Companies Act. This is fulfilled if the company secretary possesses at least one of seven recognized qualifications.
Service Fees for Secretarial Service
Fees for secretarial services in Singapore differ based on the type of services being offered. Secretarial services which are lower-cost include changing of a company’s financial year-end, preparation of a board or shareholder’s resolution, and appointment or change of directors. Among the costlier services are registration and incorporation of a private limited company, changing of a company’s name, and conversion of sole proprietorships and limited liability partnerships to private limited companies. Fees for changing of a company’s financial year-end can be below S$100, while fees for conversions to private limited companies can approach S$1,000.
Bookkeeping Fees for Secretarial Services
Not every company requires bookkeeping services. Some companies have an in-house accounts team to deal with such issues. Others will use apps to reduce the complexity of completing bookkeeping tasks. However, those that opt to pay for such services from a company secretary will find that they must pay substantial amounts for these services. This is because bookkeeping fees are to be paid on a monthly basis. Such fees vary in value and are dependent on the number of transactions made by the company in a given month. Bookkeeping fees generally cost a minimum of S$150 per month.
Compliance Costs for Secretarial Firms
The Accounting and Corporate Regulatory Authority (ACRA) requires all firms based in Singapore to register as Registered Filing Agents. After doing so, such firms must adhere to statutory guidelines and apply for re-qualification once every two years. Registered companies must also pay for licensing. This licensing costs S$200 per annum. As the licensing cost is similar to the compliance cost, it can thus be concluded that the compliance cost is around S$200 per annum.