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.
It costs a market rate of $600 a year to have a company secretary. The costs of a company secretary include government fees and service fees.
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.
Government fees in secretarial duties
A company secretary’s main role is in handling the administrative tasks of the company. This includes company registration, holding annual general meetings, filing annual returns etc. Before considering the costs of hiring a company secretary, consider the baseline fees of Accounting and Corporate Regulatory Authority (ACRA).
A list of fees applicable for transactions relating to company.
||Conversion within Company types
||Lodgment of Notice of Error (NOE)
||Registration of particulars relating to charges
||Registration for amalgamation
||$400 (separate company registration fee of $300 applies where the amalgamated company is a new company)
||Application for Extension of Time (EOT) to file accounts or to hold Annual General Meeting (AGM)
||Other applications (see below)
- Application for exemptions from Singapore Financial Reporting Standards requirements
- Application for waiver to lodge annual filing of forms and documents relating to the operations of a foreign company in Singapore
- Application for relief from requirements as to form and content of accounts and reports
- Application for license to hold land under S23(2)
- Application for omission of the word “Limited” or Berhad”
- Application to the Registrar to direct a change of name
Costs In Setting Up A Secretarial Firm
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.
Salaries for Secretary
Companies planning to hire a company secretary also need to be aware of the average salary that most company secretaries earn. The average company secretary in Singapore earns slightly over S$47,000 per year. However, highly experienced company secretaries earn around S$83,000 per year.
Despite the considerable costs involved in paying for certain secretarial services and hiring a company secretary, a company might nevertheless experience major long-term benefits by doing so. Since it is the company secretary’s duty to assist the company’s directors in making the company fulfill all of its legal obligations, a responsible and conscientious company secretary will keep the company fully up-to-date in this regard. By doing so, the company secretary will make the company’s reputation better than ever before.