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.
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.
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Here, you will find detailed information about Singapore’s Corporate Tax System. Paul Hype Page & Co helps companies with strategic tax planning, tax advisory, and accountancy services.
- Singapore Tax Planning
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IRAS (Singapore’s Tax Authority) governs Singapore’s tax system, helps develop a stronger economy, better environment and a more vibrant economy. All companies, regardless of industry, have a legal duty to pay taxes.
Singapore attracts investments from around the world by reducing its corporate income tax rate and introducing different tax incentives. Singapore has one of the lowest corporate tax rates in the world.
As your company’s Tax agent , Paul Hype Page & Co Chartered Accountant will be fully responsible for the practice of ensuring that these conditions are met. It is important that we be highly qualified and well versed in local regulations and corporate laws, as we are responsible for the upkeep of important company files, tax reports and tax records.
Categories: Company Secretary Service