The growth of a business depends to a large extent on the business conditions in the area. If the business owner is harassed by local officials who are making fake allegations without any proof it is difficult to focus on business activities. Singapore is well known worldwide for its excellent business environment, so a large number of companies from different countries, especially other countries in Asia, are interested in getting registered in Singapore. The process of company registration in Singapore is completed quickly compared to other countries. However, there are some requirements specified by the regulatory authorities like the Accounting and Corporate Regulatory Authority (ACRA) which should be fulfilled by companies registered in Singapore.
In section 171 of Chapter 50, of the Singapore Companies act, it is specified that all Singapore registered companies should have a company secretary. The company secretary will ensure that the company complies with all the regulatory requirements. The secretary will also handle the administrative activities and documentation for the company. The secretary should be a resident of Singapore, and the company should specify the name of a company secretary within six months of incorporating the company in Singapore. While a director of the company can act as a secretary, it is advisable to hire a secretary. Hence many companies are interested in finding a cheap corporate secretary in Singapore who will provide all the services required.
Many of the companies incorporated in Singapore are small companies, they may only have a mailing address in Singapore, they do not have a large office with more employees. In this case, it is not viable to have a full time company secretary, it is more cost effective to hire a company secretary service provider. The service provider will ensure that the company gets all the services which are specified by the regulatory authorities, while the cost will be very less, typically $500 per year or less for longer contracts. It is advisable to check the company reviews before selecting the service provider.
Scope of services
The selected provider of company secretary services will deal with ACRA and inform them that they are acting on behalf of the company. The secretary will also help in drafting the resolutions for the first meeting of the company board and prepare the minutes for the annual general meeting of the company. He will also help in drafting of the directors resolutions for the company, though the charges will vary depending on the complexity of the resolution. The company can get professional consultation from the service provider on all relevant issues from the company.
The service provider will also arrange for the company to share certificates, help in opening the bank account. He will maintain the minute books, statutory registers, register of nominee directors, controllers. The secretary will remain updated with the latest changes in the company law in Singapore, and inform the directors, management of the company about the latest developments to ensure compliance. He will also send reminders for filing with the regulatory authorities. All documents will be couriered at no additional cost.