Useful information when hiring Corporate Secretarial services

In Singapore, incorporated companies must comply with legal requirements. According to the ACRA (Accounting and Corporate Regulatory Authority), a corporate secretary is “a person who appears to have the requisite knowledge and experience to discharge the functions of the secretary of the company”. Appointing such a person is mandatory and has to be done up to six months after the company’s incorporation. There are many agencies in Singapore providing corporate secretary services.

Services and Specialisation

  • Maintenance of statutory registers and minutes
  • Annual compliance and advisory services
  • Notarisation and legislation
  • Company incorporations
  • Attendance at board and shareholders’ meetings; and minuting
  • Shares services
  • Amendment to Constitution

What makes a good corporate secretary service?

  1. Detail oriented in their work
  2. Company is transparent in their work process and ethics
  3. Good track record of service provided to other companies
  4. Has had multiple experiences with handling duties from larger companies

Main price factors

  1. size of your company.
  2. Reputation and reliability of the corporate secretary agency i
  3. Complexity of your secretarial requirements

Pricing

The price for corporate secretary services ranges from $350/year to $600/year. The agencies have different packages offering more or less features. Some agencies offer price reduction for a two or three-year contract.

Tips, tricks and challenges

  1. Corporate secretary service agencies offer different packages: it is important that you chose the one with the features that you truly need, otherwise it’s a waste of money.
  2. Research and try to look for their past record and work to see if they are meticulous and detail oriented

Advice from buyer:

When we asked him to do something, he’ll do it, but its very expensive. Subsequently we decided not to use because it’s to expensive. I think most important is to go by word of mouth if somebody has experience in using. If he’s done a good job, then that’s the best. Know the market rate, do proper research. Ask very clearly beforehand what is the rates that he’ll charge when doing all services. Know beforehand and have it in black and white. (David Pong, Wateroam, CEO)