Singapore Company Secretary Requirements: Do You Need to Hire a Company Secretary in Singapore?
Let us get straight to the answer. Yes, it is a legal requirement to hire a company secretary in Singapore. Every company in Singapore is required to appoint a secretary as per Section 171 of the Company Act, and if not, there are going to be consequences. A company secretary must be hired within six months of business registration, and you can also opt for corporate secretarial service. The number of secretaries to hire depends on the company needs, and here is more about how many secretaries a company can appoint in Singapore.
Company Secretary Requirements in Singapore
An individual can be eligible to become a secretary if he/she can fulfill the following requirements.
- He/she must be a natural person and should be residing in Singapore.
- Can be an ordinary Singapore citizen (the definition of ordinary citizen in Singapore includes a Singapore citizen, permanent resident or an entrepreneur pass holder. A Singapore employment holder can also an ordinary citizen in some cases.)
- He/she can’t be the sole director.
- He/she should have proper knowledge of the business structure and should have adequate organizational, communication and other skills needed by a secretary.
- Many companies opt to go for a secretarial service, which is also allowed in Singapore.
Becoming Company Secretary In Singapore
It is a must for businesses to hire a company secretary in Singapore as they look after every filing that is mandatory for companies as per the Singaporean legal standard. One should be able to look after all these tasks to get a job as a company secretary in Singapore:
- Handle Filings With ACRA
- Maintaining Statutory Registers
- Handle Register Of Company Changes
- Assist The Company To Grow
- Ensure The Safe Use Of the Company Stamp
These are only an overview of the duties of a Singapore corporate secretarial. To know more about it, here is the secretarial duties list in Singapore.
The Hiring Process of a Company Secretary in Singapore
The hiring process or the procedure is all dependent for the company; companies have their own criteria’s and specifications to choose a secretary. After choosing one, however, the board of directors is responsible for preparing the appointment of company secretary resolution and providing it to the ACRA within 14 days. The company secretary will then need to complete a consent to act as a secretary, the form is known as the form 45B.
Stopping the Service
If in some case if the secretary retires, resigns or has been terminated from the office, the board of directors must prepare another resolution for a cessation of the company secretary. They must then submit it to the ACRA within two weeks. And after the cessation, you will start all over again; hire a new secretary and provide the appointment resolution to the ACRA.
Is it Hard to Get a Company Secretary in Singapore?
It is not hard to hire a company secretary in Singapore, as you can see, it is a straightforward process. But the problem might be finding a good candidate. Excellent and skilled secretaries are crucial for the company growth, and professional secretaries demand high salaries, which is fair. But this might not help startups in Singapore, who are just starting and have a tight budget.
Alternatively, you can hire a Singapore corporate secretarial service. Corporate secretarial services in Singapore will send expert secretaries to your place at a reasonable price. However, make sure you choose the right secretarial service, or just contact us.
Chai Chung Hoong, Account Manager
Chai Chung Hoong will assist you in all accounting related services, and help your company in digital transformation.Contact Us