Hiring a Company Secretary in Singapore

Hiring a Company Secretary in Singapore

Setting up a new business can be a daunting experience for many. It can be confusing, having to navigate the complex regulatory requirements to set up a company in Singapore.

Under section 171 of the Companies Act, every company must appoint a company secretary within 6 months of incorporation. A company secretary must be a resident in Singapore and must be at least 18 years old. A company secretary looks after the company’s statutory compliance and that is why it is important to outsource it to a reliable company secretary service provider.

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  • Maintaining the company statutory registers and minute books
  • Arranging for shareholder and director’s meetings
  • Lodge and file in time all necessary documents required by law
  • Provide administrative support in preparation of meetings
  • Ensure that the company meets all its compliance obligations
  • Stay updated on relevant developments and changes in statutory and regulatory obligations
  • Communicate effectively with directors and shareholders

Importance of a Company Secretary in Start-ups

For start-up owners working with a limited capital, the hiring of a corporate service provider can be a topic of debate especially on the matter of cost.

Appointing a reliable corporate secretarial service provider is especially important for first-time business owners and entrepreneurs alike as you would require a lot of support and guidance at the initial stage of the business. An experienced company secretary can walk you through different aspects of company incorporation. Lexico’s industry-wide experience enables us to assume the responsibility of the task and take care of your business.

The hiring of an experienced company secretary is especially crucial to foreign entrepreneurs and clients. As they are new to Singapore rules and regulations, the company secretary’s role is important as they are the professionals who will help the clients in the adoption, maintenance, and implementation of good corporate governance practices, thus laying an important foundation to the success of the company in tandem with current law and regulation.

Why Hiring the Right Company Secretary is Important?

Company secretary acts as a link between the company and the government authorities. Their responsibility is to ensure their client is compliant with the various statutory requirements. Singapore has a very robust environment for regulatory compliance and therefore a company secretary’s role is not a simple one. In addition to other stakeholders in the company, company secretaries are considered as the officers of the company. The company secretaries advise the company’s Board of Directors on their obligations under the law and their corporate governance requirements etc. They also proffer advice on the holding and carrying out of the board meetings within the time and manner prescribed by the law.

Not having the right team, losing focus on the things that matters, and legal challenges was listed down as one of the many reasons businesses and start-ups fail. These problems may arise from not having a dedicated corporate secretary, which results in the entrepreneur being unable to provide the necessary attention to the primary aspect of the business.

By choosing Lexico, these risks can be mitigated and the probability of the business succeeding can be improved drastically. Corporate compliance is significant now more than ever and the company secretary is looked upon as the guardians of the company’s compliance. A company secretaries is filling in a very specialized position and must have up-to-date knowledge of the statutory compliance. By engaging Lexico’s services, you will have a very capable team working alongside with you, thus allowing you to focus on your business’s vision and mission. You would have at your disposal, professionals who will help you tackle the myriad of legal and regulatory challenges in establishing and operating your business in Singapore.

Why Set Up Company in Singapore?

You should choose Singapore and set up company in Singapore because:

  • Rated #1 in the world by World Bank for ease of doing business.
  • Rated #1 as the most politically stable country in Asia
  • Rated #1 as the best labor force in the World Regulatory obligations
  • Rated #1 in Asia for quality of life
  • Ranked the #3 wealthiest nation in the world by Forbes Magazine
  • Ranked as the #3 most globalized economy among 60 of the world’s largest economies in the recently-released Ernst and Young 2011 Globalization Index
  • Low corporate tax rates.
  • There is no estate/death/inheritance tax in Singapore
  • Low personal tax rates start at 0 percent and max out at 20 percent above $320K
  • Government grants, up to 60 percent of costs, provided for the purchase of technology like computers or accounting software
  • No auditing is required for privately-owned companies with revenue less than $10 million
  • Singapore has no restrictions on foreign ownership of business. The repatriation of profits and the import of capital are freely allowed. Shareholders, including investors who receive dividends out of company profits, are exempted from Singapore tax. Singapore is one of the best places to set up company and run your business.

Set up Requirements for Company Registration in Singapore

You just need to provide us with the below information to incorporate a company in Singapore:

  • Three proposed company name in order of preference.
  • Business activities (Maximum 2)
  • Paid up share capital (Minimum SGD of S$1/- per shareholder)
  • Share structure (Details of number of shares issued to each shareholders)
  • One company secretary (Our professional corporate secretary team can act as your company’s secretary when you registered with us)
  • One local registered office address for your company registration (We can provide you with a registered office address)
  • IC copy for local directors and shareholder or passport copy for foreign directors and shareholder
  • For foreigners – 1 local director, either a Singaporean, or a Singapore Permanent Resident is required. (We can introduce a Nominee Director to act as your company’s local director and also a Nominee Shareholder if you require)