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Is a it necessary to engage a professional corporate secretary

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stem
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Is a it necessary to engage a professional corporate secretary

Postby stem » Sat, 12 Mar 2016 6:02 pm

Hi all,

This is my 1st post in the forum. I have recently registered an exempt private limited company with me as sole director, my wife is the secretary. The purpose of this company is because we will be opening a shop as franchisee of a local brand soon.

I may not be completely familiar with the company acts but reading this forum and going through acra website gave me pretty much information (like sample, templates of MAA, filing of annual return, AGM).

My question is whether it is necessary to engage a corporate secretary ( I have been quoted $400-500 per year).

Appreciate any advice pls.

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Strong Eagle
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Re: Is a it necessary to engage a professional corporate secretary

Postby Strong Eagle » Sun, 13 Mar 2016 12:11 am

No, because you are a private limited, there are no qualifications required for secretary other than being resident in Singapore, not being bankrupt, being of legal age. The secretary has legal responsibility for certain fiduciary acts performed by the company.

As a practical matter, no one will ever asked to inspect you corporate minutes book and other documents. The only time they would come into play would be if you ended up in a legal entanglement of some sort (maybe breaking a lease) and you were deposed and had to provide directors resolutions where the activity was approved. Any failure to have all the paperwork done, for example, setting a notice of an EGM for the purposes of opening a bank account could weaken your position.

And, as long as you are certain of all the filings you must make, including GST, if applicable, I see no reason why you have to spend the money. In my company, with two directors, I was the secretary. I relied upon my accountant to review and sometimes prepare directors resolutions, for a fee, but it was still cheaper than having her as my official secretary.

stem
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Re: Is a it necessary to engage a professional corporate secretary

Postby stem » Sun, 13 Mar 2016 8:00 am

Thanks Strong Eagle for sharing...

My spouse is the secretary and it's a simple set up. We will work on the accounting stuffs, profit & loss ourselves. I guess as long as we document properly inc appointment of shareholders, allotment of shares, changes to paid up capital, minutes of Agm, annual return and file these with acra we should not be penalised , when someone goes through our company records.

For filing with acra, can I know as long as I file every resolution (be it ordinary or special), minutes of Agm, etc within 14 days according to S186(1) of company act , I will be fine?

I'm saying this because I lodged with Acra the appointment of secretary as the wife first, but only file the resolution few days later.

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Re: Is a it necessary to engage a professional corporate secretary

Postby Strong Eagle » Sun, 13 Mar 2016 12:49 pm

What is the residency status of your wife?

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Re: Is a it necessary to engage a professional corporate secretary

Postby stem » Sun, 13 Mar 2016 12:53 pm

My wife is spore citizen, I guess not much complications

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Re: Is a it necessary to engage a professional corporate secretary

Postby Strong Eagle » Sun, 13 Mar 2016 9:57 pm

stem wrote:My wife is spore citizen, I guess not much complications


Nope, no complication. And I presume you are PR? No issues at all, then.

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Re: Is a it necessary to engage a professional corporate secretary

Postby stem » Mon, 14 Mar 2016 9:52 am

Both of us are spore citizens. Thanks alot


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