How to choose the right corporate secretary?
Every company in Singapore must appoint a company secretary within 6 months of its incorporation.
Here is a guide to some essential tips when deciding on a company secretary for your business.
Don't make the mistake of thinking you can do it all yourself
You can’t be a corporate secretary if you’re based overseas or are the sole director of your company.
Even if you have more than one director in your company, doing secretary work by yourself is not necessarily a simple administrative role: if you are unfamiliar with the long list of non-regular secretarial duties, you will find yourself wasting lots of time and energy.
Experience in handling startups
If you’re a startup, you should ensure that your company secretary is familiar with the issues that typically arise in startup life.
Startups in SEA often grow at a rapid rate and go through several rounds of investment in the first years of its life. This means that you may be dealing with different classes of shares and multiple investors.
Pick someone who moves at your speed
Many places still use paper and physical signatures to execute their company resolutions.
If your company uses technology like digital signatures to reduce costs and speed things up, you might want to choose a corporate secretary who can catch up with your pace.
Look for hidden costs
Are ACRA fees included? Are you getting billed every time you pick up the phone to talk?
Many providers provide a long a-la-carte list which can become expensive over time. Similarly, if you are paying one annual fee, make sure you know what is included and what is excluded in your year’s service.