Financial institutions in Singapore are highly regulated, as they have a responsibility…
What is the role of a good Company Secretarial service provider?
- Key contact point with ACRA to maintain your company information
- Advisor to the Directors and Shareholders and safeguard their interests.
- Compliance officer to manage the company’s compliance
- Your administrative assistant to prepare documents for Annual General Meeting and Annual Return filings
Why is a good Company Secretarial service provider important?
A company secretarial service provider plays a very important role to ensure your company is compliant with ACRA’s requirements. When one has a good Company Secretarial Service provider, it definitely helps in the development and success of the company.
What is the transfer process like?
The transfer process is very straightforward and usually goes like this:
Steps to transfer:
- Check your contract with your current Company Secretary whether there will be any penalty or refund for switching
- Source for a new Company Secretary who is able to fulfill your business needs e.g. timeline, cost
- Once you confirm the new Company Secretary, you make the payment and go into an official agreement with them.
- You inform your current Company Secretary by sending them a Termination Letter (you can get the template from the new Company Secretary)
- Ask the current Company Secretary to acknowledge by sending back a Resignation Letter and cc the new Company Secretary. In the event, if the current Company Secretary does not respond or refuses to resign, you have the right to remove them from the role.
- The new Company Secretary will require the current bizfile and the Know Your Client (KYC) documents of the directors and shareholders stated in the bizfile. They will check through the documents and prepare the necessary resolutions/declaration to distribute to the directors/shareholders for signing.
- In the event, if any of these documents are missing, the new Company Secretary will need to do a Compliance catch up usually at
- transfer when you are in the midst of Corporate Bank Account opening process
- transfer when you are in the midst of any filing or when the filing deadline is near in case any miscommunication resulting in a penalty
Sounds complicated? The good news is if Lanturn is your appointed Company Secretary, we will take care of everything for you once we receive the Resignation Letter. Don’t worry if you are still unsure of how and where to start with the transfer, speak to Lanturn today! We have an experienced Corporate Secretary team who can advise you. Please contact us if you’d like to know more.
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