Overview
Corporate secretarial positions hold great significance in organizational development
By assisting clients with management and risk mitigation of corporate non-compliance, corporate secretarials ease administrative burdens along a functional and geographical field. This ensures the smooth running of an entity with the company’s legal framework intact, according to the law in Singapore. As per usual proceedings, the Accounting and Corporate Regulatory Authority (ACRA) consults directly with corporate secretaries, on behalf of an entity, in order to clarify secretarial queries that arise within a company.
With the expansion of the corporate sector in Singapore, responsibilities within the sector have simultaneously increased. Company law in Singapore has made it mandatory for all entities to appoint a company secretary and this has resulted in greater job opportunities for individuals seeking work within the corporate secretarial pool.
Due to ACRA having computerized almost all of its operations, corporate secretarial positions require advanced technology skills. Several secretarial service providers still utilize physical signatures and paper-based registers in order to carry out corporate resolutions, but the chances of errors and increasing costs are causing many to switch to a digital platform. The paperless system enables administration and compliance to be more streamlined, and improves the quality of the company’s work management.
Company development affected by lack of experience; larger skill set preferred
According to Singapore law, resident citizens above the age of 18, who are either a permanent resident or employer with an employer pass, can pursue a corporate secretarial career. However, this has resulted in an enormous gap of knowledge that was brought about by inexperienced secretaries being a part of companies. In addition, the law allows for corporate secretaries to join any number of entities without a minimum cap, and this has also caused disruption with regards to dedication and work performances.
Due to this, a large number of private companies have increased the requirement list for individuals joining as corporate secretaries. Many enterprises have listed the requirements of a corporate secretary to be trained and qualified as accountants, lawyers or members of the Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA). This is an additional requirement to general responsibilities that fall under a Singaporean corporate secretarial position, such as regulating books of accounts, board meetings, company constitutions, annual returns, corporate governance, shareholders, acquisitions and ACRA compliances, to name a few.
Key Trends
Corporate secretary roles more recognised; preference given to those with legal knowledge
In the past, corporate secretarial positions revolved around assisting CEOs and board chairs, taking down notes during a meeting and following up afterwards. But with time, the role played by a secretary of a company has advanced and been elevated to a more respectable one. The greater the skill requirements and qualifications that organizations looked for in a corporate secretary, the more importance was given to the position itself.
Carrying out services in accordance with the legal sector of Singapore, corporate secretarial services include compliance with the Companies Act requirements. These requirements are:-
- The change of directors, company secretary, share transferring between shareholders, auditing etc.
- Maintaining a register of directors, company secretary auditors, charges and shareholders.
- The maintenance of the register of members within an entity and debenture holders.
- The preparation and submission of annual reports.
- Document preparation and filing whilst also staying updated on ACRA guidelines.
- The issuing of share certification, allotment of shares and the transferring of shares.
The corporate secretarial post also requires one to have an in-depth knowledge and understanding of the history of corporate law, as well as staying up to date with amendments and regulations being changed. One recent amendment is the introduction of strict regulations revolving around the debarment and disqualification of directors and corporate secretary services by ACRA.
The need for responsibilities and higher qualification has caused the position of a corporate secretary to be brought up to the same level as a senior within the corporate sector. Once again, this undoubtedly proves the importance and contribution of the secretarial industry towards the economy of Singapore.
Making the digital shift: corporate secretarial services adapt to virtual platforms
In the year 2020, a massive outbreak of the COVID-19 pandemic caused a ripple effect throughout Singapore. Immediate changes required attending to due to the severity of the pandemic and many found themselves unable to adapt.
The following of safety protocols by organizations became mandatory. In order to show compliance with government regulations, many organizations chose work-from-home solutions. Such drastic changes led to complex issues arising for secretarial positions. In order to continue to ensure that employees and employers were updated on developments within an organization, communications using a virtual platform became of utmost importance. Individuals holding secretarial positions for organizations had to maneuver around the lack of physical presence and collaboration, and work around unfamiliar virtual platforms.
Handling virtual board meetings, circulating ground rules within online meetings and handling technical issues that could crop up during calls all resulted in a completely different atmosphere being tackled within the corporate world.
The sector developed written resolutions that became a means to assist with voting electronically. This would be necessary during situations where certain documentation required authorized signatures or shareholder consent. Technological skills revamped the entire corporate sector, resulting in corporate secretaries also working with smart applications and tools. The recording of accurate minutes and maintenance of electronic statutory documentation was another change noted within the sector.
Adjusting to a digital platform and making changes to accommodate it was the only way forward for the corporate secretarial industry, and has proven to benefit the industry greatly.
Key Statistics
- In 2021, it was noted that the average annual salary for corporate secretarials was over SGD 45,000, whereas the annual income for a highly experienced company secretary is SGD 83,000.
- In 2019, the administrative sector that includes corporate secretarial services saw a 5.7% return on assets and an 8.4% return on equity.
- In 2022, a forecast done by research analysts at Advance Market Analytics (AMA) stated that Singapore manufacturers will contribute to the growth of the global corporate secretarial services market at a rate of 5.13%, during the period 2022-2027.
Top Singapore MNCs in Corporate Secretarial Sector
TMF SINGAPORE H PTE. LTD.
TMF Singapore, which was established in 1999, is a part of TMF Group’s global network, which is headquartered in North Holland in the Netherlands. It is an approved trustee company that is regulated by the Monetary Authority of Singapore. TMF Singapore provides management consultancy services which include corporate secretarial services, accounting and tax compliance, fund services, HR and payroll, capital market transactions at local and global levels, and other trust services to corporate and private clients. The company was honoured with the HR Vendor of the Year Award in 2019.
INTERTRUST SINGAPORE CORPORATE SERVICES PTE. LTD.
Intertrust Singapore Corporate Services was incorporated in 1987, and it belongs to the Intertrust Group’s global network which is headquartered in Amsterdam in the Netherlands. The company provides administration services, including bespoke corporate client services, private capital and hedge fund services, and capital market and private wealth services, which are handled by over 100 specialized professionals. Intertrust Group offers specialized administration services in more than 30 jurisdictions and in over 100 jurisdictions across its approved partner network. It operates worldwide in the regions of APAC, EMEA and the Americas.
VISTRA CORPORATE SERVICES (SEA) PTE. LTD.
Vistra Corporate Services (SEA) was established in Singapore in 2004, and it is a part of Vistra, which is headquartered in Hong Kong. The company offers its services to offshore and local companies; these services include incorporation, company secretarial, accounting, payroll and outsourcing, management consultancy, trade and treasury, tax compliance services, and trust and fiduciary services to high-net-worth clients. In addition, it offers supplementary services such as insurance solutions, business licensing services, office solutions, HR policy development, market entry research and strategy, and more.
ZICO CORPORATE SERVICES PTE. LTD.
ZICO Corporate Services was incorporated in Singapore in 2014. It is a subsidiary of Zico Holdings which is headquartered in Singapore. Zico holdings is a multidisciplinary professional services provider across countries in the ASEAN region. ZICO Corporate Services provides corporate services to multinational and regional corporations and private investors in Singapore, Malaysia and the Philippines. Its services in Singapore include corporate secretarial services, closure of entity, company or business formation, and complementary services such as immigration services, licence applications, notarisation and legal services, and others.
CONYERS CORPORATE SERVICES (SINGAPORE) PTE. LIMITED
Conyers Corporate Services (Singapore) was established in 2001. It is a part of Conyers, which is an international law firm with offices across the globe, offering both legal and client services. Conyers operates offices in eight locations worldwide. Conyers Corporate Services (Singapore) offers management consultancy services and stenographic and secretarial services to clients in the ASEAN region. It also provides offshore company formation services and corporate and administration services, which comprise corporate secretarial and management services that are provided by its affiliated company, Conyers Client Services. The company offers advisory services for investment funds and debt capital markets as well.
HAWKSFORD SINGAPORE PTE. LTD.
Hawksford Singapore was established in 2008. It is a part of Hawkford’s global network which is headquartered in St. Helier, Channel Islands. The company offers a suite of corporate and private client services to entrepreneurs, SMEs, high-net-worth clients and businesses in Asia. It is a regulated provider of trust administration services approved by the Monetary Authority in Singapore. Hawksford Singapore’s corporate services include business licensing, corporate establishment, accounting and tax, employee payroll, outsourcing data protecting services and immigration. It provides private client services such as property services and financial structuring services, among others.
MOORE STEPHENS LLP
Repeated as per client
MAZARS LLP
Repeated as per client
BDO LLP
BDO LLP was established in Singapore in 1972, and it is an independent member firm of BDO international, which has its global headquarters in Brussels, Belgium. BDO’s global network extends across 164 countries worldwide in the APAC, Americas and EMEA regions. In Singapore, BDO LLP offers a range of services, including management consultancy, corporate advisory, audit, business restructuring, cybersecurity, tax advisory, secretarial and outsource accounting and risk advisory to both local (Singapore) and international clients from SMEs, large privately-held businesses and multinational companies across numerous industries.
TRICOR SINGAPORE PTE. LTD.
Tricor Singapore was established in 2004, and it is a part of the international network of the Trincor Group, which is headquartered in Hong Kong. Trincor Group operates in many countries in the APAC, Americas and European regions. Tricor Singapore offers advisory services to businesses in Singapore and across the Asian region. It offers corporate services such as incorporation, corporate governance, compliance and company secretarial services. Other services offered by Tricor Singapore include business services, digital solutions, HR and payroll services, corporate trust and debt services, and investor services.
Top Singapore Large Local Enterprises in Corporate Secretarial Sector
BOARDROOM LIMITED
Boardroom Limited is headquartered in Singapore and was established in 2000. The company is a corporate service provider for startups, public and private corporations, and multinationals in the APAC region. Its services include company secretarial, company incorporation, accounting and bookkeeping, payroll services, share registry services and many others for various business needs. Boardroom’s global footprint spans across five countries in the Asia-Pacific region; it operates 14 offices and has 19 partners. It also offers its services to clients in Australia. The company is collaborating with Anderson Global in Singapore, Malaysia, China and Hong Kong to expand its global reach.
OSOME PTE. LTD.
Osome is headquartered in Singapore and was incorporated in 2017. The company offers management consultancy services, which include incorporation services for locals and international clients, accounting and bookkeeping services and corporate services. Its flagship product, Osome, is a software application, which automates services such as accounting and corporate secretarial tasks. In addition, it offers a range of features such as online invoicing, e-commerce insights and more. Osome conducts webinars and maintains a blog on topics related to e-commerce, incorporation and more, and these are accessible on its website. Its services have been accessed by over 9500 clients worldwide.
RIKVIN PTE. LTD.
Rikvin is headquartered in Singapore and was incorporated in 1998. The company was acquired by Incorp Group in 2015. Rikvin is a professional corporate service provider and its services include corporate secretarial, company incorporation, immigration and work visa, offshore company formation, accounting and taxation, and corporate solutions for SMEs, multinationals and startups. Its website offers information on topics related to its services, releases videos and maintains a blog for its clients. Rikvin’s website also offers a selection of free tools such as Singapore Tax Calculators, Singapore work pass eligibility assessments, and ACRA related search tools.
TRUSTED SERVICES PTE. LTD.
Trusted Services, which was founded in 1991, is headquartered in Singapore. It is a subsidiary of Temasek Management Services (TMS). Trusted Services offers end-to-end business services and events through tools such as premium board management tools, electronic poll voting system, Trustpoll, and its online share plan system. Trusted Services offers boardroom solutions such as corporate secretarial services and virtual bedroom solutions. Furthermore, its shareholder management solutions provide virtual general meeting solutions, voting solutions and online voting solutions. In addition, it also offers employee share plan solutions.
SCS GLOBAL PROFESSIONALS (S) PTE. LTD.
SCS Global Professionals, which is headquartered in Singapore, was incorporated in 2002. It is now referred to as SCS-Invictus, which is a new brand created by SCS in 2015. It provides tailored services to help local and international clients. These services include assurance, business advisory, M&A and corporate finance, tax compliance and consulting, and incorporation and outsourcing. SCS-Invictus has a global reach across more than 17 countries in Asia, Australia, Europe and North America. It serves over 2000 clients from SMEs and MNCs, and offers its services in more than seven languages.
STONE FOREST CORPSERVE PTE. LTD.
Stone Forest CorpServe, which is headquartered in Singapore and was incorporated in 1993, is the secretarial division belonging to the Stone Forest Group. It is a corporate service provider helping corporations and enterprises, both local and overseas. Its suite of services include incorporation, corporate secretarial, business support solutions, internalization,business closure services, digital corporate secretarial service (CS8), and advisory and transactional support services. In addition, Stone Forest CorpServe offers specialized services for fund management, not-for-profit organizations, private wealth management, and internationalizing Chinese companies to strengthen their presence in the ASEAN region.
Top Singapore SMEs in Corporate Secretarial Sector
HEALY CONSULTANTS GROUP PTE. LTD.
Healy Consultants Group is headquartered in Singapore and was established in 2003. The company is a management services provider and the services it offers include company registration, accounting, tax and legal, corporate advisory services, e-commerce, global marketing services, international migration, banking solutions and crypto solutions. Healy Consultants has assisted multinational clients to set up businesses in over 200 countries since 2003. It operates full-fledged offices in Dubai, Malaysia, India, Slovakia and South Africa, and has a network of global affiliate offices in the APAC region, the Middle East, Europe, Africa and America.
CONTACTONE PROFESSIONAL SERVICES PTE. LTD.
Contactone Professional Services is headquartered in Singapore and was founded in 2009. The company offers services such as Singapore company incorporation, business formation, corporate secretarial, compliance management, accounting and taxation, payroll management, company deregistration and other administrative services to clientele from startups and SMEs, worldwide. Contactone Professional Services provides services to international clients from the United States, China, South Africa, the Middle East, the United Kingdom, France, Malaysia and many other countries. Its blog consists of articles on topics related to cloud accounting, bookkeeping and more to help customers to stay informed.
HLS CORPORATE SERVICES PTE LTD
HLS Corporate Services, which is headquartered in Singapore, was established in 1974. It is an Accounting Corporate Regulatory Authority (ACRA) registered entity. The company offers a range of services including accounting, corporate secretarial, insolvencies and business advisory services for clients from multinational corporations, small and medium-sized businesses, and individuals. HLS Corporate Services also offers personalized services to meet unique client needs at a reasonable cost. Its global network spans across the United States, the United Kingdom, Northern Ireland, Australia, Hong Kong, Taiwan, China and Japan.
SBS CONSULTING PTE. LTD.
SBS Consulting, which was incorporated in 2010, is based in Singapore. The company provides one-stop corporate services for small businesses, local and foreign individuals and corporations. It offers a suite of incorporation services such as Singapore incorporation services, subsidiary company set-up, company secretarial services, startup registration Singapore, converting to private limited services, company registration for foreigners, and many others. Its other services include accounting and payroll services, dormant company filing requirements, strike-off company services and audit services. The company also offers 24/7 customer service.
COMPLETE CORPORATE SERVICES PTE LTD
Complete Corporate Services is headquartered in Singapore and was established in 2007. The company offers a comprehensive range of professional services to meet the needs of over 800 clients from more than 20 industries. Its services include taxation, incorporation, corporate secretarial services, accounting and bookkeeping, payroll, business advisory, work passes, and many others. In addition, it offers IT solutions. These services can be tailored to meet individual needs with the use of innovative technology and at competitive prices. Complete Corporate Services also hosts webinars on insightful topics, with field experts conducting the sessions.
A.1 BUSINESS PTE. LTD.
A.1 Business is headquartered in Singapore and was established in 2007. The company offers an extensive range of business solutions and has helped over 1850 clients. Its services include Singapore company formation package, sole-proprietorship registration, partnership registration, and corporate services such as company secretarial services and strike-off company services. In addition, it offers a suite of accounting services such as balance sheet, setting up a chart of accounts, fixed asset register, and more. A.1 Business has won recognition and numerous awards in its 10 years of service.
BLENHEIM CONSULTANTS
Blenheim Consultants was founded in Singapore and was registered in 1991. The company is a part of the Helmi Talib Group and provides professional services in the areas of corporate secretarial and incorporation services. In addition, it is an expert in Singapore’s regulatory environment. Its services are offered to both local and international clients from various industries. Helmi Talib is listed among the top 35 accounting firms in the Singapore Business Review. The group also operates an office in the Philippines and extends its services to listed clients in the United States. Its services enable startups and multinational corporations to establish or expand their presence in Singapore and the APAC region.
PB CORPORATE SERVICES PTE. LTD.
PB Corporate Services is headquartered in Singapore and was incorporated in 1997. The company offers an extensive range of services for international and local clientele, including Singapore incorporations, branch office, representative office, corporate secretarial services, accounting and auditing, taxation, business consulting and work pass application services. One of PB Corporate Services’ key areas of competency is its range of corporate secretarial services which include the formation of private limited companies, opening of bank accounts, filing of annual returns, and many others. Through its Singapore office the company handles incorporation and administration services of companies registered in Hong Kong and other foreign jurisdictions.
CORPXERVICES PTE. LTD.
CorpXervices was established in Singapore in 1988. It offers an extensive range of specialized professional services which include incorporation, secretarial, accounting and payroll, offshore incorporations and virtual office services for startups and SMEs. The firm offers offshore incorporation services in the Cayman Islands and British Virgin Islands (BVI). CorpXervices’ secretarial services include corporate secretary, nominee director, extensible business reporting language (XBRL), work pass, striking off and liquidation. The company has affiliate firms in Korea, China, Hong Kong, Japan, Europe and the Middle East.
ALPHA BUSINESS SOLUTIONS (PTE.) LTD.
Alpha Business Solutions was incorporated in Singapore in 2009. The company offers one-stop business solutions for professional services in the fields of finance, business, IT, marketing and banking. In addition, it also offers remittance services through its partnership with OFX. The company’s services include accounting and bookkeeping and tax services, incorporations, corporate secretarial, nominee services, virtual office, business and marketing consultancy, and customized IT solutions. Alpha Business Solutions is a member of the Business Venture Group Association in Singapore. It was honoured with the Dun and Bradstreet Business Eminence Award in 2017.
Top Singapore Fastest-Growing Companies in Corporate Secretarial Sector
OSOME PTE. LTD.
Osome is headquartered in Singapore and was incorporated in 2017. The company offers management consultancy services, which include incorporation services for locals and international clients, accounting and bookkeeping services and corporate services. Its flagship product, Osome, is a software application, which automates services such as accounting and corporate secretarial tasks. In addition, it offers a range of features such as online invoicing, e-commerce insights and more. Osome conducts webinars and maintains a blog on topics related to e-commerce, incorporation and more, and these are accessible on its website. Its services have been accessed by over 9500 clients worldwide.
LANTURN PTE. LTD.
Lanturn was established in Singapore in 2017. The company is a provider of UX-driven corporate services and fund services for fund managers and high-growth companies. Its services include fund formation, fund administration, Singapore incorporation services, corporate secretarial, accounting, immigration and visa services. The company conducts webinars and maintains a blog on topics related to asset management, finance, corporate secretarial and more for its clientele. At present, Lanturn’s services are trusted by over 400 enterprise clients, and it operates offices in Hong Kong, Cebu and Manila.
LYMON PTE. LTD.
Lymon was founded in Singapore in 2013. The company is a specialized provider of end-to-end business and corporate services for Singaporean clients. Its range of services includes regulatory compliance, risk management and operations services, and business and corporate services. Lymon’s business and corporate services offer book-keeping and financial reporting, company and fund secretary, and payroll and payment administration, among others. In addition, Lymon offers compliance training to meet the various needs of financial institutions. These programmes are on various topics such as environmental, social and governance, ethics and conflict of interest, and general compliance. Some of these training programmes are offered face-to-face as well as through e-learning.
VISTRA CORPORATE SERVICES (SEA) PTE. LTD.
Vistra Corporate Services (SEA) was established in Singapore in 2004, and it is a part of Vistra, which is headquartered in Hong Kong. The company offers its services to offshore and local companies; these services include incorporation, company secretarial, accounting, payroll and outsourcing, management consultancy, trade and treasury, tax compliance services, and trust and fiduciary services to high-net-worth clients. In addition, it offers supplementary services such as insurance solutions, business licensing services, office solutions, HR policy development, market entry research and strategy, and more.
SCS GLOBAL PROFESSIONALS (S) PTE. LTD.
SCS Global Professionals, which is headquartered in Singapore, was incorporated in 2002. It is now referred to as SCS-Invictus, which is a new brand created by SCS in 2015. It provides tailored services to help local and international clients. These services include assurance, business advisory, M&A and corporate finance, tax compliance and consulting, and incorporation and outsourcing. SCS-Invictus has a global reach across more than 17 countries in Asia, Australia, Europe and North America. It serves over 2000 clients from SMEs and MNCs, and offers its services in more than seven languages.
TMF SINGAPORE H PTE. LTD.
TMF Singapore, which was established in 1999, is a part of TMF Group’s global network, which is headquartered in North Holland in the Netherlands. It is an approved trustee company that is regulated by the Monetary Authority of Singapore. TMF Singapore provides management consultancy services which include corporate secretarial services, accounting and tax compliance, fund services, HR and payroll, capital market transactions at local and global levels, and other trust services to corporate and private clients. The company was honoured with the HR Vendor of the Year Award in 2019.
BOARDROOM LIMITED
Boardroom Limited is headquartered in Singapore and was established in 2000. The company is a corporate service provider for startups, public and private corporations, and multinationals in the APAC region. Its services include company secretarial, company incorporation, accounting and bookkeeping, payroll services, share registry services and many others for various business needs. Boardroom’s global footprint spans across five countries in the Asia-Pacific region; it operates 14 offices and has 19 partners. It also offers its services to clients in Australia. The company is collaborating with Anderson Global in Singapore, Malaysia, China and Hong Kong to expand its global reach.
TRICOR SINGAPORE PTE. LTD.
Tricor Singapore was established in 2004, and it is a part of the international network of the Trincor Group, which is headquartered in Hong Kong. Trincor Group operates in many countries in the APAC, Americas and European regions. Tricor Singapore offers advisory services to businesses in Singapore and across the Asian region. It offers corporate services such as incorporation, corporate governance, compliance and company secretarial services. Other services offered by Tricor Singapore include business services, digital solutions, HR and payroll services, corporate trust and debt services, and investor services.
ASIACITI TRUST SINGAPORE PTE. LTD.
Asiaciti Trust Singapore was established in Singapore in 1980 and was one of the first independent trust companies to be licensed by the Monetary Authority of Singapore. Its suite of professional services include trust services, statutory corporate services, fund services, foundation services, corporate management services, business and escrow services. Asiaciti Trust Singapore was awarded Best for Private Client Wealth Planning and Best for Fund Administration by AI International Finance Awards in 2015. The company is a part of Asiaciti Trust’s global network, which is headquartered in Hong Kong. Asiaciti Trust also operates in the Cook Islands, Dubai, New Zealand, Nevis, Panama and Samoa.
PORTCULLIS (SINGAPORE) PTE. LTD.
Portcullis (Singapore) was incorporated in Singapore in 1989. The company offers private trust services, corporate trust services, corporate and business services, fund services, and investment office services for high-net-worth individuals, philanthropists, startups, entrepreneurs, family offices, private bankers, investment managers and financial advisers. The company is a part of the Portcullis Group’s global network, which is headquartered in Singapore. It also operates offices in Hong Kong, Taiwan, Labuan, Johor Bahru, the British Virgin Islands, New Zealand, Samoa and the Cook Islands. In addition, it maintains licences in the Cayman Islands and the Seychelles. Baxian Trust and Oyster Security are part of the Portcullis Group.
