Company Secretary Fees - What Are They?

Company Secretary Fees - What Are They?

Company secretary fees are charged to all employees of a company for the purposes of conducting official business. These fees are different from other employee fees in that they cover all administrative costs of running an organization. The amount is based on the amount of time that a company executive spends on working and also the amount of money that is paid out monthly as a salary. Other factors such as location and industry also have a bearing on the amount of company secretary fees.

Package fee is available only for first time/new engagement only. In addition to package fee, company formation and directors meeting fees are required by most companies. Subsequently company secretary fees  shall be at S$ 360 per annum for subsequent year. Companies can save quite a bit of money by paying for these fees in one single lump sum or by paying them out over a longer period of time. It is in fact recommended that companies form a committee to study and determine the best payment plan for company secretary fees.

Companies can also save some money by attending company secretary colleges for seminars and training instead of hiring a company secretary professional to do the same. Most companies charge a retainer which is an amount of money paid weekly or bi-weekly for conducting secretary and company secretary courses. These seminars and training classes provide the company with an opportunity to learn from the experiences of company secretaries who have previously done the same tasks and learned how to avoid the mistakes that she/he made. Most of the seminars and training courses are either hosted by a company secretary company or a company secretary college. Company secretary colleges charge S cents for their services, but it may be possible to find some S dollars saved on the price of company secretary fees if the company secretary course is hosted by a company secretary company.

Companies can save a lot of money by using a company secretary aspirant when they appoint a new company secretary. The cost of getting a company secretary aspirant is less expensive than employing a full-time secretary. This is because aspirants have already passed the necessary examinations for company secretaries. The examinations cover topics such as communication skills, organization and time management. Most of the candidates who take the exams pass them easily.

When employees leave the company, they are entitled to get a severance package and also a company car and health insurance. Sometimes it may be hard for some directors to part with these benefits, so directors often choose to make them forfeitable. Many directors who are looking for ways to cut costs, for example annual secretarial services, choose to relinquish these benefits by offering them as negotiable part-time work. When a company secretary gives up her annual secretarial services, she is not entitled to get these benefits for a few months. This is why it is important for directors to set out clearly their reasons for waiving these benefits.

When the company secretary starts her working life as a company secretary, she will have to register with the Companies Registry, which is an office within the Department of Corporate Affairs. Once registered, directors will need to pay an annual administrative fee. The fee is charged in order to help the registry carry on business. Other than the administrative fee, directors who do not have to pay a dividend will not have to pay a statutory charge.

Apart from paying the annual administrative fee, companies also have to pay several other costs on a statutory basis. These include paying the annual statutory audit fee, the directors' representative fee and the statutory public holidays and pay. To comply with statutory requirements, the company secretary will need to ensure that all the relevant documents are updated, signed and filed in full.

A company secretary who is appointed by a company must ensure that she complies with all the statutory requirements. She will also need to file all the annual returns that are required by law. All the records that she needs to file must be kept in the proper place, such as in the appropriate file in the Companies Registry. If the company secretary fails to comply with the statutory duties, the company could be sanctioned.