As a small business owner in Singapore, you know that having the right corporate secretary can make all the difference. But what if your current secretary isn’t meeting your needs? Don’t worry – changing your corporate secretary doesn’t have to be a headache. Let’s dive into the why, when, and how of making this important transition.
You might be considering a change if you’re experiencing:
Remember, your corporate secretary must be a local Singapore resident and can’t be the sole director of your company.
Avoid changing your corporate secretary service close to these key deadlines:
☞ Aim for at least a month’s buffer before these dates to ensure a smooth transition.
✅ Move away from corporate secretary services that surprise you with unexpected fees. We focus on your savings and efficiency. Our expert team efficiently manages everything from board resolutions to dividend declarations and AGM filings, all at competitive rates. Explore our cost-effective company secretary plans here.
1. Gather Your Documents: You’ll need:
2. Seek Voluntary Resignation: This is the smoothest route. If not possible, the board can terminate the appointment.
3. Notify ACRA: Your new secretary can handle this step.
4. Seamless Handover: Ensure your new secretary is ready to step in immediately – you can’t leave this position vacant for more than 30 days.
The main challenge? An uncooperative outgoing secretary. This can lead to delays and potential fines from ACRA and IRAS for late filings. Plan ahead to mitigate these risks.
1. Review your current contract for any penalties or refunds.
2. Enter an agreement with your new service provider.
3. Send a termination letter to your current provider.
4. Request a resignation acknowledgment from the outgoing secretary.
5. Provide necessary documents to your new secretary for a smooth transition.
Changing your corporate secretary service provider might seem daunting, but with proper planning, it can be a breeze. By recognising the need for change early and following these steps, you’ll ensure your business stays compliant and runs smoothly.
Worried about the complexities of switching corporate secretary services? Let Counto take the reins. Once we receive the current corporate secretary’s resignation letter, we’ll handle every aspect of the transition seamlessly. With Counto, you’re not just getting a service – you’re gaining a partner dedicated to your company’s smooth operations and compliance. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.
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