Singapore Expats

Hi guys,

how do u handle company secretary requirement ? I came across some adver. offering $300 for this service.
and for corporate account, must hv 10000 monthly balance there?:???:

thanks
Doris

You can seek out OCBC instead. They have an entrepreneur account which requires only $500 deposit

writeitperfect wrote:You can seek out OCBC instead. They have an entrepreneur account which requires only $500 deposit

For the 1st 6 mth, the account required only $500 but after that must maintain min $10k

If you are not able to maintain the 10k requirement, they will simply charge something like S$30.00 per month, so what's the big deal?

For Company Secretary, if you know how to and have the spare capacity to draft resolutions and do annual submissions, you can appoint yourself as the company secretary provided you have another director in the company. If the company only has one director (presumably you), you may need to engage another person to be the corp sec.

For bank account, if you are near to Standard Chartered branches, you can try for their lite which requires only S$3,000 mthly bal (i think). However each cheque issuance is at $0.30. I thought this is quite good for a small biz startup.

C-One wrote:For Company Secretary, if you know how to and have the spare capacity to draft resolutions and do annual submissions, you can appoint yourself as the company secretary provided you have another director in the company. If the company only has one director (presumably you), you may need to engage another person to be the corp sec.

For bank account, if you are near to Standard Chartered branches, you can try for their lite which requires only S$3,000 mthly bal (i think). However each cheque issuance is at $0.30. I thought this is quite good for a small biz startup.

thanks, looks like have to hire a company secretary.. btw, 300 SGD is a good rate?

OCBC Account min balance is $500.00 for first SIX months, after that you need to have a balance of 10K, else pay $15 per month

Doris yeo wrote:thanks, looks like have to hire a company secretary.. btw, 300 SGD is a good rate?

Could be better. Find a company to do your accounting/bookkeeping, and they can usually also sort out a secretary for you.

You need to know what is this S$300 for? Better to understand their package and hidden costs before you commit.

jpatokal wrote:

Doris yeo wrote:thanks, looks like have to hire a company secretary.. btw, 300 SGD is a good rate?

Could be better. Find a company to do your accounting/bookkeeping, and they can usually also sort out a secretary for you.

any good one to recommend?

S B Tan http://www.sbtan.com/

jpatokal wrote:S B Tan http://www.sbtan.com/

Agreed.

Doris yeo wrote:

jpatokal wrote:

Doris yeo wrote:thanks, looks like have to hire a company secretary.. btw, 300 SGD is a good rate?

Could be better. Find a company to do your accounting/bookkeeping, and they can usually also sort out a secretary for you.

any good one to recommend?

You can drop me at XXXX for corporate secretarial matters for free advise. I think you need to understand the full picture of the role of the corporate secretary and the consequences of the formation of the Company (i.e. what you should do yearly, etc.)

If you have free advice to give, give it on this board for all to benefit; otherwise, I think you are just a spammer looking for business and your posts will be deleted.

Moderator

I have opened a Sole Proprietor bank account at Standard Chartered bank with a deposit of SGD 500 only - there was no minimum deposit though and there is no minimum balance required but 30cent charge for every cheque issued. However, they will charge you if you intend to close the account within the next 6 months you opened it. Havent checked how much tho.

Then... I appreciate Standard Chartered being opened 7 days a week - 10am to 8pm - but it has few branches only and doesnt have eNets (although you can still go for the GIRO system).

I have not done it yet but it seems to me that having a(nother) bank account at DBS/Posbank would be a wise choice as: there are plenty of branches everywhere- great for cheques and cash deposit - and it has eNets.

eNets is usefull for any online payment with any government-related services, such as CPF, change of status, etc.

My two cents...

I still recommend OCBC Bank. There has been some updates lately on the charges. As a new start-up, for 1st 6 months, ave min balance of S$500 is needed. After, you need monthly ave of S$8000 balance, else there will be a charge of S$25. Of course you can switch if you like to other banks if yours cannot meet the requirements after 6 months.

7 day's banking is available for OCBC too & I believe they have more branches doing that.

You can go to Bestar Services. Its opened by a friend and the last I know they charge <$300 annually for secretarial fee and in addition, they will arrange OCBC bank manager to serve you on account opening FOC:

visit them at http://www.bestarservices.com.sg/

Buci wrote:I have opened a Sole Proprietor bank account at Standard Chartered bank with a deposit of SGD 500 only - there was no minimum deposit though and there is no minimum balance required but 30cent charge for every cheque issued. However, they will charge you if you intend to close the account within the next 6 months you opened it. Havent checked how much tho.

Then... I appreciate Standard Chartered being opened 7 days a week - 10am to 8pm - but it has few branches only and doesnt have eNets (although you can still go for the GIRO system).

I have not done it yet but it seems to me that having a(nother) bank account at DBS/Posbank would be a wise choice as: there are plenty of branches everywhere- great for cheques and cash deposit - and it has eNets.

eNets is usefull for any online payment with any government-related services, such as CPF, change of status, etc.

My two cents...