This Is Why Businesses Are Hiring A Company Secretarial Service

The company secretary position is one role that Singapore companies should give special attention to. It is more than just a job that you should fill in. The responsibilities that come with the position – one that entails efficiency and accuracy to details – are vital to the survival of your business. As there is so much at risk in the execution of such a role, no wonder more and more Singapore companies are opting to outsource the position to a reputable company secretarial service.

What Is A Company Secretary And Why Is It Essential To Your Company? 

The company secretary is a role that is mandated by law. Under Section 171, 1AA of the Singapore Companies Act, companies are required to fill in the position within six months of their incorporation. The urgency of appointment is tied to the weight of responsibility that the position holds.

First, the person appointed to the role is responsible for the company’s accurate and timely compliance with statutory requirements related to its business. The company secretary needs to make sure that the organisation strictly adheres to all legislations and regulations that govern its business. Being the compliance officer of the company, the company secretary ensures that the board members of the organisation know their duties and responsibilities under the law. 

Second, the company secretary, being the resource person of the company’s board members and employees, is responsible for the execution of vital business and operational duties in relation to the company’s administrative activities. These include, amongst others, setting the agenda for business meetings, overseeing share distribution transactions, preparing and keeping of minutes of meetings and board resolutions, and filing of annual returns and other compliance requirements with the Accounting and Corporate Regulatory Authority (ACRA). 

Third, as a legal and financial officer, the company secretary is expected to oversee all the financial and legal documents of the company, including account statements, transfers, acquisitions, and insurance covers, and making sure that such documents comply with the law.

Finally, the company secretary is given the authority to authenticate resolutions as well as execute official documents.

The gravity of the responsibilities that come with the company secretary position is so great that companies are encouraged to be meticulous when it comes to hiring someone for the role. Precision, attention to detail, and organisational skills are definite considerations when looking for someone that can take on the job description.

It is for this reason that most businesses today are engaging corporate secretary services firms to handle this delicate role. The knowledge and years of experience of such professional service providers are potential reasons why companies are choosing to outsource the company secretary position. However, there are more advantages to an outsourced secretary service than meets the eye.

Why Companies Are Engaging Company Secretarial Services

Hiring a professional company secretarial service provides more benefits than just meeting compliance requirements accurately and timely. Below are just a few of the advantages you can expect when you engage a company secretarial services firm that can make a positive impact in the way you operate your business.

1. Minimise operating cost

   Imagine the money you can save when you engage a corporate secretary services firm instead of hiring an in-house one. You don’t have to spend on monthly compensation, employee package, and training. You also don’t need to buy additional office equipment and you save on office space. On top of these, you don’t have to worry about any errors and oversights that can also cost your company dearly, as professional services firms ensure precision in the execution of their job. 

2. More efficient work

   Secretary service companies boast experts who have deep knowledge and skills of the duties and responsibilities that come with the job. This means administrative tasks are done with more efficiency and compliance requirements are met promptly and with more attention to detail. Productivity of your company is improved with the streamlined approach offered by these professional services providers.

3. Less risks

   As company secretarial services firms are adept in compliance requirements, risks associated with non-compliance are reduced. You are able to adhere to all relevant statutory rules and regulations that govern your business through prompt and correct filing of compliance requirements, which also eliminates the risk of facing penalties due to legal issues.

You can choose from a list of secretarial services that can offer you the best secretarial package that fits your organisation as well as the best secretarial services rates that conform to your budget. The benefits that these professional services providers offer allow your company to be more productive and efficient in the way you conduct your business.

Check ACRA for a list of secretarial services companies in Singapore so you can shortlist the ones that can offer you the best secretarial service solutions. Take note of the ones with secretarial services rates that can give more value for your money. The best professional services provider is, of course, the one that can offer not only both proven performance and reasonable rates but also expertise and experience that can help your business achieve its goals and targets.     

Why It Is A Must To Hire Competent Corporate Secretarial Services In Singapore

A dynamic business hub like Singapore is the perfect launch pad for any startup or offshore firm looking to establish themselves in the global business community. New entrants, however, can expect some tough competition from like-minded individuals who all want to take advantage of the pro-business environment that the Lion City offers. Added to that are the strict rules and regulations that should be followed with due diligence to ensure a legitimate business operation. In scenarios like this, it is best for any new company to enlist the help of a reputable company secretarial service to make sure that it performs to the best of its abilities with efficiency.

What Is A Company Secretary?

The company secretary position is one of the key roles a new company should fulfill upon registration. Under the Singapore Companies Act, a company secretary should be appointed within six months of incorporation.

The appointment of a company secretary is required by law to ensure that the company complies with all its regulatory requirements as mandated by law. The person appointed to this post will be responsible for all the administrative and reporting obligations that a company should meet in accordance to the rules and regulations of the Accounting and Corporate Regulatory Authority (ACRA).

Not anyone can be a company secretary, though. Under the law, the person appointed to this post must be a Singapore resident and holds at least three years of relevant secretarial experience. Moreover, the appointed company secretary should not be holding the position of sole director or shareholder of the company.

While this is a vital position, there are instances where the law doesn’t require a company secretary to be appointed. If the structure of your business is a sole proprietorship or a limited liability partnership entity, you don’t need to assign a company secretary.   

Why Do You Need One?

The law cannot stress enough the crucial role that a company secretary plays. Apart from helping in the completion of your incorporation, the company secretary is the point person for all regulatory-related obligations and the individual responsible for ensuring that your company timely files all the essential business documents.

On top of these responsibilities, the company secretary is required to perform business and operational activities within the organisation as well as execute legal and financial reporting in accordance to the rules and regulations as mandated by the Constitution, ACRA, and the Singapore Companies Act.

More importantly, the company secretary has been given the authority to validate company resolutions and execute official documents.   

All these tasks require accuracy and efficiency, which is why companies should consider engaging a corporate secretarial services firm in Singapore to ensure that secretarial obligations are met with ease, precision, and convenience. Corporate secretarial companies in Singapore possess the expertise and experience necessary to handle all these obligations and responsibilities in compliance to the laws of the land while helping companies streamline their business operations.

Not All Corporate Secretarial Services Are Created Equal

It is, however, imperative that a company carefully examines the secretary service it wants to hire. Here are some factors you should consider when hiring a company secretarial service: 

• Choose a corporate secretarial services company in Singapore that is dedicated to the betterment of your company. It should be competent and efficient enough to reliably comply with all the regulatory requirements as mandated by law, so your company avoids any potential offences and the penalties that come with non-compliance.   
• Hire a company secretary services firm in Singapore who continues to update and train its staff on the new legislative requirements. As you focus on running your business, you need reliable people to handle your legal compliance needs timely and efficiently.
• Make sure that the corporate secretarial services company you engage can provide everything that you need. This means it should cover all the basic secretarial functions you require. Certain companies like Corporate Services Singapore offer a comprehensive portfolio of corporate secretary services to cater to all the legal and administrative obligations of a company, making it a one-stop shop for corporate secretarial needs.     
• Get a corporate secretary services firm in Singapore that can serve you well in the long run. A highly efficient firm that offers more than just secretarial services can be of immense help to you when you need to concentrate further in growing your business. Hire one that also provides other corporate services like accounting and payroll, which ensures that these duties are not only performed with efficiency but also offers you more time to allocate your energy on more important business matters.
• Ensure that your money gets what it’s worth. Find a company secretary services firm in Singapore that offers company secretarial services packages specifically designed to suit your needs. Remember that each company has unique requirements, and it will serve you well to have a local firm that provides personalised service.    

A competent corporate secretary services company in Singapore is the ideal partner in helping you manage your business more effectively. Consider outsourcing your company secretary requirements now, and you will be surprised by the advantages you can reap just by having local experts to back your company up.

Do These 4 Things Before Hiring Corporate Secretarial Services

It takes more than just guts or the perfect business plan to successfully do business in Singapore. Know that in such a bustling business hub, you can expect a number of challenges to sidetrack your success. It is thus important that you explore all available avenues that could be instrumental in helping you manage your business better. One of the routes you can take is to consider partnering with a corporate secretary services firm in Singapore. 

Navigating the complicated business environment of Singapore can be a daunting task if you don’t have the expertise of a local firm to guide you. From strict regulatory requirements to the challenges you could face when hiring new people, it can be tough to keep pace with all that’s needed to be met and completed. A company secretarial service firm provides you with an extra hand to help you handle your administrative activities with ease and efficiency.

A corporate secretarial company in Singapore has the expertise and experience to handle your administrative function that is otherwise can be challenging if you’re relying solely on an in-house secretary. If you’re a start-up keen on immediately creating stability for your company, a local business looking to streamline your operations, or an offshore firm eyeing to position your business strategically in Singapore, a corporate secretarial services company can help achieve your desired outcome with its knowledge in expertly handling administrative requirements.

Just like a hand to a glove, your company and the corporate secretary services firm you will choose should be a perfect fit. Not all professional service providers are created equal, that’s why you should take note of these four factors when selecting a local firm that suits your business requirements.  

  

1. Ensure that the local firm boasts of staff with proper qualifications

This is basically a standard procedure whether you’re hiring new employees or engaging a professional service provider. When scouting for a corporate secretarial services firm in Singapore, it is a must that the individual who will be appointed to you is:

• a resident of the country (must be a citizen, a permanent resident, or an EntrePass holder) has secretarial experience of at least three of the five years prior to appointment
• a qualified individual as per the Legal Profession Act
• a public accountant registered under the Accountants Act
• and a member of Singapore’s Institute of Certified Public Accountants, Institute of Chartered Secretaries and Administrators Association of Singapore, the International AccountantsAssociation Singapore, and the Singapore Institute of Company Accountants

All these requirements are mandated by the Accounting and Corporate Regulatory Authority (ACRA).  

2. Check if the corporate secretary services firm knows the rules and regulations

This is one factor that can never be compromised. When hiring a corporate secretary services company in Singapore, make sure that it strictly observes all the rules and regulations promulgated by ACRA, particularly those that have been extended or modified. The local firm you will hire should know everything – from filing requirements and schedules to meeting other compliance requirements.

3. Verify that your professional service provider offers a comprehensive portfolio of secretarial services 

On top of ensuring that all regulatory requirements are met, the company secretary services firm in Singapore that you will partner with should also be extremely knowledgeable in all administrative activities such as corporate governance, incorporation, dissolution, restructuring, and liquidation, amongst others, and must be able to handle these with efficiency.  

It pays to have a local firm that can provide everything that you will ever need. There are corporate secretarial services companies in Singapore like Corporate Services Singapore that acts as a one-stop shop for all your corporate secretarial requirements – from formation of local and offshore entities to maintenance of statutory records, minutes, and registers.

4. Make sure that you get more value for your money

Hiring a company secretary services firm in Singapore becomes more cost-effective when the local firm you engage in can provide you with more than just the basic secretarial services. There are firms that offer company secretarial services package that involves additional services to help run your business more efficiently. Professional services providers like Corporate Services Singapore, for example, offer personalised services to provide tailored solutions unique to your business needs.   

Keep in mind these four factors when considering to outsource your administrative function to a corporate secretary services company in Singapore. At the end of the day, you need a corporate secretary that you can rely on to be your dependable partner in ensuring your business success. 

What Should Be Included in a Business Plan?

Depending on the kind of business you are in, the contents of a business plan may vary. However, it should replicate the vital info about your business, and this involves:

• Executive Summary – this is an overview of your business.
• Company Description – this is an account of what you do as a business, how it is different from others.
• Market Analysis – this illustrates your knowledge about your own industry
• Organization or Management – this refers to the ownership of your company
• Service or Product – this is the part where you talk about the benefits of your product or service
• Marketing and Sales – this is where you define your marketing and sales strategy
• Funding – this talks about in detail about your funding requirement if you need one
• Financial Projections – this includes your company’s historical
• Appendix – this is an optional part of a business plan, but you can use this part to include your resume

These things can help you make a smooth shift from company incorporation to scaling up your enterprise in the future.
 
Read on about how to write a business plan here: Launching A Business In SG: How To Set Up A Business Plan

Company Incorporation in Singapore: 8 Bad Business Mistakes to Avoid

Mistake #1. Thinking That a Good Idea is Good Business Idea.

Mistake #2. Cutting The Employment Line To Jump Into Entrepreneurship.

Mistake #3. Not Hiring A Company Registration Firm From The Beginning.

Mistake #4. Incorporating The Wrong Type Of Business.

Mistake #5. Not Knowing That Certain Businesses Could Be Tax-Exempt.

Mistake #6. Starting Big with Costs.

Mistake #7. Not Giving Importance to Compliance.

Mistake #8. Thinking About Profit and Profit only.

Source: 8 Painful Mistakes People Make When Starting a Business

Singapore Business: Requisite Company Incorporation Documents

What are the things do you need to successfully incorporate a company in Singapore?

Requisite Company Incorporation Documents

1. First, you will need a Constitution (commonly known as Memorandum & Articles & Association, M&A). A Constitution of the company is a document that generally states the specific rules governing the company’s activities, the relationships of the shareholders and directors, the roles and responsibilities of each, among others. 
2. Second, you will also need NRIC or Passport copies of proposed shareholders and directors of your company. The passport has to bear proof that at least one director permanently resides in Singapore.
3. Third, if your company has a parent company, you will also need to submit a document describing details of the parent company. 
4. You will need to apply for and register a company name. The company name must be approved by ACRA prior to your company incorporation.
5. You must also submit the names of your directors, one of whom must be a local director.
   • A local director could be a Singapore citizen, a permanent resident, or a person with valid pass to stay in Singapore either as an entrepreneur or a dependent.
   • In the absence of a local director, you can refer to a company incorporation services firm for an arrangement to have a nominee.
   • A nominee is a director employed only for compliance to the incorporation requirements. He or she will not have any shares in the company nor an active role in the company’s activities.
6. You also need to have a minimum of one and a maximum of 50 shareholders, and of course, you will need to have a corporate secretary.

Source: Getting Familiar with your Company Incorporation Documents

Company Incorporation: Learn the Main Advantages

Company Incorporation in Singapore

Company Incorporation Benefits:

1. A Perpetual Existence.

A corporation can exist as a legal body in perpetuity – which means that it has a limitless lifetime.

2. Easy Transferability or Sale of Shares.

In a corporation, shareholders are able to sell or transfer their shares to another individual, when they are no longer interested in their shares in the business.

3. Investor Friendly.

A corporation is the right business structure for businesses who desire to attract investors.

Source: Is Company Incorporation Right For your Business?

Corporate Secretary Role in Company Registration: Before, During, And After

 

Involving a corporate secretary is crucial before registering a business

Before:
 
1. Choosing a Good Company Name.
2. Deciding on a Company Structure.
3. Gathering Details Needed to Register a Company.
4. Preparing and Keeping Company’s Documentation and Records.

During:
 
5. File your Company Registration.

After:
 
6. Organise the Company’s First Board Meeting
7. Maintain the Company’s registers, Books, and Minutes and File these with the Relevant Government Agencies for Compliance.


Read Full Details Here: 7 Ways A Corporate Secretary Can Help Before, During, And After Company Registration