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.
