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.