These days, businesses are constantly striving to keep their competitive edge. They must also follow many rules and regulations, some of which are extensive and complicated.
They resolved the issue by contracting out non-essential work coming from external corporations. When it comes to fulfilling their legal obligations, corporate secretarial services in Singapore can make things better.
You can eliminate stress, anxiety, and burdensome situations by hiring a third-party firm to handle your corporate secretarial needs. There will be no obstacles for you and the management team as you get down to the business of running the company.
What do corporate secretarial services Singapore entail?
In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) makes sure that companies follow the rules by holding company directors accountable.
They, therefore, favor companies that offer corporate secretarial services. Company secretaries are in charge of running a business and filing legal documents, such as audited financial statements.
The Costs of Having an Internal Secretary
It was common practice for business owners to hire someone to serve in the role of company secretary on a permanent basis. On the other hand, corporate secretarial services in Singapore have grown, but they still offer the same level of privacy with their services. They take responsibility for completing the administrative work they perform for their clients. They are trustworthy because they understand how to protect the privacy and security of your company's financial performance.
Not all small businesses in Singapore can afford to hire a qualified and experienced company secretary, which is a shame. Businesses have to pay a lot of money to hire these experts because they have to pay for things like salaries, benefits, offices, space, and equipment.
If they use a top-tier corporate secretarial service, they won't have to worry about finding, interviewing, and potentially firing a company secretary. Their only worry should be about how reliable and on-time the services these businesses offer are.
Should All Singaporean Businesses Have a Company Secretary?
There are pros and cons to having a company secretary. On the one hand, a company secretary can help ensure compliance with all statutory requirements and provide secretarial and administrative support to the board of directors and senior management.
However, a company secretary can be costly and may not be required for smaller businesses. Ultimately, it depends on how big and complicated your business is and whether you need more help.
According to the Singapore Companies Act (ACRA, Accounting and Corporate Regulatory Authority), a company must have a qualified company secretary within the first six months after it is registered. The person being hired must be a Singaporean citizen, resident, or holder of an employment or entrepreneur pass.
Representatives of the Accounting and Corporate Regulatory Authority (the Company Registrar) think that a secretary is an important part of a company's management team. They get in touch with the secretary to get clarification on any compliance or administrative errors in the company's filing. In addition to making sure the company follows the law, a secretary is also responsible for corporate governance.
The process of registering a company in Singapore requires the appointment of a company secretary. It is required in Singapore that a company secretary be a natural person who resides in the country. The secretary position must be filled within six months.
Roles of the Secretary
Corporate secretarial service makes sure that all legal requirements are met, manages and keeps all legal books and records, and gives the board of directors and senior management secretarial and administrative support. Some of the services offered by a corporate secretarial service include:
Board meetings
Adhering to company rules and constitutional provisions
Reports from directors
Taking care of the stockholders
Taking care of asset sales, mergers, and acquisitions
Secretarial and administrative support to the board of directors and senior management
Safe custody and proper use of the company seal
Company incorporation and registration
Corporate governance advice and support
Annual return filing
Striking off of company
What Is the Importance of Corporate Secretarial Services?
There are many reasons a business should consider hiring a corporate secretarial service. Here are some of the key benefits:
Compliance with statutory requirements: A corporate secretarial service is responsible for ensuring compliance with all statutory requirements, including filing annual returns and maintaining statutory books and records. This can be a time-consuming and complex objective, so outsourcing this to a professional service can save you a lot of time and hassle.
Expertise and advice: A corporate secretarial service will have extensive knowledge and experience in all aspects of company law and corporate governance. They can provide valuable advice and support on all matters relating to the running of your business.
Efficient administrative support: A corporate secretarial service can provide secretarial and administrative support to the board of directors and senior management, freeing up their time to focus on more critical tasks. It can include taking minutes at meetings, preparing board papers, managing email correspondence, etc.
Peace of mind: By outsourcing your company's statutory compliance obligations to a professional service, you can rest assured that everything is being taken care of correctly and following the law. It can give you peace of mind and allow you to focus on running your business.
Every incorporated business is required to hire a secretary. Additionally, small businesses in Singapore can now afford to hire company secretarial services.
When running a business in Singapore, which is a very competitive market, owners should think carefully about which Singapore company secretarial services to use. It helps them achieve their main business goals more effectively and saves them time and money.
These companies have experts who can guide and help with simplifying and regulating administrative tasks.
Conclusion
KOH Management is a reliable choice if you're looking for a secretary company in Singapore. We provide affordable rates for the best corporate secretarial services in Singapore. Our services ensure that a business's operations run smoothly and follow all laws. Our company secretaries will work with you to create a customized experience that fits your unique business needs.
Get in touch to get the best corporate secretarial services in Singapore!