As per the Companies Act, Chapter 50, every Singapore Company need to employ a qualified company secretary within six months of its incorporation. Alternatively, they can also appoint a provider of Singapore company secretarial services.
Your Singapore corporate secretarial services provider assign a dedicated secretary to you who acts as the chief compliance officer and is tasked with executing the legal, administrative, and board procedures of your company. They make sure that the company operates as per the company constitution. They also help update and improve in-house processes and procedures to bring the standards up to date.
A company secretary can also help you in submitting
Now, the government wants information about controllers & beneficial owners like names, ID details, citizenship, and places of registration for corporate. The new regulation asks them to lodge the details in their RORC with the ACRA. It means they need to discuss the issue with their company secretary and to see it through.
Are You Incorporating a Singapore Company?
Yes, hiring a company secretary Singapore adds to your overheads. You have to oblique as it is a compliance requirement you must comply with. However, if you are still thinking of starting a company in Singapore, you can enlist a corporate secretarial services provider for free. There are providers that offer this service for free with their company incorporation package. It helps in drastically reducing your initial cost of forming a new business.
What Does Corporate Secretarial Services Can Do for You
A company secretary Singapore takes care of various legal and administrative chores. They are as follows. A secretary,
- Maintains a Register of Registrable Controllers (RORC) by lodging details of investors in your company with ACRA
- Safe-keeps company’s important documents related to incorporation, etc.
- Maintains and update statutory registers of the company
- Maintains registers of directors, shareholders,
- Maintains registers of company secretaries, auditors, and shares transfers
- Allot shares and keeps an eye on the movement of company shares
- Conveys Board Meetings, Annual General Meetings, and Emergency Meetings
- Circulates company’s annual reports, interim statements, and financial accounts
- Records minutes of the meetings
- Records board’s resolutions and sees they are acted upon
- Takes steps to prepare company’s accounts and the director’s report
- Reviews and updates corporate governance
- Advises and assists the directors in discharge of their duties
- Safe-keeps the company seal and ensure its proper use
- Interacts with officials of the regulating agencies whenever they pay an official visit
Valid Reasons for Outsourcing to Singapore Company Secretarial Services
The professionals working for the Singapore company secretarial services firms are highly experienced in dealing with administrative and legal matters. They also have updated knowledge of the changes related to rules. It is why companies prefer them for taking care of their compliance obligations.
Moreover, the scope of their work makes them aware of the nuances involved in ensuring statutory compliance. It is safe to say that, on average, a secretary working for corporate secretarial services company is a better fit than an in-house secretary dealing with compliance obligations that are very specific to their company.
In addition, there are a few specific tasks that need a higher level of access. Singapore corporate secretarial services providers have Professional Pin, which is a must for appointing foreign shareholders of your company.
Filing online on behalf of their clients is routine work for the company secretary Singapore. However, an inexperienced company secretary may fail to prepare incorrect resolution fashion or to maintain the proper paperwork. A provider of services for company secretary Singapore will rarely make such a fundamental mistake. It saves time and effort in effecting the necessary changes.
The same is true for establishing the financial year-end of the company. Your in-house secretary’s small mistake can lead to unaffordable losses to your business. You could lose money in terms of taxes paid.
If you still have any jitters about hiring a Singapore company secretarial services firm, then here is why you should appoint one.
First of all, you need to understand that a company secretary Singapore takes care of non-core tasks for you. In their absence, you or your managerial staff will have to look after it. It means wasting your valuable and limited time on an activity that is not going to generate any revenue for your business.
Now, if you cannot afford or are not prepared to take care of this task on your own, then go ahead and enlist a reliable and experienced Singapore company secretarial services provider. Doing so will also lessen your stress.
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