The fact that Singapore is such a lucrative option for business owners, big and small, to start their businesses in, indicates that Singapore is flushed with businesses and a booming economy. Singapore is the top business hub not only in Asia but around the globe. This is because Singapore offers ease of business and tax benefits to its businesses. Multinational companies and small business owners are flocking to Singapore to set up an office and make use of these opportunities. Every company needs secretarial services especially if it’s a new foreign company.
But selecting a good service from the myriad options can be confusing. As a business owner, you’d need to hire a service that can advise you about your business and fit into the operations. It could take some time to find the right company for your business and since this is a huge decision, you must take your time to carefully evaluate your options.
What are corporate secretarial services in Singapore?
Before you start your search for the best secretarial service, you’d need to know what these services are and what their function is. You’d also need to know what to expect and how to manage them. Since looking for a good service can overwhelm you, it is important to start from the very basics.
Corporate secretarial services help clients manage their companies in a way that operations and business adhere to the guidelines and rules set by the Singapore government. Fred Wallace from Sandhurst Consultancy explains that the term “corporate secretarial services” is used to describe the processes a business uses to comply with statutory requirements.
The rise in the number of businesses has also led to a rise in the number of secretarial services. But even though you have options only a few will actually suit your needs and only one will actually fit in comfortably with your business.
If you think that you can do your finances and bookkeeping on your own, you probably can. However, there is a catch. If you’re a new business it’s better to outsource these services so that you have the time and energy to concentrate on growing your business.
Secretarial services not only take care of your paperwork during incorporation but also help you acquire licenses and permissions you may require along the course of your business expansion. Filing your taxes and keeping a record of your finances is time-consuming and tedious too. Let your company secretarial service take care of this for you. You also have the advantage of mitigating any risk that could arise because of noncompliance with laws.
These services employ experts who are well versed with the Singaporean law and procedures since they have been in the business for years. These specialists represent your company and act as the corporate secretary for your firm.
Responsibilities of a Singapore Corporate Secretary
The responsibilities of a corporate secretary are quite different from those of an ordinary secretary. Whether your corporate secretary is an individual from a secretarial services firm or in-house, their role is quite complex and you do not want to run your business without these people on board. It is also mandatory for all businesses to have one on board within 6 months from incorporation as per the rules laid down by ACRA.
Your company secretary is the one-point contact with business regulatory authorities like ACRA and IRAS. They file and update business documents, maintain statutory registers, prepare the documents for annual general meetings and board meetings. Apart from these duties the individual also takes care of legal and financial proceedings on behalf of the business. Basically, your company secretary safeguards your business against mishaps and noncompliance with laws, hence, hiring one must not be taken lightly.
What qualities must your corporate secretary possess?
Top secretarial firms in Singapore have employees that have the right brew of commitment, expertise, and skills for their clients. Even then you must look for some very vital skills.
Professionals – your secretarial firm must have very well trained professionals with years of service. Go through the credentials of the individual representing you to make sure.
Expertise – Hire a firm that has deep knowledge and excellent communication along with management, organizational, troubleshooting and technological skills.
A good firm will offer you services that are worth your time and money. When you hire a good firm you’ll realize the difference between hiring a firm as compared to an in-house individual. It will be more cost effective and quality intensive.
Hiring corporate secretarial services is never easy, but once you do, your business has overcome a very big hurdle that would hinder its longevity.