How To Choose The Best Corporate Secretarial Services In Singapore
Looking for a topnotch corporate secretarial services in Singapore today can be quite a challenge with the multitude of professional services providers around. Finding a specialist who fits your business needs like a glove is what you, as a company owner, definitely want, as this individual could be instrumental in the success or failure of your business.
From a comprehensive list of corporate secretarial companies in Singapore, it can be tough to weed out the bad from the good. Before you start your selection process, it is important to know what corporate secretarial services are, the duties they take on, and what you should look for when in the process of hiring one.
What are Corporate Secretarial Services in Singapore?
As a top business hub not only in Asia but all over the world, Singapore takes pride in offering the most sought-after benefits for entrepreneurs today. Multinational companies and foreign business owners alike continue to flock to the Lion City to set up shop and take advantage of these opportunities.
The best part about starting a business in Singapore, apart from the bevy of benefits for entrepreneurs, is the availability of professional services providers who are experienced not only in helping you efficiently incorporate your business but also in offering corporate services and business financial solutions.
Corporate secretarial services in Singapore are amongst the solutions being provided by professional services providers offering assistance in business-related matters.
What is a corporate secretarial services firm anyway? These are specialised firms that help clients (companies) manage their corporate requirements that should be complied with under the law. These firms provide their clients with specialists who have years of experience in managing compliance requirements, as well as mitigating the risks due to non-compliance.
These specialists act as representatives of your company or essentially, serving as the corporate secretary of your organisation.
Responsibilities of a Singapore Corporate Secretary
The role of a corporate secretary, whether an individual from a corporate secretarial firm in Singapore or an in-house one, differs from that of an ordinary secretary or administrative assistant. To be precise, the job of a corporate secretary is quite complex and such position is not something you, as a company in the Lion City, can live without.
This is because the corporate secretary position is an essential part of a Singapore company’s compliance requirements. It is a role that is required for every company to have within six months of incorporation, as mandated by the Accounting and Corporate Regulatory Authority (ACRA).
ACRA requires one as this individual will act as the point person responsible for all the administrative and reporting duties of your company, which you should comply with under the law.
As the person responsible for all the corporate compliance requirements of a business, the corporate secretary handles the following duties:
· Filing and updating of documents with ACRA
· Maintenance of statutory registers
· Preparation of annual general meetings (AGM) and board meetings
· Other vital services that include safekeeping of the company seal and reminding the board of filing deadlines
On top of these compliance duties, the corporate secretary also takes on advisory and fiduciary duties for the company. In addition, the individual appointed to this position may also be required to handle other tasks that may be legal or financial in nature.
With such a comprehensive scope of duties and responsibilities, filling in the position of a corporate secretary in your company should not be taken lightly. The smarter move is to go for a corporate secretarial services in Singapore that knows the ins and outs of the position in greater detail.
Qualities to look for in a corporate secretarial firm
Top secretarial firms in Singapore are those that possess the right combination of skills, experience, and commitment to the company. When exploring your options, however, it is important to probe deeper to clinch the best company secretary in Singapore.
First, make sure that the corporate secretarial firm has highly trained professionals who have years of industry experience and are familiar and updated with compliance procedures.
Second, it is important to hire a corporate secretarial firm in Singapore with specialists who have a deep knowledge of your industry, possess excellent communication, management, organisational, and problem-solving skills, and are proficient in the latest technologies.
The best company secretary firm in Singapore also offers good value for money. Make sure that you get what you pay for all the time without any hidden charges. Top secretarial firms in Singapore will make you realise the cost-efficiency of hiring a third-party firm when you compare it with hiring an in-house corporate secretary.
The process of hiring the best corporate secretarial services in Singapore is never easy, but with this simple guideline, you’re on your way to finding the most suitable one for your company. Remember that this decision is a crucial one and requires your discernment to ensure that your business is always a step ahead of its corporate compliance responsibilities.