Company Secretarial Services Singapore is More Than Simply Complying with ACRA
Nowadays, more and more business owners are opting for outsourced corporate secretarial services Singapore. Do you know the key reason behind this move? Yes, you are right, it is more than simply complying with the statutory obligations of ACRA (Accounting & Corporate Regulatory Authority). Cost-cutting is one of the key driving factors which appeal the business owners to take the plunge. Besides this, this blog excerpt will unleash other reasons which make outsourcing an alluring option for Singaporean.
Company Secretary: A Compliance Requirement for Singapore Company
As per the Singapore Companies Act, Cap 50, every Singapore incorporated company must hire a company secretary within six months of its incorporation. Technically, a person who is an ordinarily resident in Singapore can legally act as the secretary. He/she must have a fair knowledge of regulations of ACRA, including the Companies Act. A secretary is one of the key stakeholders of a company, the other being directors, shareholders, and auditors, etc.
The company incorporation of an applicant would not be completed unless you fulfill this requirement within the specified period. He/she is responsible for ensuring compliance requirements of the organization. The secretary bridges the gap between the authority and the organization. A sole director who also happens to be the shareholder of the company cannot become company secretary.
The Roles and Responsibilities of Company Secretary:
- Ensure implementation of good corporate governance within the organization.
- Communicate with non-executive company directors.
- Maintain register of company
- Filing annual account and notifying ACRA about notice of share transfer, the amendment to Memorandum of Article and Association, changes in registered office address.
- Monitoring of share allotments, issues, and transfers.
- Ensuring proper use of company seal.
- Ensuring that restructuring, acquisitions, and mergers are done for the best interest of the company.
- Ensuring that the company name and UEN have been printed on company’s letterhead, notice, and other official publications
- Make sure that the company is abiding by the Memorandum & Articles of Association without fail
- Arrange and convene the Annual General Meeting and other company board meeting.
Since a full-time in-house company secretary would eat up a huge amount of your budget, small business owners must opt for outsourced corporate secretarial services Singapore and also, leverage its manifold benefits.
Reducing Operating Cost:
The hiring of an in-house company secretary is a costly affair. It involves the additional cost in recruitment and training sessions of the employees. Not to mention, the cost of an employee is way more than the fees of company secretarial services Singapore. Above all, efficiency and expertise are not ensured. Errors and oversights of the inexperienced employee may result in a loss for the company. Many firms in Singapore are offering high-quality secretarial services at affordable rates. SBS Consulting is offering free corporate secretarial services Singapore along with its promo incorporation package.
Outsourcing or company secretarial services allows you to tap into the administrative and legal knowledge and technical know-how which may cost you extra money if you arrange on your own. The availability of resources enables you to start your secretarial activities as early as you want. Engaging a firm having skilled, dynamic and innovative professionals give assurance that the compliance requirements have been met and implementation of good corporate governance has been done efficiently within your organization. All in all, outsourcing lets you focus on core competencies to increase productivity.
One of the key reason for outsourcing company secretarial services Singapore is to mitigate risk. Every company in Singapore and their stakeholders (directors, shareholders, secretaries) have some legal responsibilities under the local jurisdiction. The risk of enforcement action will be eliminated as the professionals of the firm will take good care of it. They are well-versed with the ongoing statutory laws of the authorities.
Now, you know how beneficial the outsourced corporate secretarial services Singapore is. It can rightly be said that outsourcing of this service is more than simply complying with ACRA.