Outsourcing to Company Secretarial Services in Singapore: Key Facts
In Singapore, the experienced company secretarial services come at a premium. And, it is not that you will be able to find them the moment you need them for your private limited company. For the public companies, the task gets a bit difficult as they need to appoint a qualified company secretary with proper certifications.
After company incorporation, you must appoint a company secretary. As per the Company Law of Singapore, it is a compulsion, and every incorporated company has to appoint one within the six months of its incorporation. This professional is specialist and knows about the laws and procedures that a company has to follow to ensure its statutory compliance.
Individual Secretary or Corporate Secretarial Services
Some of the business owners choose to appoint an in-house corporate secretary in Singapore. Some saddle one of their directors with the task in order to reduce their administrative costs. However, a sole director is not allowed to function in this capacity.
As per the current market trend, a large number of them outsource the task to trusted corporate secretarial services like SBS Consulting Pte Ltd. For an affordable fee, they get the experts to take care of their statutory responsibilities.
The move has its advantages, as the experienced secretaries employed by the company secretarial services know their business. They are on top of the latest changes in various rules and regulations and are fully aware of procedures involved. They can oversee the tasks for the companies from all industry-types and are knowledgeable enough to anticipate the problems and take effective actions before they become the major compliance issues.
Employing Professional Company Secretarial Services
Employing a qualified company secretary services allow you to separate execution of a compliance-related and non-core task from the revenue generation and core-task of the business. It frees you from having to fight on two fronts and the resulting stress and anxiety.
3-in-1 Incorporation Package
The right time to hire a corporate secretary Singapore is when you are registering your company. The professional can actively assist you in the task. And some of the services providers like SBS Consulting offer combo incorporation packages that are especially affordable to those on budgets.
Such a package can cost you only S$699 which is the cost of registering your Singapore company. In addition, you get services like company secretary and local registered office address FREE for the first year.
Many small businesses think it is too costly to hire company secretarial services. But it may not necessarily be the case. Singapore is a tough market, and you can always look for bargains. Moreover, the individual company secretaries do not come cheap.
You have to bear the expenses like salary, employee benefits, incentive, infrastructure, the cost of searching, hiring, and training them. You may also have to fire them and start the process all over again. You can avoid all of this if you outsource the task to one of the corporate secretarial services.
Familiarity with the Procedures
A few individuals think the company secretary is an idle position. However, it is not true. The ACRA and other regulating agencies consider a secretary to be one of the stakeholders and responsible officer of the company.
As per the norms, any person having required experience & knowledge can act as a company secretary to the Singapore companies. The professional has to have in-depth knowledge of legal procedures involved, finance, accounting and other administrative tasks like tax filing, Annual General Meetings, and statutory compliance.
The companies need to hire someone who actually knows the actual role and duties of the secretary. Such luxury is not extended to the public companies. They need to hire a qualified and certified professional who has worked for the three years out of last five years as a corporate secretary in Singapore.
The hiring of one of the most suitable corporate secretarial services is a vital decision. You have to keep in mind that any compromise on your part can jeopardize your statutory compliance, brand image, and goodwill. Choose the right services provider with care.
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036