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.
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.
Improving Efficiency:
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.
Reduced Risk:
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.
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