Company Secretarial Services Singapore Help You Build Trust & Credibility

It is wrong to assume that company secretary has no prominent role in corporate governance of the organization besides eating up the startup budget. The sooner you realize its importance; the better would be for your business to build credibility and trust among the potential customers. The role of a secretary does not confine just to keeping the directors fully aware of the statutory obligations but also transcend to the implementation of the regulations. The best way to keep your secretarial tasks up to date is outsourcing to company secretarial services Singapore.

Significance of Company Secretary in Singapore

As per the Singapore Companies Act, appointing a company secretary within six months of incorporation is mandatory. Your company incorporation would have been incomplete without meeting this requirement. For private limited company, there is no any written eligibility criteria for company secretary. However, he/she must be well-qualified and aware of Singapore companies act. He has to be a local Singapore resident (Citizen, PR or holder of Employment Pass). 

The appointment of a company secretary as an officer is necessary as he will be responsible for administrative and reporting functions of the organization. He makes sure that the company has met all the statutory obligations and has complied with the Laws of Companies Act. He will be held liable by the authority in the case of non-compliance or delayed filing. 

Role of The Company Secretary

The job of a company secretary is likely to be vast and unending. Starting from assisting the directors, taking care of the interest of shareholders to filing returns and complying with the laws, a company secretary is responsible for a broad variety of key functions.

Emphasizing the Key Roles and Responsibilities of the Company Secretary

• Manage, update and maintain the company statutory registers and records.
• Looking after proper arrangements to share an interest of the shareholders and for director’s meetings.
• Lodge, check and file all the necessary documents and reports that are necessary by law.
• Arrange and convene annual general meetings/ board meetings.
• Providing comprehensive legal as well as administrative support to the board of directors.
• Ensuring the implementation of corporate strategies by making sure board’s messages and decisions are properly conveyed and carried out by the concerned departments.
• Acting appropriately to ensure that the company meets all the legal obligations of Companies Act.
• Ensuring compliance with the company’s Memorandum & Article of Association.
• Stay updated and update directors with every change in the statutory and regulatory obligations.
• Routinely communicating with the shareholders.
• Act as an intermediary between the company and the corporate governing authorities including ACRA for meeting specific needs of the company.

Hiring a good firm offering corporate secretarial services in Singapore is always good, as they are well aware of the roles, responsibilities, duties, and scope of the company secretary. Apart from core duties, these firms are well known for offering relevant guidance and consulting services to their clients. Therefore, qualification and experience matter a lot for appointing the best and skilled company secretary in Singapore. 

Now, you can understand how the good company secretarial services Singapore plays their role in enhancing the efficiency of their client’s business. Needless to mention, such services help you build better image and credibility among your potential customers and suppliers. SBS Consulting is one of the renowned firms in Singapore offering customized and cost-efficient corporate secretarial services.

Contact us:

SBS Consulting Pte Ltd

https://www.sbsgroup.com.sg

High Street Centre,

#17-02, 1 North Bridge Road,

179094 - Singapore

Phone: (65) 6536 0036

Email: info@sbsgroup.com.sg

Hiring Company Secretarial Services Singapore? Be sure to Consider These Key Facts

Are you planning to hire company secretarial services Singapore? Make sure to consider a few critical aspects to make the journey a smooth sailing experience. Out of four major stakeholders (the directors, shareholders, auditors and company secretary) of a private limited company in Singapore, the company secretary has the least responsibilities. Nevertheless, he/she is legally liable for handling the compliance requirements of the company.

As per the law stated in Singapore Companies Act, your company incorporation would be incomplete without appointing a company secretary within six months from incorporation. This requirement can also be fulfilled by hiring the outsourced corporate secretarial services Singapore. Majority of Singapore companies prefer using the outsourced service due to the benefits (cost-effectiveness, scalability, efficiency in service, etc.) it has to offer. However, you must ensure to hire the service from a reliable firm like SBS Consulting.

 

What are the things you must consider when hiring company secretarial services Singapore?

Competency:

You cannot hire any random firm to handover one of the critical aspects of your company, i.e., secretarial service. The firm must have a competent team to handle the legal compliance of your company. Be sure to check the qualifications and experiences of their professionals to avoid any future mishaps. It ensures whether they are capable of fulfilling your requirements or not.

Ideally, a company secretary in Singapore must have a fair knowledge of Singapore Companies Act and ACRA’s annual requirements. If the authority does not receive any annual report/filing of a company, the company secretary will be held responsible for not complying the lawsuit. Thereby, the professionals of the firm have rich knowledge and experience in the local jurisdiction. As per the law, only a Singapore resident (Citizen or PR) or holder of an Employment pass can act as the company secretary of your company in the local jurisdiction.

Affordable Cost:

The second important thing is the cost of the service. The fee for corporate secretarial services Singapore must suit your budget. Search for competitive prices. Nevertheless, do not consider the cost as a yardstick measure to determine your final service provider.

You must consider the quality of the services as well. Try to figure out how good the quality of the firm is. There are firms offering incorporation package that comes up with free or cheap corporate services. You may consider their packages as long as they maintain the high quality of service. Promo incorporation package of SBS Consulting offers free secretarial services for first one year.

The Reputation of the Firm:

Importance of reputation or credible image of the firm you are going to hire, is something you cannot afford to ignore. A good reputation is built over the years based on the good deeds of a firm. So, if the firm is highly acclaimed by their clients, the higher chances will be there to receive best-quality services. Although you can rely on the mouth publicity, client’s reviews, feedback, etc., it is wise to examine their site physically (if possible). You cannot simply believe what other people say.

 

Open for Guidance/ Consulting Service:

Besides the services that the firm provide, the professionals/experts should also be open to offering guidance/ consulting service to their clients. Outsourcing is an opportunity to enhance the efficiency of one’s business, so the secretary must assist you with relevant information, advice, guidance, and suggestions that can improve corporate governance within your organization. They are likely to have rich knowledge on local laws and jurisdictions. Thus, they can offer legal advice on various aspects of your business.

Scalability:

Outsourced corporate secretarial services Singapore should be scalable and flexible in various ways so that legal compliance is met within the specified deadlines. The roles and responsibilities of a company secretary in Singapore is diverse. The firm must ensure to deliver all the services with efficiency. Timeliness must also be maintained by your service provider.

These are the key factors you need to consider when looking to outsource the company secretarial services Singapore. Make sure to pick the right firm that ensures to deliver quality services on agreed time.

Contact Info
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg/
High Street Centre,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Hiring Company Secretarial Services Singapore is the Right Move

The Company Law of Singapore states the need for each Singaporean company to appoint a company secretary within six months of its registration. The task is important, and many of them outsource it to the company secretarial services in Singapore.

Some of them prefer to hire in-house company secretary or do the task themselves. Each of the options has its own merits. Here is why you should hire one of the experienced corporate secretarial services in Singapore.

Why you need to Hire Company Secretarial Services in Singapore

• These services strictly follow the rules and regulations of ACRA which maximize the chances of faultless statutory compliance.
• Outsourcing your compliance to the qualified company secretary supplied by these services unburdens you from the stress of having to deal with the task.
• A foreign entrepreneur needs to hire an incorporation services provider for his or her incorporation. It is advisable for them to also hire a qualified company secretary from these services. The whole package may cost them less than what they would pay for individual services.
• After hiring these services, you get to enjoy dedicated services of a company secretary having vast experience in compliance related matters.

The company secretary acts as the compliance officer of the organization. The professional is tasked with communicating, among other things, the due dates of the annual filing and AGM to the directors and shareholders. Its prime responsibility is to coordinate with the regulating agencies like Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS), Ministry of Manpower (MOM), etc.

Who can Act as a Company Secretary in Singapore
The appointment of a company secretary is as per the Section 88 of the Companies (Amendment) Act 2014.

• It states that the company secretary must be a natural individual
• A Singapore resident who can be a Singapore citizen, permanent resident or holder of work passes such as an Employment pass or Entrepass
• The person must be above 18 years of age
• The company directors must ensure that such an individual has experience, academic and professional qualifications to shoulder the responsibility.
• The sole director of a company act as a Company Secretary.
• The individuals having the debarment order against them cannot act in this capacity.
• The post cannot be left vacant for more than six months at any time.

Finding a qualified and experienced secretary is hard for both local and foreign business owners. That is why they choose to hire one of the corporate secretarial services Singapore. These firms employ certified professionals who have the industry-wide experience necessary to discharge the responsibility entrusted to them.

Qualification of Singapore Company Secretary
Both, private limited companies & public limited companies need to appoint a secretary. However, the criteria a private limited company must observe while appointing a Secretary is less stringent than that for the public limited companies.
Singapore Companies Act, Section 171 (1AA), states that a secretary of a public company must be qualified, and has to meet at least one of the following criteria:

• Worked as a secretary of a company for at least three of the five years immediately before being appointed as the secretary of a public company
• A qualified person under the Legal Profession Act (Cap. 161)
• A public accountant registered under the Accountants Act (Cap. 2)
• A member of the Institute of Certified Public Accountants of Singapore
• A member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
• A member of the Association of International Accountants (Singapore Branch)
• A member of the Institute of Company Accountants, Singapore

Roles of Company Secretary

The company secretary is a responsible position in the company management. The professional acting in this capacity is considered as one of the officers of the company. They are responsible for the handling of administrative functions & statutory obligations of the organization. The role & responsibilities of the company secretary are prescribed by the ACRA.
However, some of the business owners think that it is a waste of money to hire company secretarial services Singapore for the task, but, they have the right people for the task. The roles of a Singapore Company Secretary can be summed up as:

Towards Company:

Meet statutory obligations, protecting business interest of the company, practicing good corporate governance & business ethics, and attending company’s registered office address.

Towards Board of Directors:

Advise the directors, communicate info to them so that they can effectively contribute during the board meetings. Handling appointment of the new director to the board.

Towards Shareholders: 

Communicate with the shareholders and protect their interests. Act as the first point of contact with them. Circulate financial statements so that they are prepared to take part in decision making at the company’s AGM.
A company secretary must be capable of;

• Quick decision-making in response to the changes in business environment
• Maintaining fairness in all of the official dealings
• Grasping the latest changes in the legislation and its effect on the company

Core Duties of a Company Secretary
The duties of the Secretary as per the Singapore Company law are specific, and they are as follows:

1. Statutory Registers
The Company Secretary is responsible for maintaining & updating of company’s register of shareholders, register of charges, register of members, etc.

2. Custody of Company Seal
The Company Secretary is responsible for the custody and proper use of company seal.

3. Preparing Notice & Agenda of Meetings
The Secretary notifies the members and shareholders about the dates of meetings. The individual also makes the agenda in collaboration with the CEO and is also responsible for making the arranging the meeting.

4. Company Constitution
The Company Secretary must see to it that the company and its directors work as per the dictates of the company constitution.

5. Preparation of Accounts
The Secretary must see to it that the company’s accounting is as per the rules and regulations. The individual is also responsible for the filing of the financial statements with ACRA.

6. Identity of the Company
The Company Secretary must see to it that all the documents, notices, business letters, and company correspondences carry the name of the company and UID number clearly.

7. Filing with Company Registrar
It is the responsibility of the Secretary to file annual returns, the return of allotment of shares and changes in the company officials with the regulating authorities. It has to be done in a time-bounded manner.
8. Minutes of Meetings
The Secretary need to prepare the minutes of meetings and see to it that they are maintained properly. The company needs to preserve these records as per the law.
9. Insurance for Company
The company, its directors, officers, and other staff needs to be insured. It is the task for the company secretary.
10. Event-Based Compliance
The Company Secretary also need to respond to the situations presented below:

• Change in the company’s registered office
• Change in the director of company
• Amendment to the Company Constitution
• Change in the Name of Company
• Charge creation
• Change in share capital

11. Other Duties of Company Secretary 

Though the company secretaries are held responsible for statutory compliance & corporate governance of the company, their duties are influenced by their employment contract, qualifications & experience. They can leverage their training such as accounting, legal, etc., for optimizing the company’s work. That is why appointing qualified professionals from the corporate secretarial services Singapore makes sense. These professionals also take care of the following tasks.

• Convene and make arrangement for the AGM & EGM.
• Advises the board in discharging its duties.
• Protect the rights of shareholders and debenture holders & issue share certificates, invite applicants for subscription, take care of the transfer of shares & payment of dividend.
• Communicate with shareholders. Protect company’s confidential information.
• Keep the statutory registers open for inspection by members, shareholders, etc.
• Acts as a link between the Board & shareholders.
• Promote transparency & accountability in the company’s functioning.
• Take charge of secretarial work of the company.
• Oversee the company’s administrative functions.

12. Company Secretary in Fiduciary Capacity
 
The Company Secretary acting in the fiduciary capacity has to keep the following in mind:

• The Company Secretary must see to it that his or her personal interest never clashes with that of the company.
• The Company Secretary must always act within the law.
• The Company Secretary must show care & diligence while executing the duties.
• The Company Secretary must never seek any secret profit while executing his or her duties.
• The Company Secretary must never open confidential or trade info acquired.
• The Company Secretary like other officers of the company is answerable for the negligence or breach of duties and can be held liable.

When it comes to appointing a company secretary, the right moment is to hire a qualified and experienced one at the time of incorporating a company in Singapore. You should search for the promo packages offered by the company secretarial services in Singapore that bundles 2 or 3 services for the price of one. These services assign a dedicated company secretary to take care of the task for their clients. These professionals have vast experience which really helps their clients’ cause. Their services are most useful to the startup business owners who are totally new to the statutory obligations and those business owners who are strapped for the time or who want give a professional touch to their statutory compliance.


Originally posted: http://bit.ly/2eDx3rz

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.

Also Read: Company Incorporation Singapore: Selecting Right Business Structure

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.

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.

Contact Info:
SBS Consulting Pte. Ltd.
Visit: https://www.sbsgroup.com.sg/
High Street Centre,
#17–02, 1 North Bridge Road,
Singapore — 179094
Tel: (65) 6536 0036
Email: info@sbsgroup.com.sg

Get Company Secretarial Services Singapore & Freebies @S$299- SBS Consulting

“You can get our company secretarial services Singapore free for the first year if you choose our promo incorporation package. For existing companies, we offer it at S$299 only,” advised Ms. Meena.

SBS Consulting is a highly recommended provider of company secretarial services in Singapore. It also has cost-effective incorporation package for Singapore company registration services for individuals & SMEs. The firm has other services like bookkeeping, accounting, payroll, GST & XBRL filing, etc.

“No, there is no way of getting around this obligation. Every incorporated company in Singapore has to appoint a company secretary within the six months of its incorporation. A lot of SMEs in Singapore, prefer corporate secretarial services in Singapore over an in-house professional.

The business owners have realized that hiring of company secretarial services Singapore is the best solution. And, it is not the wastage of money as some of the individuals unfortunately think. And it is important to place the statutory compliance of their business in expert hands.

However, it is a non-core task & generates no profit for the business. Moreover, when there are due dates to meet, it can make people nervous & can disturb the workflow of even a disciplined company. The small businesses that are being single-handedly managed & the SMEs facing stiff competitions like to avoid such a situation,” added Ms. Meena, the Business Head of SBS Consulting Pte Ltd.

In a market as tough as Singapore, the credibility of a business depends on the fulfillment of its assurances & claims about the quality & punctuality in providing its services & products. Messing with the workflow can be detrimental to its profitability. That is why businesses want to stay focused on their core goals. It is the primary reason why companies are choosing to enlist the corporate secretarial services Singapore for their compliance.

“The MNCs favor outsourcing of their non-core functions. They do hire corporate services providers for their bookkeeping, accounting, payroll, & other non-core activities. Allowing the experts to take care of their compliance assures them. It lets them focus entirely on brand-building & revenue-generating tasks without having to look over their shoulder time & again.

Outsourcing of the corporate secretarial services in Singapore like SBS Consulting allows them to maintain the sanctity of their mental space. It helps them immensely in meeting their competition head-on. It gives them time to sniff out the changes in the market trends & in being ready with the right attitude & response,” elaborated Ms. Meena.

Also Read: Company Incorporation Singapore: Selecting Right Business Structure

A Few of the Company Secretary Services Provided by SBS

• Notifications & reminders for deadlines for document filing & ACRA compliance
• Filing of annual return (e-filing or paper filing)
• Establishing & updating of registers
• Managing, issuing & transferring shares to the shareholders
• Paying dividends & interests to the shareholders
• Issuing annual reports, interim statements, & accounts to the shareholders
• Managing changes in share & loan capital of company
• Preparing minutes & resolutions for board
• Ensuring proper use of company seal
• Preparing director’s report
• Conveying changes in company officials to ACRA

“When you hire our corporate secretarial services Singapore, our experts take full responsibility of the task & sets you free to concentrate fully on your core goals. They are qualified & have industry-wide experience. They are prepared to meet almost all challenges for ensuring your complete statutory compliance.

Before discarding the option of outsourcing to company secretarial services in Singapore, you need to answer a few critical questions.

“Can you stay updated with every change in the law affecting the compliance of your company?

“Will it be possible for you to give attention to every detail of your company’s compliance?”

“Is it practical for you to regularly communicate with each of your shareholders & disburse the dividend accurately & on time?”

Your answers to these questions & a little bit of soul-searching regarding your needs should guide you in determining whether you should do the task on your own, hire an in-house company secretary, or outsource the task to one of the reputed company secretarial services Singapore,” concluded Ms. Meena.

About SBS Consulting Pte Ltd:

SBS Consulting is one of the leading company secretarial services in Singapore. As a trusted provider of corporate services, it also offers Singapore company registration, accounting, bookkeeping, payroll, XBRL & GST filing, etc.

Contact Us:

SBS Consulting Pte Ltd

High Street Centre,

#17–02, 1 North Bridge Road,

Singapore

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg