Why is Outsourced Company Secretarial Services Singapore Necessary?
The trend of outsourcing company secretarial services Singapore is on the rise due to various factors. You might be wondering, “Is outsourcing of company secretary necessary for Singapore companies?” Yes, it has become a necessity in today’s competitive world. With an increasing burden on corporate governance, more and more companies in Singapore are turning to the outsourcing of this vital function. The key reasons for the rising trend of this move are reliability, affordability and increased efficiency.
Benefits of Outsourcing Corporate Secretarial Services Singapore
Reliability: You can rest assured that the quality of the secretarial services of your company will be high and unmatched as they are being handled by the experienced and qualified professionals of the firm.
Cost-Efficiency: Outsourcing is a proven method of cutting business especially when compared to in-house employees. All your secretarial tasks will be done in a fraction of the cost of the in-house team.
Increased Efficiency: When you outsource a firm to carry out your corporate secretarial services Singapore, you get more time to focus on the core competencies of the business. The more you concentrate on your productive activities, the higher will be the outcome of your hard work. Hence, the productivity will boost at a fast pace.
These three are the vital driving factors behind the rising popularity of the idea of outsourcing company secretarial services Singapore.
The Significance of Company Secretary in Singapore Jurisdiction
As per the Singapore Companies Act, Cap 50, you must appoint a company secretary within six months of incorporation. Your incorporation will remain incomplete if you don’t fulfill this requirement. The person appointing as company secretary of a private limited company has to be ordinarily resident in Singapore (Citizen, PR or holder of Employment Pass).
Apart from that, he/she must have good knowledge of Singapore’s local regulations and companies act. The role of a company secretary is as crucial as other dignitaries like directors, shareholders, auditors of a company. He/she is responsible for supervising the administrative burden and compliance issues of an organization. Maintaining registers, convening Annual General Meetings, keeping minutes of the meeting, updating ACRA about any changes in company’s important facts, filing annual compliance, safekeeping of company’s seal are few of his responsibilities.
Staying up to date with the ongoing regulations and filing regulatory obligations within the specified dates are few of the challenges you are likely to face unless you have a qualified company secretary on your side.
Outsourcing of company secretarial services will let you enjoy great peace of mind in the knowledge that your secretarial burdens are being carried out by someone who has the specialized skills and experience. So, it is worth to invest the money on outsourcing the tasks than the in-house option. Yes, it has become a necessity for Singapore businesses.
