Yes, You Do Need Corporate Secretarial Services
Immediately after registering a Singapore company, you need to appoint a company secretary to care for its statutory compliance. It is a specialized task needing required knowledge and experience. You should not overburden the management staff with it. Rather, you should think of appointing one of the reliable corporate secretarial services.
Free Your Management, Employ Company Secretarial Services
Some of the business owners are conscious about the tasks they spend money on. They think the hiring of corporate secretary in Singapore is being spendthrift. However, the management staff or the small business owners are busy generating revenue and drive the profitability up.
Chaining them to the company’s statutory compliance slows them down which can drastically affect the prospects of the business. However, handing the task over to the corporate secretarial services sets them free to chase and achieve company’s core goals. It is a great step in ensuring success and growth of the business.
You Need At Least One Corporate Secretary in Singapore
As per the Companies Act of Singapore, every new company must appoint at least one qualified company secretary within six months from its registration. This is where company secretarial services like SBS Consulting Pte Ltd enter the picture. These services providers offer the expertise of their qualified and experienced company secretaries to the startups and small businesses.
Alternatively, they can also employ a permanent full-time secretary. However, startups and Small & Medium Enterprises (SMEs) find their salaries, employee benefits, and expenses of infrastructure hard to meet. On top of that, searching qualified and experienced secretaries, interviewing, and hiring one of them is a planned activity which itself is a distraction to the management staff.
Outsource Non-Core Task to Corporate Secretarial Services
Today, the new CEOs and managers believe in outsourcing the non-core tasks of their companies. It cuts down the clutter in the mental and decision-making space to a minimum. It allows them to focus completely on ensuring the business’ knife-edge competitiveness and enhance its ability to respond to the emerging market trends swiftly. It is one of the main reasons why company secretarial in services are in demand.
Tasks Supported by Company Secretarial Services
Singapore corporate secretarial services take a number of compliance-related tasks of your hand. The following is a list of few of them:
- Maintain statutory registers
- Issue & transfer of shares to the shareholders
- Distribute interest & dividends to shareholders
- Manage statutory filing like annual returns
- Inform company directors about due dates of filing
- Update them about changes in the compliance
- Distribute annual reports, account statements & interim statements to shareholders
- Update ACRA about the changes in the officers of company
- Prepare directors' reports
- Arrange Board meeting, Annual General Meeting & Emergency General Meeting
- Take minutes of the meeting
- Prepares agenda for the meeting after consulting the CEO
- Keep Company Seal safe custody
Appointing a Secretary to Private Limited Company
As per the law, any Singapore resident, or an Entrepreneur or Employment Pass holder can act as a secretary to a private limited company. The appointee needs to have required qualifications and enough experience to discharge the duties the job entails. The appointee needs to be at least 18 years of age & ordinarily resident of Singapore.
Appointing Secretary to a Public Company
In the case of public companies, the criteria for appointing a corporate secretary in Singapore is strict. They need to find a certified and experienced secretary. As per the law, the appointee needs to have worked as a secretary for at least two years out of the last five years.
The outsourcing of corporate secretarial services, nowadays, is a common practice. It is enthusiastically followed by the MNCs, SMEs, and newly minted companies. The services providers rely on their comprehensive services, cost-effectiveness, expertise and inside-out knowledge of compliance matters and effective corporate governance while shouldering the responsibility for their clients.
