Things to look at before hiring Corporate Secretarial Services in Singapore

Are you planning to start your business in Singapore?

Well in today’s scuttling business fulcrum it is hard to start a business and you need to have a perfect plan and strategy that can help you to be successful. There are vast number of challenges that you will face in the starting of business and after a successful startup it gets even harder to maintain a company. The solution which can help you starting and succeeding in your business life can be outsourcing some of your work by partnering with the company which handles Corporate Services, Accounting and Tax, Apostille and Legalization, business consulting, Company Secretary, Nominee Director Service etc.

Now, as a business owner, handling all the administrative, accounting work and legal matters can become frenetic so engaging a corporate secretarial service provider can really help in handling business perfectly because it covers all the work like preparing minutes, collating and compiling of financial reports, handling the legal compliance like holding AGM, shareholders and directors meeting etc.

So, what is exactly the scope of work of corporate secretarial service?

A corporate secretarial service firm helps you like an extra to handle all your corporate and legal matters efficiently.

A company secretary is responsible for all board and legal procedure of company and can make sure that there are no breaches of rules and regulations. Hence, you need to hire one of the most efficient Singapore corporate secretarial services company to provide this service.

Duties of Corporate Secretarial Providers?

The company secretary is appointed by the director of the company and he will be responsible to ensure that company complies with the laws and regulation of the Companies Act. The formal duties of Company secretary are:

  • Must possess in-depth knowledge of Singapore Companies Act
  • should be able to conduct board meetings
  • Should maintain statutory register
  • Should file changes of statutory returns to ACRA (Accounting and Corporate Regulatory Authority)
  • Should update the changes of capital share structure with ACRA
  • Will have to liaise with the shareholders
  • Can help to maintain bookkeeping services in Singapore
  • A company secretary can help to assist with:
    • Planning and directions of the company
    • Mergers and Acquisitions
    • Winding up and Liquidation
  • Can help to assist in drafting and execution of agreements, contracts, and board resolutions
  • Has to file the annual returns and financial reports

What are the things you must consider while hiring company secretarial provider in Singapore?

Here are some of the factors you should take note when hiring Company Secretarial service in Singapore

  • Check if the corporate secretary services know the laws and regulations:
    This factor is the one which should be given more importance and which cannot be ignored. While hiring Corporate Secretary Service Company, it strictly observes rules and regulations announced by ACRA. The local firm you hire should know about all the reservation of duties they have to follow like company names, maintenance of statutory registers, changes of corporate profile to ACRA, updating the changes of capital share structure to ACRA, filing requirements and schedule meetings.
  • A person should be qualified person under the Legal profession act
  • He/ She should be member of Chartered Secretaries Institute of Singapore (CSIS)
  • He/ She should be a member of Institute of Singapore Chartered Accountants (ISCA)
  • He/ She should be the member of Institute of Company Accountant, Singapore
  • He/ She must have a fair knowledge of Singapore Companies Act and ACRA’s annual requirements
  • The professionals of the firm should have rich knowledge and experience in the local jurisdiction
  • The most important thing is the cost of the service. The fee for corporate secretarial services must suit your budget

The Accounting and Corporate Regulatory Authority (ACRA) mandates that every company must appoint a company secretary within 6 months from the date of its incorporation and the appointee must be residing locally in Singapore, and he/she must not be the sole director of the company.