News & Updates
September 28, 2022
Starting a business in Singapore requires a lot of things from a business owner. Because of this, professional assistance becomes a need for most companies. This makes company secretary consultancy services crucial not only for starting businesses but also for enterprises with years of experience in the industry. However, finding an ideal company secretary does not happen overnight—it is a process that sometimes takes longer than expected.
With extensive work at the forefront of selecting the perfect secretary for your business, it is a smart move to turn to a qualified partner like ContactOne. Working with professionals in the business industry ensures that expectations are met and goals are achieved. When you have a trusted partner working with you hand in hand, the next big step you should take is to fully understand how you can make the most of your company secretary, whether in-house or outsourced.
In connection to that, this article features various advantages of hiring/outsourcing a corporate secretary for your business in Singapore. Suppose you are still undecided whether to onboard professional assistance or not. In that case, this article might change your mind and how you see a company secretary as a substantial contributor to efficiency in your business. Continue reading below to learn more.
What Does Company Secretary Consultancy Services Mean?
Corporate secretary or company secretary consultancy services are business solutions provided by an entity to another company in compliance with Singapore Companies Act. It requires every company to have an appointed corporate secretary within six months of incorporation (Section 171, 1AA, Companies Act). A corporate secretary must be a citizen or permanent resident of Singapore or a holder of a Singapore employment pass/dependent pass.
Moreover, hiring a corporate secretary ensures adherence to various rules and regulations set by the appropriate regulatory bodies. In other words, corporate secretarial services keep a company on track when it comes to complex legal and administrative requirements. In addition, they bridge the gap between businesses and conformity to the laws governing different types of enterprises in the Singaporean business landscape.
Below are the areas where the work profile of a corporate secretary mainly evolves around while working for a company incorporated and operating in Singapore:
- Complying with the laws and regulations
- Maintaining office setup
- Preparing and filing various documents
- Working with stakeholders and board members
- Maintaining custody of company seal
- Managing stock regulations
Improving Business Operations Through Company Secretary Consultancy Services
The functions of a corporate secretary give a company a head start to grow and hit target results within a given timeline. Although it is not a secretary’s job to oversee business operations, their roles are substantial in taking over administrative tasks. The lack of professional support burdens the executive officers because they are supposed to spend their time growing the business. Thus, a secretary’s role is irreplaceable and must not be overlooked.
Here is how secretarial services contribute to improving daily business operations:
Taking advantage of the professional business support provided by a corporate secretary ensures excellent execution of business operations. Specialised secretarial services have been designed to adapt to the different needs of various companies in Singapore. Insights on how to carry out proper and efficient administrative tasks for businesses allow company secretaries to work around several circumstances and find better solutions for ongoing corporate issues.
Focus on Critical Functions
Company owners want nothing but the best for their business. Their eyes are fixated on aiming to succeed in the respective industry they operate in. But they have to realise the importance of paying more attention to the critical operational elements. That said, it is vital only to trust an expert handling corporate compliance. When the management has no divided attention, they can unleash their full potential in exceeding business expectations.
Potential Problems of Businesses Without Company Secretarial Services
According to ACRA, companies may face common offences and mistakes if they don’t engage in reliable secretarial services. We collated them to keep you aware and, at the same time, avoid the same mistakes some companies committed before.
- They will fail to prepare proper company resolutions.
- They will fail to obtain the required authorization for certain resolutions to be legally passed through.
- They are likely to be not aware of recent legislative developments and changes.
- They will be unable to notify the registrar of any amendments to the registered office address and operating hours.
- They are likely to have poorly managed records.
- They are likely to prepare incorrect year-end reports.
- They will fail to comply with the Companies Act (Cap. 50, Section 411), Companies Regulations.
- They will fail to organise the company’s Annual Return one month before the Annual General Meeting.
- They will fail to motivate the interest of substantial shareholders in the company’s interest.
- They will fail to notify the registrar of any changes in the line-up for directors, managers, corporate secretaries, auditors, registered office addresses, and more.
Get Company Secretary Consultancy Services from ContactOne
Entrusting your business’s administrative tasks to an expert and competent business solutions provider will significantly change your daily operations. So, only work with experienced firms like ContactOne. Singapore is a very competitive business hub, and falling behind sometimes leads to things going downhill. You should not let things go down this way. As early as now, invest in corporate secretarial services from us.
September 28, 2022
Do you know enterprises in Singapore mandatorily hold an annual meeting to update their stakeholders on the business’s health? This meeting is called the Annual General Meeting (AGM), wherein the company presents comprehensive financial statements to shareholders. And in return, they are given the opportunity to ask various questions regarding the company’s performance over the past year.
During the AGM, shareholders also make crucial decisions for the company, including appointing a director or removing one. Learn more about what AGM is all about and what happens during this business gathering that makes it vital to Singapore’s businesses. Continue reading below!
When is a Singapore-Registered Company Required to Hold Its AGM?
Before we dig deeper into the importance of AGM, let’s get to know when a company should hold one. As mentioned earlier, AGM is mandatory, and every Singapore-registered business is required to carry it out annually. However, some companies might be exempted, given certain considerations. Unless the company has dispensed with the hold of an AGM, public-listed businesses must hold AGM within four months after their financial year end (FYE), while non-listed businesses have to organise the annual meeting within six months after their FYE.
The FYE date is the company’s deemed FYE anniversary previously confirmed by the registrar. If there’s no notification from the registrar regarding the FYE date, it is assumed to fall on the company’s incorporation date anniversary. Learn more about determining a company’s FYE by directly reaching out to the appropriate office. This is the best way to address all concerns possible.
Important Considerations Before an AGM Takes Place
Now that the definition of AGM and when to hold one has been tackled briefly above, let’s take a closer look at the things to take note of when conducting an annual business meeting attended by company shareholders. Stick around and jot down some key points to ponder!
Dealing with Resolutions
As defined by the company articles, the common resolutions in an ordinary business include appointment of auditors or directors, distribution of dividends, remuneration for senior directors and executives, and presentation of financial statements for the year. The meeting needs to deal with resolutions according to the notice. Thus, other than ordinary businesses, the resolutions are in the AGM’s notice.
It is necessary to note that the members are entitled to propose any resolution for the meeting as long as it is not previously mentioned in the notice.
Meeting the Quorum
Besides keeping company shareholders updated on business performance, AGM is also the time to meet the quorum. It refers to the minimum number of attendees to proceed with the meeting. If the attendees do not reach quorum, the AGM will be invalid. However, when a quorum is unconstitutional, two members or proxies are allowed to go on with the AGM.
Ensuring Proper Appointment of Proxies
When a member cannot attend the AGM, a proxy can act on behalf of that member. But appointing a proxy takes a proper process to make it valid. With a proxy, a member can be replaced during the meeting. The proxy may also vote with the member’s best interest on top of the priority ladder.
Appointing a proxy by an AGM member should be in the company’s constitution. Other than the AGM, this constitution applies to most of the meetings or the current one. The only assurance a proxy can have is to follow the constitutional procedure.
Preparing Proper Financial Accounts
During the meeting, the directors will present the following documents: the director’s report, balance sheet and profit or loss statements, auditor’s report, and notes on the financial statements. It is important to have these presentations ready before the AGM takes place. On the other hand, prepare copies of these documents to be given to the member with the notice of AGM at least fourteen days before the actual meeting.
Upholding Proper Resolutions Voting
Every member has the right to vote, reinforced by the company’s constitution. On the contrary, a member is exempted from the right to vote when the company sends notifications, denies the member’s right to vote, and when the member has unpaid shares. The members use polls or raise their hands to vote, but proxies are not always allowed to do the same unless the company’s constitution permits them to do so.
Closing the AGM
The company secretary is obligated to document what has been discussed in the meeting through the meeting minutes. As soon as the chairman signs the minutes, the meeting is ended. After that, the secretary will file the document for safekeeping and future reference.
That concludes the list of considerations when holding an AGM for a company. A meeting as vital as this requires thorough preparation and proper procedures. As an enterprise in Singapore, it is essential to go above and beyond to make the annual general meeting successful.
Hire ContactOne’s Business Solutions Services Today!
If you are looking for professional assistance to help start or grow your business, reach out to ContactOne now. We have an array of services to choose from that are tailored to your particular business needs. Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to learn more about our services.
August 24, 2022
A business owner in Singapore can attest to the challenges of starting a business, let alone growing it. You need to comply with laws and regulations, and it is easy to lose track of it all if you don’t have the right support system. Lucky for you because many business solutions providers are here to work with you hand in hand for the overall betterment of your company. ContactOne is one of those providers you can rely upon when it comes to efficient corporate solutions. Having a professional team taking charge of every business’s needs, you can guarantee unrivalled services from ContactOne. From company registration to strike-off, this article will take you to an in-depth discussion about the benefits of ContactOne professional services to your company. If you want to know more, we suggest that you stick around. Continue reading below!
Excellent Services Without Breaking the Bank
Some businesses hesitate to consider outsourcing corporate solutions because of the upfront cost. Indeed, you have to allocate a portion of your financial resources to implement professional services. But consider these services an investment instead of treating them like an expense. And like other investments, it will compensate for the cost in the future if you work with a services provider with a proven track record like ContactOne.
There are many corporate service providers in Singapore, and what sets ContactOne apart from the rest are the services delivered with you always in mind. When starting a business, you are probably torn between entrusting your business’s registration to a third party or doing it on your own. Don’t let your hesitations deprive you of reliable services. If you sign up for any of our company registration services, you will spend less than expected.
ContactOne’s company registration subscriptions exclude all company registration services fees. You will only pay for the ACRA government fee and a discounted fee for the bundled services, including company secretarial, accounting, and tax services.
Tailored Services to Our Clients’ Diverse and Specific Needs
Business needs are never-ending, and with that, it is vital to work with a service provider that you can fully trust and deliver efficient solutions to your concerns. As a committed service provider, ContactOne will do its best to meet customer expectations through tailored solutions. We have an array of professional services to choose from, such as accounting and tax for emerging and small-to-medium enterprises.
These services are customisable, which means you can include the compilation of financial statements, payroll management, tax planning, corporate tax services, and GST filing submissions. Of course, it will always depend on your needs. If you want to learn more about ContactOne’s tax and accounting offerings, visit our website or talk to one of our representatives. They will take you to a detailed discussion regarding taxation and accounting.
Professional Assistance at Arm’s Reach
Business owners in Singapore prioritise achieving short- and long-term business goals, positioning their company in the industry, and most importantly, growing their business by focusing on key business elements. But it can be challenging to be on top of all this daily, with many things recurring in just a short span of time. The best way to address this is to outsource company secretary services from trusted service providers like ContactOne.
With professional assistance at the helm of your company, you can spend more time generating business income. ContactOne’s corporate secretary services are designed to help businesses in Singapore be on track with their annual returns to ACRA through a dedicated reminder service.
Although it is mandated by ACRA to hire a corporate secretary within six months of a company’s incorporation, Singaporean enterprises must not overlook this need regardless of compliance purposes. A qualified secretary is crucial to business operations, particularly administrative tasks. They are the face and representative of your company. And it is only fitting to give them an importance similar to other workforces that are keeping your company afloat amidst tight competition.
Strike-Off Made Easy
Closing a business is one of the things most business owners want to avoid. However, certain circumstances call for the overturning of a company in Singapore. It is practical to close down the business if it is no longer holding operations shortly. With all the outstanding liabilities or creditors, engaging a service provider is crucial to assist in the strike-off of the company’s name from the registrar. Debts usually make the deregistration process longer, but ContactOne got you covered.
Bring Convenience to Your Business with ContactOne’s Professional Services
ContactOne is a certified firm providing professional services to different businesses in Singapore and ACRA-registered to act on behalf of business owners in various areas of managing a corporation. Do you want to learn more about us and what we can do to help grow your business? Do not think twice about getting in touch with us. Our representatives are more than willing to help with your questions and enquiries. Or you may visit our comprehensive website and explore ContactOne professional services.