News & Updates
December 2, 2021
A company consists of many stakeholders, and each of them has different roles to play. Among these stakeholders is a company secretary who seems to have many duties and responsibilities, such as checking the company’s compliance with statutory and legal bodies. Their responsibilities go beyond filing and corresponding, which is why every board member values this position more than ever—putting company secretarial services into a new light in the corporate world.
Given the importance of this position, the Accounting and Corporate Regulatory Authority (ACRA) mandates every business to hire secretarial services in Singapore within six months of its establishment. This is why companies must find reputable company secretarial services providers.
As the role of a secretary in Singapore continues to evolve because of the developing corporate governance, it is now the best time to carry on hunting for the most suitable secretarial services for your company. We created the list below to put out when these services are essential to every business’s operation. Let us have a look.
1. Maintaining compliance
A secretary should maintain corporate compliance to ensure that all business operations run smoothly without the distraction of missing compliance deadlines. Company secretarial services must include:
- Keeping minutes of registers books;
- Submitting annual returns to ACRA; and
- Monitoring compliance with relevant laws.
If these tasks are not carried out precisely before deadlines, the company will face liabilities through regulatory bodies. When it comes to looking for a service provider of secretarial services, consider all this.
Secretaries also facilitate communication within the company and across management levels by reporting to appropriate parties and delivering essential memos.
2. Provide wise counsel
In hiring secretarial services in Singapore, consider the legal compliance of businesses, which covers the company act, income tax act, and internal company governance. Many regulations related to compliance and management surround a company. That is why a competent secretary is required to be well-versed and educated in these areas.
If you would like to make corporate changes to your company structure, it is beneficial that your secretary is competent in such processes. You can quickly execute the corporate changes with relative ease, with the peace of mind that all legal requirements are in place.
All these are necessary for executives to make crucial decisions as it provides them with critical information. It leads to formulating strategies while abiding by the laws and regulations.
3. Act in the best interest of the company
One of the essential duties of a secretary is to act in the company’s best interests. It must be done in good faith while avoiding potential conflicts that may arise within the organization.
Companies must highly regard hiring a meticulous, trustworthy, and dedicated employee who will not jeopardize operations. If a secretary embodies these qualities, they can manage your business effectively and take it to greater heights.
For companies, hiring secretarial services in Singapore is more than just employee recruitment. That’s because companies highly rely on a secretary’s job. A secretary who can perform the roles to the best of their abilities will result in success. When a company secretarial service is in place, it can focus on its daily operations and improve its efficacy.
4. Performs board director training and development
Even though the board of directors brings an edge to the company with a certain degree of expertise, they still need training and development to be knowledgeable about the latest trends on corporate governance, finance, and cybersecurity, among other things. So, secretaries must lead board evaluations, conduct governance audits, and help resolve planning issues. They should also assist directors by educating, training, and orienting them.
Aside from that, since a corporate secretary sets the board meeting agenda, they must collaborate with the executive team. This way, secretaries can identify and prioritize what topics to be discussed by the board and committees. This role extends to facilitating executives, making annual reports, sending financial press releases, and reviewing implemented policies.
What are the qualities to look for in a company secretarial service provider?
Many secretarial service providers are in Singapore. And choosing one could be a challenging task. Although top providers showcase potential secretary material and employ individuals with the right combination of skills, experience, and commitment, not all of them are suitable for your company’s needs and demands. Here are a couple of things to be mindful of when exploring your options to help you hire the best secretary for your corporation:
Make sure they are highly-trained professionals
Choose a company secretarial services provider that guarantees highly-trained professionals. It would be best to consider these individuals and their area of expertise, industry experience, and knowledge of compliance procedures. This way, you can ensure that your secretary plays its role in contributing to company success.
It should pay for the value of your time and money
Money is a contentious matter. Because of that, you have to make sure that you get what you pay for. Pick a provider of secretarial services in Singapore that ensures hiring a third-party firm. This is more cost-effective than hiring an in-house secretary.
Being reminded of ACRA’s specifications, corporate secretaries have more critical functions in the overall business operations than you can think of.
Are you looking for company secretarial services in Singapore?
ContactOne Professional Services is your best partner in company secretarial services. We are one of Singapore’s premier firms that provide companies with corporate secretarial services. Our secretarial services have been designed to assist you with beating deadlines, especially the submission of annual returns to ACRA.
Aside from that, we also offer business formation, compliance management, accounting and taxation, payroll management, and other corporate administrative services for startups and small-to-medium enterprises.
You can visit us at 1 Coleman Street, #10-06 The Adelphi, Singapore 179803. We are open from 10 AM to 7 PM, Monday to Friday. Or give us a call on +65 8666 3633 (company registration and secretarial inquiries), +65 8877 2223 (AGM and annual return filing), or +65 8813 3833 (accounting and tax inquiries).