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.