In Singapore’s fast-paced business environment, selecting a capable and trustworthy Company Secretary is not only legally required but also a wise strategic move that can significantly impact your company’s success and growth. A company secretary is essential to maintain excellent administration practices, ensure consistency with administrative commitments, and facilitate effective communication between the board, executives, and stakeholders.
Many companies in Singapore outsource secretarial services thanks to this option’s many benefits, such as cost-effectiveness and expertise. As a result, there are a lot of businesses that provide company secretarial services. But picking one can be challenging. Reviewing the legal requirements and ascertaining which corporate secretarial Singapore provider can supply reliable and effective services is critical.
Asking the appropriate questions is a fantastic place to start when trying to do that. These are the most critical questions when choosing which corporate secretarial service provider to use for outsourcing.
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Does the company employ people who meet the necessary qualifications?
It makes far more sense to work with a company that has the highest credentials, whether you are a startup or an established business aiming to go public! In Singapore, a public company’s corporate secretary must be sufficiently qualified and meet the following requirements, at the very least:
- Have served as a company secretary for a minimum of three of the five years before their appointment to the position of secretary for a public business
- Qualification under the Legal Profession Act
- Membership in the Institute of Singapore Chartered Accountants, the Chartered Institute of Secretaries Singapore, the Association of International Accountants (Singapore Branch), and the Institute of Company Accountants, Singapore.
A corporation can effectively manage the corporate secretarial services of both private and public companies if its workforce satisfies all of these qualifications.
Do the secretaries know about all the laws and guidelines for corporate secretarial in Singapore?
You should ensure the corporate secretarial service you work with is knowledgeable about the business guidelines established by Singapore’s Accounting and Corporate Regulatory Authority (ACRA). They must be aware of any daily updates and modifications to the guidelines. Your Singaporean partner for secretarial services should be able to guide you through every step of the procedure without any problems, from completing paperwork to scheduling meetings with government officials.
A company secretary’s responsibilities include organizing AGMs and EGMs, submitting taxes, keeping track of corporate data, and ensuring compliance with local regulations. Additionally, the secretary must be aware of any effects your company may have on local procedures if it has international operations.
Ensure you have many inquiries about compliance rules before employing any secretarial services firm. You can also do online research beforehand to verify the agency’s capabilities properly.
What services and solutions do you provide?
Assigning as many non-core tasks as possible to one service supplier is preferable. As a result, your startup or soon-to-be public firm will benefit from a closer tie between the two businesses. Financial accounting, tax preparation, processing business payroll, balance sheet and statement of cash flows, statutory report generation, bank payment processing, and electronic pay slip creation are among the crucial tasks. An indication of strength is when a service provider can manage all these things.
You save time and effort by not having to search for other providers because all these services are available under one roof! Furthermore, Boardroom can create a unique package that meets your company’s requirements, saving you tons of money.
Do you have a specific industry specialty?
Think about if the industry or field in which your company operates demands a particular set of credentials. For instance, having a company secretary with knowledge of finance and related regulatory issues may be advantageous if your organization operates in the financial services industry. Proficiency in the relevant industry can aid in comprehending the unique challenges and administrative nuances that your company may face.
Does the company offer individualized support?
Every business is unique. The needs of your firm may differ significantly from those of others based on the industry. Inquire whether the Singaporean company offering corporate secretarial services can customize packages to meet your company’s unique requirements. Additionally, their policies should allow you, the business owner, to pay for the services you select.
Secretarial assistance in Singapore should relieve entrepreneurs’ stress, not increase it. If you want to work with such a company, assess their ability and willingness to tailor their services to your company’s needs and ensure that the price points are reasonable. The secret is determining your company’s appropriate cost-benefit ratio and acquiring corporate secretarial services under that amount.
Does your company have a specialized account manager or corporate secretary?
A single point of contact facilitates good communication. A specialized account manager will be conversant with your company’s background and methods of operation. This allows your corporate secretary to develop alongside your company and offer individualized customer service in the long run.
There’s a deadline for filing annual returns and holding an annual general meeting in Singapore. A professional corporate secretary ensures immediate attention to these issues since failure to comply with these requirements may incur penalties.
Are the secretaries experienced?
Relevant experience is just as crucial as a recognized professional certificate, though. A company secretary should be well-versed in compliance, company law, and corporate governance. A candidate’s capacity to operate under pressure and their understanding of the sector are also crucial considerations, in addition to professional experience. They need to be able to operate under pressure because non-compliance might have severe consequences, and compliance deadlines can be tight.
Can you expand with my business?
Your business will eventually develop from its current state. Working with corporate secretarial Singapore providers who can grow and offer more than you initially needed is essential. For this reason, finding a provider with prior experience working with businesses that have changed their corporate form or gone public is a good idea.
The takeaway
Finding a secretarial service provider with a track record of success and a comprehensive offering of corporate services ensures that your business maintains compliance, makes financial savings, and is sufficiently organized to support the streamlining of crucial procedures.
