Company secretary services can be a tremendous help to businesses. They can help a business comply with regulations, complete administrative tasks, and save much money. They also prevent company administrators from being overloaded with duties, easing their workload and lowering the chances of grave mistakes being made.

Why a Business Should Have a Company Secretary Service in Singapore

For many businesses today, compliance with existing regulations and handling of day-to-day administrative tasks are among the most important parts of running a company. This is especially true of businesses planning to expand operations into foreign countries. Such businesses are often unaccustomed to reporting and regulatory requirements of countries other than their own. Furthermore, it is difficult for many company owners and managers to add such tasks to their already busy schedules. Owners and managers who attempt to do too much in this regard run the risk of mismanaging the company. They may also fail to comply with existing regulatory standards or meet necessary legal requirements.

 

Role and Duties of a Company Secretary Service

According to the Singapore Companies Act, every company in Singapore, as well as every Singapore offshore company, is required to appoint a company secretary. This must be done within six months of incorporating the company. This company secretary must be at least 18 years old and a Singapore resident. “Resident” is legally defined to include Singapore citizens, Singapore permanent residents, and holders of an Employment Pass, EntrePass, or S Pass. Company secretaries do not have to be a person. Organizations specializing in secretarial services for companies may also be hired.

It would be prudent for companies which conduct international operations to seek the assistance of a Singapore company secretary service. Such services can help companies save tremendous amounts of time and money.

They also greatly reduce the risk of management failure. Company secretary services can help businesses that employ them by arranging, reviewing, and lodging the company’s annual return forms, completing all necessary auditing, maintenance, and compliance of corporate files, and handling bookkeeping records. While all these areas are being worked on, those in charge of the company would then be able to devote more time and energy to the company’s growth and development.

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Thus, a company secretary service can assist in improving a company’s financial well-being. Company secretary services also update and maintain the company’s statutory registers, as well as issue share certificates when necessary. Some of the statutory registers that are to be worked on include the register of substantial shareholders, register of members, and register of charges.

The company secretary service will also ensure that the business being worked with is compliant with the Accounting and Corporate Regulatory Authority (ACRA)’s regulatory requirements. This can be done by filing the company’s accounts punctually, giving notice when share transfers are made, and maintaining all necessary registers appropriately, among several others.

Finally, company secretary services will arrange and organize annual general meetings, as is currently required by the Companies Act.

Benefits of having a Company Secretary Service

Business owners must always be sure that the company’s business dealings are compliant with the law and any other legal authorities. Company secretary services can ensure that such is the case. Another benefit of having a company secretary service is that all a company’s statutory compliance and regulatory issues will be properly handled. This allows the company to better channel its resources to achieving better results. Business owners will also no longer have to worry about any issues related to reporting or legal issues. A competent company secretary service will deal with such issues and ease the company’s apprehension over them.

The company will also gain an experienced professional who will work with it. This professional typically has extensive knowledge about company law, law-related issues and the local legal practices.

One other benefit of having a company secretary service is that all the company’s files and documents will be arranged properly. Thus, these files and documents can be accessed at any time. The same is true of any other important details required.

Finally, a company secretary service helps the business it works with save much money. Even some of the more expensive rates charged may still be less costly than costs incurred by using other methods to complete the same tasks.

Paul Hype Page & Co prides itself on being able to offer high-quality corporate secretarial services for companies. The fees that we charge our clients are also very reasonable and part of a flexible fee structure. Please contact us via telephone or e-mail to find out more about our company secretarial services or any other services we may be able to offer.