Factors Behind Hiring Corporate Secretarial Servicesby Leslie S. Professional Content Writer
As per the requirements of Singapore Company Law, every incorporated company needs to employ at least a company secretary within the six months of its incorporation. Today, many MNCs, SMEs and small businesses outsourcing it to the corporate secretarial services.
ACRA (Accounting and Corporate Regulatory Authority) which also acts as the Company Registrar of Singapore has strict filing requirements. The agency has also widened the directors’ responsibilities. It is the reason why businesses are on the lookout for reputed company secretarial services.
Benefit from the Company Secretarial Services in Singapore
You should not be fooled by the terms used in the job title. It sounds like the straight administrative role. However, the administrative tasks handled by the secretaries are legal. The tasks are not easy to accomplish as they need attention to every detail. The corporate secretarial services assist their clients in taking care of;
- Allotment shares to the company’s shareholders
- Issuance of share certificates
- Appointment or termination of company directors
- Updating of Company Registrar of any changes in the officers of the company
- Notifying Company Registrar about the changes in the local registered office address
- Filing of annual accounts
Corporate Secretary in Singapore Liaise with Government Agencies
These are but a few responsibilities of a corporate secretary in Singapore. Many need the services of an experienced secretary. All of these tasks are statutory compliance-related. They are so varied that business owners seek expertise from the corporate secretarial services in Singapore.
The corporate secretaries are hired for their extensive knowledge of the latest changes in the statutory corporate governance and the updated compliance requirements. They liaise with the regulating agencies and prevents the management from being dragged in the muddy waters of statutory compliance.
If the officials of the agencies need to contact a company they get in touch of its secretary. It allows the management to operate freely and fully concentrate on the core goals of the business to ensure its survival and growth.
The experts provided by the company secretarial services take care of extraordinary & routine matters like new company incorporation in Singapore, restructuring of an existing business, ongoing maintenance, & company secretarial advice. They also assist with the prompt and timely corporate governance, dissolution & liquidation of a company efficiently & effectively.
Responsibilities of a corporate secretary in Singapore
The corporate secretarial services assist their clients in the preparation and the filing of incorporation documents to register various types of businesses, recruiting of managers, changes in the registered particulars, renewing of Certificate of Incorporation for a business name, etc. Besides, they also take care of;
- Recording the minutes of the shareholders’ & board meetings
- Preparing shareholders & board resolutions
- Updating and advising the directors on the finer points of compliance
- Timely filing of audited accounts & Annual Returns
- Maintaining statutory records
- Changing the structure of share capital
- Transferring of shares
- Opening of corporate bank account & changing of the bank signatories
- Changes in the company name
- Updating of the M&AA
The hiring of corporate secretarial services enables businesses to save on their resources. It also minimizes the mental clutter in the office and enables the managers and employees to stay focused. These services charge affordable fees and are worth trusting with your business compliance.
Created on Jul 31st 2020 04:38. Viewed 381 times.