Importance of Appointing Company Secretary in Singapore

Why do you need to hire an experienced provider of company secretarial services in Singapore?

Running a company, however small, in any corner of the world is a complex task. You have to comply with the local laws, rules, and regulations to make all things legal. As if it is not enough, you have to manage it within the framework of your company's constitution or M&AA.

Singapore Business Policies

Different countries treat businesses differently. Some are rife with legal, administrative and bureaucratic hurdles. On the other hand, complying with the law is easy in others. If you are opting to start a new company which one would you prefer? Surely, the later one. Right?

There are various reasons why entrepreneurs prefer Singapore company incorporation. As per the World Bank report 2020, Singapore ranks at 2nd spot for the 'Ease of Doing Business indicator. It's business policies also makes it the most open-market economy. What the business owners really prefer are its business-friendly laws and regulations that are easy to comply with.

You may think that the countries are interested in collecting taxes as fast as possible. It is not the case, and they are ranked based on how easy it is for taxpayers to pay their due taxes. Singapore ranks at the 7th spot with the ease of paying taxes score of 91.6.

On average, Singapore taxpayers need to spend 64 hours on tax processing to make as many as 5 payments. Try comparing with Venezuela, ranked at 189 spot, with a score of 11.4, 920 hours for tax processing and 99 payments.

Company Secretarial Services Singapore

Singaporean statutory compliance for the businesses is strict, but they do not represent an environment full of obstacles. They, in fact, save time and money for the businesses, provided that you have someone experienced and knowledgable to helm the execution. This is where providers of company secretarial services in Singapore comes into the picture.

A qualified company secretary, in the employ of these providers, assists you in complying with Singaporean laws and regulations. They could streamline the administrative and compliance-related tasks of your Singapore business and help you meet the due dates.

Importance of a Company Secretary

Complying with the Regulation

As per section 171 of the Companies Act, appointing a company secretary is mandatory for Singapore companies. They have to do so within six months of their date of registration.

The appointee must be an ordinarily resident of Singapore. Singaporeans, permanent residents, or an EntrePass holder can assume this position. The appointee needs to have a thorough knowledge of the Company Law and know how to license with the regulating agencies.

Responsible for Statutory Registers

The company secretaries are tasked with the processing and filing of legal documents in the company. They also see the conveying of annual general meetings, board meetings, or emergency meetings. They communicate with the company's directors, shareholders, and other stakeholders in the company.

The secretaries take note of the minutes of the meeting, and resolutions passed. Afterwards, they prepare and send a report to regulating agencies. This document is also the responsibility of a company secretary.

Planning for Future

During their work, the providers of the company secretarial services in Singapore come to know all aspects of their client's company. They can provide valuable opinions and suggestions regarding the future growth of the company. Their unbiased, professionally evaluated opinion can help you improve and implement effective strategies, in-house procedures and processes.

Hiring a firm for the company secretarial services in Singapore is beneficial. It frees your managerial staff from ensuring business' compliance. It allows them to focus on its core goals, ROI, and profit to fuel its growth.