Outsource Corporate Secretarial Services & Stay Compliant

by Creative Ideas Business Consulting

Outsourcing to a corporate secretarial services provider works. They look after your statutory compliance & corporate governance. An owner cannot ignore these. It can affect brand image of business.

The Company secretaries play an important role in the administration of a company. They also keep directors and shareholders well informed of their statutory obligations. These obligations cover but are not limited to the annual filing of accounts and the convening of AGMs. The modern businesses hire corporate secretarial services for the task.

Responsibilities Handled by Company Secretarial Services

Management of Shares
Rule Reminders
Handling Activities
Board Meetings
General Meetings

A Corporate Secretary Can Keep You Out of Trouble

The business owners are very right in appointing an experienced company secretarial services provider as the regulations getting complex. Each year, ACRA sends out thousands of summonses to companies and their directors for non-compliance of the Companies Act. The most cited reason is ignorance or lack of awareness about the regulations.

If you think, these offenders had qualified corporate secretarial services providers to look after their interests but still got caught; then you are living in a Fool’s Paradise. These are the entities who hadn’t invested in such a professional. A secretary is not an idle position. In fact, regulating agencies like ACRA and IRAS considers them the Offers of their companies and equal among the company, directors, shareholders, and auditors.

Appointing a Secretary is an Obligation

Appointing a corporate secretary in Singapore is an investment. Moreover, the Companies Act demands it within the six months from the incorporation date of your company. There is a reason behind ACRA’s insistence on appointing such a professional. The agency wants companies to be transparent about its activities. It is the reason it holds directors accountable for annual reporting. ACRA wants the reporting to be accurate and reliable for the benefit of investors.

Documents Maintained by Corporate Secretary Services

Maintenance of minute book & statutory registers (Directors, members, managers, secretaries, auditors & share transfers)
Distributing company’s annual reports, interim statements, and accounts
Preparing director’s report
Update corporate governance & assist directors in discharging their duties

Ensures safe custody and proper use of company seal
Drafts company constitution & incorporate amendments in it following correct procedures.
Ensures the company complies with its constitution
Informs ACRA on changes in the director(s) and other officials
Informs ACRA on changes in the company, annual returns, issue of shares
Publication & distribution of the company’s annual report, accounts, and interim statement
Notifies filing deadlines, compliance matters, etc., to directors

Don’t Stress Out Your Directors

It is up to the directors to select a qualified and experienced corporate secretary in Singapore. The appointee must be able to maintain statutory registers, minutes book, & electronic filings of the company with the ACRA as per the due dates. A secretary is also responsible for providing sound advice on the validity and documentation of corporate actions of the company. The appointee must see that all the procedures are followed properly.

Also Read: Hiring Company Secretarial Services Singapore is the Right Move

Streamline Your Compliance & Corporate Governance

A company, in order to be compliant with the prevailing regulations, needs a proactive company secretarial services provider. It works as the liaison between the regulating agencies and the company. The officers of these agencies contact the secretary of the company and no one else. The secretaries also communicate due dates, compliance, & corporate governance-related info to the various parties.

The statutory compliance and corporate governance are the non-core tasks of a company. They bring no revenue for it. That is why business owners are reluctant to hire a qualified company secretarial services provider for it. They try to manage it by doing it themselves and lands in a problem.

Some of the small businesses go a step further and hire an in-house secretary. However, for many small businesses, this proves to be a costly option as they cannot afford employee salary, benefits, infrastructure, etc. On the other hand, corporate secretarial services providing firms stand out as an affordable option.

SBS Consulting Pte Ltd

High Street Center,

#17-02, 1 North Bridge Road,

179094 - Singapore

Phone: +65-6536 0036

Email: info@sbsgroup.com.sg