Outsource Corporate Secretarial Services & Stay Compliantby 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
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
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
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.
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.
High Street Center,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: +65-6536 0036
Created on Feb 15th 2018 04:51. Viewed 380 times.