4 Reasons Why You Should Hire A Company Secretary
When it comes to setting up a business, having the right team of staff is crucial – such as having a local director onboard to manage the affairs of the organisation and lead the company. Likewise, other members like a corporate secretary are just as crucial.
Besides ensuring smooth operations of the broad procedures in compliance with the law, it’s also vital to hire an experienced company secretary for the establishment of a well-governed entity, as well as for the overall success of the business. He or she works as a chief administrator of the organisation, managing administrative matters with ease due to the comprehensive training and experience gained. Moreover, an added benefit of hiring a corporate secretary means freeing up more time, that can eventually be used up to focus on core business activities.
With that being said, read on to find out why outsourcing for company secretary services in Singapore will help your business significantly.
The law requires you to have a company secretary
As part of ACRA (Accounting and Corporate Regulatory Authority) rules, all companies must have a designated company secretary within six months of incorporation. The company secretary should be a Singapore resident with requisite qualifications so that they can competently discharge the functions mentioned above.
Besides being the standard protocol for new company incorporations, a company secretary also helps to fun a fiduciary function on companies, acting as the primary individuals for handling specific requirements, comprising ACRA’s need for annual general meetings and annual filing.
Allocate more time for core operations
As mentioned earlier, the company secretary is known as the administrative arm of the board. He or she will ensure that the organisation keeps up with numerous reporting and administrative responsibilities for the company to comply with the law.
That includes ensuring that all filing deadlines (like ACRA, and IRAS returns) are met. The secretary also prepares and maintains all statutory registers, manages shares, prepares minutes and resolutions from the board, and communicates with shareholders. All in all, by reaching out to a competent, trustworthy, and efficient firm with a proven record – it’ll free up your board members to focus on core business matters.
Remain in the good books of ACRA and IRAS (regulators)
The two main regulators for companies in Singapore are ACRA and IRAS (Inland Revenue Authority of Singapore). They regulate the governance and the taxation of businesses, respectively.
Your company needs to comply with rules set out by these two bodies. In addition, it helps your business to comply with ACRA and IRAS rules. A specialised firm is in a better position to keep up with the statutory regulations, as well as the ever-changing tax laws, and advise the board.
Manage administrative work efficiently
With a company secretary, administrative duties like maintaining statutory registers, managing shares, and communication with shareholders are all managed efficiently. At the same time, this minimises or even eliminates the possibility of administrative errors.
For instance, forgetting a mandatory step in validating a business change, such as making arrangements for a general meeting when there’s a new shareholder. Or providing inaccurate year-end reports, which will prevent the business from maximising tax benefits once it’s time for tax filing.
Either way, without a professional individual to help in handling such tasks – it may damage a company’s reputation or result in losses for the business.
While building the groundwork for a business, it’s important to have the right team for a smooth company incorporation. With OneStop Professional Services, your business can help ease the workload by outsourcing tasks to us, as we’re able to provide company secretarial services, nominee director services, and so forth.