The image of a corporate secretary as someone who prepares coffee for the big bosses or one who clears the conference table after many hours of board meetings is one that belongs to an archaic past.
Progressive companies have emancipated the corporate secretary role to involve crucial assignments before, during, and after a company is registered.
A corporate secretary is like a company’s historian and record keeper. Because government agencies require businesses to be legally registered and to remain compliant with government regulations throughout its operation, a corporate secretary who is there from the foundation of the business is ideal.
How can a Corporate Secretary help before, during and after registering a company?
Involving a corporate secretary is crucial before registering a business
During those times when you are just brainstorming for a company name or a company structure that is right for your business, it is best to have the corporate secretary present.
He or she can help you with these four things:
Choosing a Good Company Name
You can never have too many ideas to come up with the most ideal company name. A good company name means a strong brand that will be deeply planted in the consciousness of your customers in the future. A good company name must also communicate clearly and creatively about the services or products your business is offering. Moreover, you must be quick about deciding on a company name because you can no longer register a company name that has already been registered by another company.
Deciding on a Company Structure
Your corporate secretary has a good grasp of the definitions, benefits and advantages of different company structures, such as sole proprietorship, limited liability partnerships, or private limited company. Depending on how you want to scale your business to anticipate future growth, you can involve the corporate secretary in deciding what’s best. Choosing and registering the right company structure can give you a myriad of benefits, such as flexibility to expand locally and overseas, tax reliefs, credible branding, protection for personal assets, among others.
Gathering Details Needed to Register a Company
Registering a company in Singapore is supposedly a fast and easy process, that is, if you have all the required details and documents ready. A seasoned corporate secretary knows what to prepare so the process of registering your company can be expedited. Remember, as soon as you accomplish your company registration, you can start setting up shop and operating your business, which means this is important for you to start making your market debut and generating your first sale.
Preparing and Keeping Company’s Documentation and Records
Such documentation includes Memorandum and Articles of Incorporation, which you cannot do without as you process your business registration.
How can a Corporate Secretary help during company registration?
Perhaps one of the best times when you can depend on a good corporate secretary throughout the process of setting up your business is on the actual business registration. During this stage, your corporate secretary can help you:
File your Company Registration
All the preparation that led to the actual company registration would be for naught if your corporate secretary fails to miss the steps needed in registering your business.
The Accounting and Corporate Regulatory Authority (ACRA) of Singapore has made it easy for interested parties to register their business through the website BizFile+. A good corporate secretary should know how to navigate this website tool with ease so that your business can be registered within a maximum duration of two days.
Congratulations, your business is now registered! You can now operate your business legally in Singapore. What next?
Is it time to say good bye to your corporate secretary? The answer is no.
In fact, his or her work in your business had only just begun.
Here are the ways which your Corporate Secretary is most helpful after registering your company
Organise the Company’s First Board Meeting
The first board meeting is important not only as it sets the top-level direction for your company in its first 100 days, but more importantly as it cements its path for the future as well.
This is a crucial time for your company to execute important decisions in a timely manner. At this stage of your business, it is not hard to imagine that resources may be conservative and so there is a need to break the market at an aggressive timeline.
You can thank a reliable and detail-oriented corporate secretary to do the work of organising the company’s first board meeting – where all invitees are advised, where the agenda does not leave out any important matter, and where notes are completely and accurately taken as well as disseminated to all officers concerned for their timely action.
Action is a key word to remember. Board meetings become bored meetings instantly with all talks and no action. To ensure that actionable items are identified and acted upon within prescribed timelines, you will need help from a corporate secretary to identify these as he or she prepares the agenda, and ensure that these items are discussed during the meeting, and that discussions are well noted. The point of the meeting is so that as an organisation, your company can move to measurable actions that will reap benefits back to the business. Your capable corporate secretary has a crucial role in helping make this happen.
Finally, you cannot do without a hardworking and dependable corporate secretary to do this important work:
Maintain the Company’s registers, Books, and Minutes and File these with the Relevant Government Agencies for Compliance
Your business can leapfrog to greater success so fast that these important documentation needs can easily be overlooked. A corporate secretary designated to the role will help ensure that statutory. requirements such as filing of these records will be satisfied on time, all the time.
Failure to do so might merit a warning from the government agencies, or might lead to a cancellation of your business operations. You do not want this to happen at any point of your business as there may be long-term repercussions.
With a corporate secretary to assist you before, during and after you register your business, you can only look forward to channelling your energy to more important aspects of your business operations, such as profit generation, networking, uncovering opportunities for business development, recruiting the right people, among others.
To reap the best benefits, engage a professional corporate secretary services firm today. You will have the leverage of a seasoned expert that has had enormous experience catering to the secretarial needs of a variety of businesses in many sectors.
A secretary’s role has now emancipated from doing mundane office tasks to helping you succeed in your business from the very start. Choose a reliable corporate secretary services firm today.