In the old days, most small and medium-sized businesses don’t bother hiring a professional secretary. However, this had changed following the approval of the Companies Act, a statutory requirement that necessitates businesses to hire secretaries.
Businesses are required to appoint a secretary within six months following their establishment. The statutory requirement also mentioned that the corporate secretary must be a resident of Singapore which has an employment pass, S pass, and Entre Pass.
Besides that, the law also states that these secretaries cannot act as a company director while maintaining their respective positions.
What are the qualifications of Corporate Secretaries?
Technically, a Singaporean secretary must have the necessary professional experiences and educational qualifications on the date of the appointment.
Moreover, secretaries should also have knowledge and adhere to the Legal Profession Act and should be a member of the Institute of Certified Public Accountants of Singapore, the Institute of Charted Secretaries and Administrators, the Association of International Accountants, and the Institute of Company Accountants as well.
What are their responsibilities?
In general, a company secretary is responsible for updating ACRA file returns, miscellaneous, and setting up board meetings to share financial reports, or track every movement of stakeholders.
A company secretary also takes on administrative roles which include ensuring that the required deadlines of the authority are met.
Likewise, they also act as an advisor providing the company with the necessary information to help in the decision-making process.
In a nutshell, the primary advisory role of a secretary is to asseverate that the company’s operations are in compliant and in line with the business framework of Singapore.
What are Corporate Secretarial Services?
Interestingly, businesses have shifted away from hiring secretaries the traditional way and opt for corporate secretarial services. Outsourcing responsibilities to secretarial services has enabled businesses to remain compliance at much lower cost and spend more time on lead-generating tasks.
Corporate secretarial services also update company governance, procedures, and techniques to ensure that it can avoid legal troubles.
Other than that, corporate secretarial services also ensure that everything from the company name, seal, and entity number are all seen on essential documents like business letters, official correspondences, and notices.
In addition, Company Registrar or the Accounting and Corporate Regulatory Authority will contact the company secretary with regards to compliance glitches and clarification on any administrative documents.
How Can They Help You Create a Compliance Strategy?
Corporate secretarial services help businesses to remain compliance by establishing and addressing operational standards from a clear perspective, and measuring success through risk mitigation.
Apart from that, secretaries also maintain accountability and transparency to make sure that all stakeholders are informed of innovative business processes.
What’s more, a compliance strategy will also prevent financial losses and acquire customer trust to which will increase profit
Keep in mind that failing to understand regulatory compliance will result in problems that could potentially derail your operations.
On top of everything else, corporate secretarial services set the companies up for success as it defines and monitors the impact of business processes.
How can I find Corporate Secretarial Services?
Selecting good secretarial services is challenging with a lot of companies similar services. Nonetheless, consider the needs and requirements of your business to narrow down choices and pick the best option for your budget.
For best results, make sure that the service provider you engaged has the industry experience to help you navigate the competitive business environment of Singapore.
For almost a decade, Reliance Consulting has been helping companies from various sectors with top-notch support services like company incorporation, secretarial, advisory and accounting outsourcing services.
Our services have also gained critical acclaim from reputed accounting organizations such as the Institute of Singapore Chartered Accountants, ACCA, and Singapore Institute of Accredited Tax Professionals, among others. Talk to one of our experts today to learn more about our services.