When incorporating a business in Singapore, the Singapore Companies Act requires that you select a corporate secretary Singapore personnel within six months of incorporation. The corporate secretary’s office shall not be empty for more than six months at a time.
A corporate secretary Singapore personnel is required to perform a variety of essential functions, including keeping company records and statutory registers; coordinating board meetings, and filing and reviewing documentation with the Accounting and Corporate Regulatory Authority (“ACRA”). When a business expands, this position becomes more difficult, and while businesses can choose to employ a director to fill this role or to hire an independent corporate secretary, this is almost never the best choice.
It is important to understand that the corporate secretary Singapore professional standards for a private corporation are far less stringent than those for a public company. For a private corporation, the corporate secretary needs only be a Singaporean citizen with the necessary skills and experience to perform the duties. However, the qualifications for a corporate secretary in the public sector are far more rigorous and complex, which is why many public corporations outsource this role to a corporate secretarial firm.
With such a large number of corporate secretarial services Singapore providers, it can be difficult to choose the best one for your needs. This article will demonstrate the five critical questions to ask when deciding the best corporate secretarial services Singapore company to outsource to and how to decide the particular services you need.
#1 Is the firm staffed by individuals who meet the necessary qualifications?
If you are a startup or a business seeking to go public, it is always prudent to work with a company that meets the highest standards. A corporate secretary Singapore personnel of a public company in Singapore must be suitably eligible and meet at least one of the following criteria:
- At least three of the five years immediately preceding his/her appointment as
- secretary of a public corporation was spent as a secretary of a private company.
- An individual who is eligible under the Legal Profession Act
- Licensed public accountant under the Accountants Act
- Member of the Singapore Institute of Chartered Accountants
- Singaporean member of the Chartered Institute of Secretaries
- Membrane de l’Association Internationale des Comptables (Singapore Branch)
- Member of the Singapore Institute of Company Accountants
If the organization you are considering employs personnel who follow all of these criteria, you should be certain that it is completely capable of handling corporate secretarial services for both public and private companies.
#2 Are they acquainted with all local laws and regulations?
It is critical to choose a reliable corporate secretarial services Singapore provider that is familiar with all applicable local laws and regulations, including any amendments or changes. They must be capable of organizing annual general meetings, tax filing, as well as maintaining and filing company records within the time frames specified by the authorities. Additionally, a high-quality corporate secretarial services Singapore provider can ensure that your company is well-organized, thus saving you money in the long run.
The final consideration when posing this issue is international law. If your business operates globally, your corporate secretary Singapore expert must be familiar with the local laws of all countries that will impact local proceedings, not just those in your domicile area. International law is extremely complicated, with rules governing taxation, exchange, currency conversion, and the fact that contracts differ by country, so it’s critical to ask this question when evaluating not only the business but also the corporate secretary services you need.
#3 Do they provide an integrated suite of solutions?
As your company expands, outsourcing non-core functions to a single vendor will free up your time and money to concentrate on core functions and strategic opportunities. Financial accounting. Having all of these services under one roof not only saves you time by eliminating the need to search for individual providers, but it also saves you money in the long run due to the efficiencies gained by having a single company handle your non-core business operations.
Additionally, your supplier may be able to tailor a plan to meet all of your business’s needs, allowing you to benefit from substantial cost savings.
#4 Does your firm provide your business with a dedicated corporate secretary or account manager?
Having a centralized point of contact facilitates effective communication. This person will be familiar with your company’s past and operations. This establishes a long-term relationship and enables your corporate secretary to develop alongside your company, providing individualized customer service. Annual returns and Annual General Meetings must be filed within a fixed timeframe. Having a dedicated corporate secretary ensures that all of these details are addressed promptly, as failure to comply with any of these regulations will result in penalties.
#5 Am I about to take my business public or am I reorganizing my corporate structure?
As in any decision, you must consider the future of your company and the direction in which it is headed. If you are considering going public or even changing your organizational structure, you would need a company that provides more than just corporate secretarial services. You’ll need to find a company with experience working with both regional and international businesses.
Additionally, you must understand the services you will need based on the path your business takes. This may include but is not limited to, the following services: compliance; employee care; extensions; employee benefit plan administration; and shareholder support services such as poll voting and share registry.
Hire one today
In Singapore, all businesses are expected to maintain accurate bookkeeping and accounting records. Businesses depend on WLP Group to handle this mandatory provision by regulatory authorities’ requirements. Our team of chartered accountants and subject matter experts will provide you with excellent outsourced accounting services that are based on industry best practices. Visit our website for more information.
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