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Updated by Hans Teo on Feb 11, 2018
Hans Teo Hans Teo
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5 Problems You Avoid When You Hire The Right Company Secretarial Service

A competent secretary service saves you the trouble of dealing with compliance-related issues whilst ensuring your company’s needs are met with efficiency.

Consider these troubles you can steer clear of when you take it upon yourself to be as rigorous and selective as you can during your screening process.


Compliance Issues And Corresponding Penalties

Compliance Issues And Corresponding Penalties

Companies are expected to adhere to the Accounting and Corporate Regulatory Authority’s (ACRA) statutory requirements. The company secretary is the only official of the company ACRA communicates with to ensure the company fulfils its compliance obligations. The company secretary, acting as the compliance officer, needs to make sure that the company’s directors and shareholders are well-informed in matters related to changes in the Companies Act, company constitution and proceedings, annual filings, and deadlines on statutory requirements.

With the expertise of secretary service firms in handling such important responsibilities, companies need not worry about compliance problems and the penalties associated with non-adherence. These firms have years of experience in this area, so you don’t have to be concerned about failing to accomplish important documents for filing or missing out on any deadlines. The right secretarial service will even improve your company’s compliance with the government’s rules and regulations.


Incorrect Reports

Incorrect Reports

One of the top responsibilities of a company secretary is to ensure that all corporate reports reflect the highest standards of accuracy. Tax reports, in particular, should be handled with a keen eye for detail to ensure that the company will be able to take advantage of the tax benefits it is entitled to.

Outsourcing to a reputable corporate secretary services firm in Singapore ensures that documents and records are properly handled and managed. Tax reports, year-end reports, and any other statutory records are maintained with utmost care, eliminating any errors and omissions that can bring devastating results to any company. On top of this, these professional services providers get the job done quickly without compromising efficiency and accuracy.


Invalidity of Business-related Concerns

Invalidity of Business-related Concerns

Any business-related changes, such as amendments to a company’s business address or naming of a new shareholder, should come with corresponding documentation that must be submitted to ACRA. It is the responsibility of the company secretary to do so, and failure to submit the necessary documents can make the business resolution invalid.

Hiring a dedicated corporate secretarial services firm ensures that this scenario is avoided. Your corporate secretarial service can create and file the business resolution for you when you change your business address or organise a general meeting to acknowledge any addition to the shareholders’ panel to ensure that these amendments will be considered valid in the court of law.


Incorrect Incorporation Procedures, Especially for Foreign Business Owners

Foreigners who want to put up a business in Singapore are not allowed to register the business themselves. A company secretarial service can help solve this as it can provide a local professional to handle the company formation requirements of foreign nationals.

Partnering with a corporate secretary services firm in Singapore ensures that non-residents are able to comply with the country’s strict rules and regulations. It can help foreign clients to adopt, maintain, and implement good corporate governance practices.


Wasting Time and Money

A competent secretary service company can handle all your business requirements with accuracy, expertise, and efficiency. This saves you time that you can use better in managing your business in order to ensure growth.

Having a professional services provider take on the company secretary role also saves you money. Compared to hiring an in-house employee, a corporate secretarial services firm is more cost-efficient as you don’t have to worry about employee packages or training sessions that can prove more costly in the long run. There are affordable secretarial services rates that fit the budget of any company – from start-ups to existing ones.

These are just some of the problems you can keep at bay when you outsource the company secretary role to a reliable corporate secretarial services firm. Make sure to partner with the right one that has the perfect mix of reputation, expertise, and experience all at reasonable secretarial services rates to ensure that your business will get the right start it deserves.