Corporate Secretarial Services
Corporate Secretarial Services in Singapore
The role of the company secretary is crucial in ensuring the smooth operation of your firm. This is particularly true when it comes to ensuring that you follow all rules and regulations. Everything you need to know about secretarial services is right here.
Appointing a Corporate Secretary
When it comes to company secretaries, Singapore has fairly strict rules. Section 171 (1AA) of the Singapore Companies Act states that if a business is registered, it must acquire corporate secretarial services within six months to stay in compliance. There are some restrictions on who can fill this position:
- The company’s secretary cannot be the company’s sole director
- The secretary must be a Singapore resident
Companies have two options when it comes to complying with Secretarial Regulations
- Employ a qualified secretary to join their company’s workforce
- Make use of a reputable accounting firm’s corporate secretarial services
Failure to comply with these regulations will cost your business a significant amount of money in the short and long run.
Requirements for Corporate Secretaries
First and foremost, corporate secretaries must be either registered under the Accounting Act or with the Members of the Institute of Certified Public Accountants of Singapore. The following are some of their areas of expertise:
- Managing and updating the company’s books and records in accordance with any changes that may have occurred over the year
- Transfers and distributions of shares in accordance with established processes
- All tax filings and compliance reporting, including the annual general meeting and the filing of annual returns
The bottom line is that corporate secretaries are well-versed in every aspect of ensuring that your company complies with Singapore’s regulations.
Benefits of Outsourcing Corporate Secretarial Services
- Hiring secretarial services is more cost-effective. Hiring this position out means you won’t have to pay someone a full salary to work for you, and you’ll only have to pay for the services you require
- With an in-depth understanding of Singapore’s corporate laws and regulations, corporate secretarial services are of the highest quality
- Using expert services allows you to spend less time on administrative tasks and more time on growing your business
Spend more time running your business and let us handle the paperwork
As the owner of your business, you understand how time-consuming it is to gather, organize, distribute, and file the necessary documentation. If you don’t know all of the ins and outs of Singapore’s company legislation, it’ll be considerably more difficult. Allowing our expert corporate secretaries to manage your company’s secretarial obligations will save you both time and money. Adagio Chartered Accountants offers exceptional accounting services that are tailored to your company’s specific requirements! To get started, fill up our online contact form.