Importance of Corporate Secretarial Services in Singapore
When considering the incorporation of a company in Singapore that’s capable of yielding the desired results and contributing to the economy of the country; it’s important to note that such a task can never be achieved by just an individual or a few people. It’s vital that the company engages a firm that offers corporate secretarial services in Singapore. A company secretary in Singapore plays such an integral part in ensuring that businesses perform efficiently.
It’s a statutory requirement in Singapore that every company registered in Singapore appoints a company secretary within six months of registration as stipulated in the company law of Singapore. There are however, a number of companies that prefer outsourcing such services and that’s due to a number of issues. A company secretary has to be an individual who is over 18 years of age. The person appointed must be a resident of Singapore and must have professional qualifications and the experience required to execute the required tasks.
Here are the reasons why corporate secretarial services in Singapore are important;
- Observes statutory compliance
- Ensures corporate governance
- Prepares and files the various reports and forms
- Maintains custody of company seal
- Engages with shareholders on administrative matters and communication
The Accounting and Corporate Regulatory Authority is a government body that ensures business compliance in Singapore. The work of a company secretary is to ensure that the company’s annual reports alongside other statutory requirements are observed and filing is done on time. If in case ACRA fails to receive the returns; it’s the company secretary that gets contacted. Issues of corporate compliance require a high level of expertise and engagement of personnel that’s well versed with the roles and responsibilities of a company secretary. Working with a reputable firm such as Onestop CA for the provision of Corporate secretary services in Singapore can be of great help.
When you engage a reputable firm for company secretary services in Singapore, it will be their task to ensure that statutory filings are done in time and compliance is observed. The company therefore, doesn’t have to worry about any serious consequences that come with missing deadlines such as demands to pay penalties.
The aspect of corporate governance is becoming quite critical in today’s business environment and this is due to a number of reasons. Company secretary services in Singapore continue to evolve from that of an administrative member of the board to a role that encompasses a much broader role which might also include engaging in the company’s corporate governance. It’s become the duty of a company secretary to ensure the development and implementation of processes that promote and also sustain good corporate governance.
The dynamics of boardrooms are shifting and it’s vital that robust governance arrangements that are clearly documented and communicated to the company be put in place. Working with a reputable firm that offers robust company secretary services in Singapore such as Onestop CA has the potential of ensuring an effective framework for corporate governance is put in place for sustained business growth and progress.
Originally published by onestop-audit.com