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company secretary services in Singapore

Comprehensive Company Secretary Services in Singapore

Effective governance has become such a critical requirement in today’s business environment. There has been an increased focus on company secretary roles since they have greatly evolved from being an administrative servant of the board to one that encompasses broader roles such as advisory and corporate governance. The chairman of the board to a great extent relies on the advisory services of the company secretary. The choice person for company secretary services in Singapore should be one that’s well versed with high-level responsibilities that they’re expected to execute.

Apart from acting as a link between the company’s board of the organization, the various stakeholders, the government, and other regulatory authorities; the company secretary plays such an integral part in the operations of a company. It’s a statutory requirement that a company incorporated in Singapore must have a company secretary after a stipulated period of time. Instead of sourcing for a company secretary all by yourself, you can consider engaging a reputable firm that offers comprehensive company secretary services in Singapore.

Here are some of the comprehensive company secretary services in Singapore;

Handling Statutory Responsibilities

For proper handling of statutory responsibilities; it’s advisable that you work with a firm that’s capable of delivering comprehensive company secretary services in Singapore. Working with a professional corporate service provider like OneStop Singapore can help in ensuring that governance structures, corporate conduct and other vital statutory mechanisms within the organization are well executed.

It’s the work of the company secretary to ensure that the company complies effectively with the company law and maintains statutory registers. The company secretary also makes the necessary filings of statutory returns with ACRA such as the annual returns, financial statements and other forms.

Corporate Governance

Company secretary services have greatly evolved in practice and are not just about executing the basic statutory obligations. The tasks have become more complex as company secretaries are expected to develop and also implement processes that can help promote and also sustain good corporate governance. It’s the responsibility of the company secretary to provide guidance on board effectiveness and how the board members can be assisted on matters pertaining to the company.

Due to the changing dynamics in reference to governance, company directors are recognizing the importance of technical knowledge and specialist skills that company secretaries should have for proven work expertise. Engaging a reputable firm such as OneStop Singapore for comprehensive company secretary services in Singapore makes the whole process easier for organizations as they gain access to a pool of highly qualified professionals that can effectively deliver company secretary services.

Board Development

All of the directors of the board prefer engaging a reputable firm for quality advisory services that can move the company forward. There are a range of services that highly require the help of a highly skilled and expert company secretary. Tasks such as Singapore customs registration for companies involved in import and export can be quite involving and expert skills are necessary.

The benefits that come with engaging a reputable form such as OneStop Singapore for company secretary services are great. Apart from having that peace of mind that all the statutory requirements and compliance issues are observed, you also get to benefit from the range of corporate services that the firm provides.

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Company secretary services

Company Secretary Services: Appointment, Role, and Responsibilities

The roles, responsibilities, and appointment of a company secretary largely depend on the type of the type and size of the business. For a small company, the company secretary may only be required to perform administrative roles while for a larger company; the company secretary services may be required to perform a range of tasks including ensuring legal compliance. According to Singapore Company law, every company is required to appoint a company secretary within six months of its registration.

The company secretary is responsible for a range of tasks such as ensuring company compliance with the relevant statutory requirements and regulations. The company secretary is also charged with keeping the board of directors informed of their stipulated legal responsibilities towards the company. The company law has a defined legal framework within which the company directors and secretary should operate.

Appointment

According to section 88 of the Companies Amendment Act, every company in Singapore is required to appoint a company secretary and should ensure that the company secretary has the requisite experience including both academic and professional qualifications. Working with a reputable firm in Singapore for the delivery of Company secretary services can help in ensuring that an individual with the right qualifications and experience is engaged for the work.

The company secretary must be able to meet the following requirements; must be a natural person and a resident of Singapore. The directors of a company when considering the opening of a company should ensure that the ideal candidate has the required level of experience.

Duties

There are specific duties of the company secretary that are vested in the company law. Here are some of the duties that a company secretary;

Maintenance of statutory registers: The firm engaged for delivery of company secretary services should ensure that statutory registers are well maintained. The registers of substantial shareholders, register of members and charges should be well maintained as required by the law.

Preparation of accounts: It’s the duty of a company secretary to ensure that the accounts of the company are well prepared as per the provisions of the law. Once the documents are prepared, the company secretary should be able to file these statements with the registrar of companies.

Filing of statutory forms: The company secretary is also responsible for the filing of returns and forms with the registrar within the specified time. The filing of forms and returns such as the annual returns return of the allotment shares and notice of appointment of a director are all responsibilities of a company secretary. Engaging a reputable firm for such company secretary services should be considered as they have a team of skilled professionals with the needed expertise.

Preparation of company minutes during meetings

It’s the duty of the company secretary to prepare minutes for the meetings which are considered as records to be maintained by the company as per the law. These minutes form a part of the records that a company has. Company secretary services continue to evolve and the responsibilities may change depending on the activities that a company is involved in.

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Company Secretary Services

3 Advantages of Outsourcing Company Secretary Services

The majority of companies not only in Singapore but the world over are opting to outsource company secretary services and this is mainly due to a number of reasons. Previously, most companies preferred handling important roles within the confines of an in-house team due to factors such as reliability, accessibility, accountability, and reasons related to preference. Such a move gave the company control over the entire process, however, that has so far changed due to the intricacy and the ever-changing roles of a company secretary.

Majority of companies are being incorporated without having a company secretary in place and that’s creating an immediate demand for company secretary services. The increased use of technology has made the company business processes to be streamlined in such a way that makes outsourcing of such tasks to be effective as the company still remains capable of monitoring the process and exercising control. Many companies are therefore entrusting corporate service providers with professional support tasks due to their experience, expertise, and efficiency.

Competitive Pricing

Outsourcing of company secretary services has been proven to be less costly when compared to hiring a fulltime in-house company secretary. Offshore companies that are considering incorporation of company in Singapore tend to prefer dealing with a reputable corporate service provider for company secretary services as that also provides them with access to a range of other vital services. Professional tasks can be quite time consuming and outsourcing helps with freeing up the in-house team some valuable time that can be concentrated to other tasks.

There is more control and efficiency that can be realized when vital tasks such as company secretary services are outsourced to be handled by experts. The company personnel will then be free to engage in other vital tasks while also having the confidence that matters pertaining statutory obligations and compliance are effectively handled.

Execution of Support Duties

Once you outsource company secretary services to a corporate service provider such as Onestop CA Singapore; you also gain access to a range of support services such as auditing, accounting, advisory services and such can have a huge impact on your company.

Ensures Compliance

Observation of statutory compliance is an area that many companies find to be challenging. Whether it’s tax-related matters, monthly returns, and other related compliance issues; working with a reputable firm for company secretary services will help in ensuring that compliance is observed. Failure to ensure compliance has led to many companies paying unnecessary and such can be avoided if the right corporate service provider is engaged.

Outsourcing of company secretary services to a great extent provides that additional assurance on compliance processes and also helps in addressing the lack of compliance skills that could be existing within an organization. Many small and mid-level companies also lack the capability to hire skilled staff that can handle such tasks on full-term basis. Working with a corporate service provider therefore helps in making the entire process seamless.

With a reputable corporate service provider, a company can effectively streamline their internal and external compliance effectively.

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Originally published by onestop-audit.com

company secretary services in Singapore

The Evolution of Company Secretary Services in Singapore

The appointment of a company secretary Services in Singapore is a statutory requirement that every company that’s registered in Singapore should adhere to. The appointment is required to be done within six months of incorporation of company in Singapore and should be undertaken by the board of directors. Engaging a reputable corporate service provider for company secretary services helps in ensuring that the ideal candidate that clearly understands the scope of their roles and duties is appointed.

According to the Monetary Authority of Singapore through its Corporate Governance Code; it’s a requirement that a company gets to clearly define the role of the company secretary. The company secretary is the person charged with ensuring the company’s compliance with the set laws and regulations and they should be present at all of the board meetings as they provide advisory services to the board on matters related to governance. The roles and duties of a company secretary have greatly evolved in today’s business environment and working with a reputable corporate service provider in Singapore for such services can be of great benefit.

Company secretaries can effectively take up senior positions within the company such as taking up managerial roles and other high profile positions within the company. Apart from performing typical secretary duties; company secretaries also offer advisory services to the executive directors and the board chairs. Here are some of the evolved roles of company secretaries;

Rising need for Core Competencies in companies

Industry experts acknowledge the fact that there are various task demands that company secretaries should be able to fulfill for the efficient flow of company operations. Working with a reputable corporate service provider for company secretary services in Singapore helps in ensuring that the ideal personnel with a quality understanding of the much-needed core competencies is engaged for the job.  A competent company secretary should have excellent interpersonal skills, keen attention to detail, creativity, and great analytical reasoning alongside professional qualifications and work experience.

Legal Obligations

Apart from the typical duties that corporate secretaries are supposed to undertake, company secretaries should also carry out various legal obligations. They are required to provide comprehensive administrative and legal support to the board. It’s the duty of the company secretary to ensure that all the compliance and statutory issues are adhered to and business affairs completed effectively without any violation of the laws and regulations. Working with reputable corporate service providers such as Onestop CA Singapore helps in ensuring that a company engages extremely competent company secretary services in Singapore that has the potential of executing legal obligations and statutory requirements effectively. It’s the work of the company secretary to ensure that the company meets all of its legal obligations.

Implementation of corporate strategies

Apart from arranging for director and shareholder meetings, and provision of administrative support in the preparation of meetings; it’s also the role of the company secretary to implement corporate strategies by ensuring that the decisions by the board are properly carried out and effectively communicated. Working with Onestop CA Singapore for the delivery of company secretary services helps with ensuring that a high level of expertise and experience is demonstrated in the delivery of corporate secretarial services.

Originally published by onestop-audit.com

company secretary services in Singapore

Roles and Duties of a Company Secretary

Some of the common questions that tend to arise when the position of a company secretary services in Singapore is mentioned are like; who can be a company secretary? Does the secretary hold any stake in the company? A company secretary acts more like a corporate lawyer and also has other qualifications that make them ideal for the job. According to Section 88 of the Companies Act 2014, companies that are incorporated in Singapore are required by law to appoint a company secretary within the first six months of its incorporation.

The ideal candidate for the position of a company secretary must be a resident of Singapore and should be a natural person. The company secretary is required by law to fulfill certain criteria and it’s the director’s responsibility to ensure that a suitable candidate is selected for the job. Working with a reputable corporate service provider in Singapore for provision of company secretary services in Singapore helps with ensuring that a highly qualified candidate is considered for the task.

When appointing the company secretary; the directors should be able to ensure that the ideal candidate has requisite experience alongside academic and professional qualifications. For a foreigner opting for incorporation of company in Singapore; ascertaining such can be quite challenge and that’s why working with corporate service providers such as Onestop CA Singapore greatly helps.  Here are some of the requirements that the directors should look out for in the right candidate;

  • Should be a corporate lawyer that’s well versed with the laws and regulations that govern companies in Singapore
  • Should be a member of the Institute of Certified Public Accountants of Singapore
  • Should have been practicing as a company secretary for about three years or more before being appointed a company secretary for a company.

Some of the roles and duties of a company secretary include;

Updating and maintenance of statutory registers

One key role of a company secretary in Singapore is to ensure that all the changes and updates done on the statutory register are updated accordingly so as to ensure compliance with Companies Act Singapore. The activities may include;

  • The appointment and resignation of the management officials such as the directors, managers, CEOs, and secretaries.
  • Transfer of shares and share issues among the shareholders.
  • Resolutions of the board and minutes for the Annual General Meeting (AGM) and EGM.

Filing changes of the company to ACRA

As company operation continues, there will be changes done in some of the company details. There could be a change or an adjustment in the name, an update to the company’s constitution, share transfers, allotment of shares and many others. Such changes should be filed to the board within a given period of time once approval has been attained and it’s the company secretary’s role to ensure such is done.

Safeguards the corporate seal

The proper use of corporate seal is clearly stipulated in the company’s constitution and it’s the role of the company secretary to ensure that it’s safely kept when it’s not required. Working with a reputable corporate service provider for delivery of company secretary services in Singapore helps with ensuring that the tasks are executed with high level of professionalism and accuracy.

Originally Published by onestop-audit.com