Are you a start-up founder in Singapore? If yes, you must stay abreast of the company-related regulations in this bustling business hub. The Companies Act of this island state requires every company to hire a corporate secretary. Corporate secretarial services in Singapore are essential for companies as they navigate regulatory requirements and business needs. Every company must appoint a company secretary within six months from the date of its incorporation. Besides being a mandated norm, hiring company secretaries can help you unlock some crucial business benefits. Let’s explore these advantages!
4 Ways in Which a Company Secretary Helps Your Company Flourish
You must hire a company secretary with the requisite qualifications for successfully meeting business needs. Here are the four reasons why this stakeholder can help your business grow:
1. Meeting Statutory Regulations: Section 17 of Singapore’s “Companies Act” lays down the norms for recruiting a company secretary. When a company undergoes incorporation, it must prepare to recruit a corporate secretary within six months of this date. A company that does not follow this norm can face heavy penalties. Corporate secretarial services help new companies hire qualified appointees who help the company stay on top of compliance requirements. A company secretary must be an adult with residency status, employment pass, or permanent resident status. In addition, corporate secretaries support a company in fulfilling fiduciary responsibilities by executing legal requirements like the ACRA’s mandate to submit annual reports.
2. Serving Critical Financial and Legal Roles: The corporate secretary ensures that a company adheres to the rules stipulated in its Memorandum of Association. Moreover, the secretary manages the company’s insurance covers and financial compliance issues. Submission of account statements also falls under the ambit of their responsibilities. Mismanagement of these requirements can lead a company to face punitive action. Hence, a qualified person is critical for fulfilling these roles.
3. Effectively Managing Business Linkages: A company secretary supports a company in maintaining a smooth operational flow. They handle the preparation of meeting agendas, contributing to a successful connection between company management and workers. They keep track of crucial details about the business structure and monitor changes. They update the ACRA whenever relevant business modalities change, maintaining compliance with regulatory requirements. Furthermore, they also oversee the company’s share transactions to ensure seamless management.
4. Avoiding Erroneous Business Actions: A company secretary can prevent the firm from making costly mistakes. They ensure compliant submission of requisite documents to drive effective resolution with the ACRA. Moreover, they double-check regulatory steps while acknowledging and reporting relevant business changes. They maintain accurate business records regularly and manage errors in annual reports. They work towards eliminating errors and inaccuracies so that the company can stay on the right side of the law.
Getting Started with Hiring a Corporate Secretary in Singapore
Corporate secretarial services in Singapore can help companies in getting effective secretarial support. You can contact the Interactive Accounts team to eliminate the hassles of hiring a new secretary. They will help your start-up focus on business growth by delegating core administrative responsibilities to a competent secretary.