Get the Best Corporate Secretarial Services in Singapore with Interactive Accounts
Are you planning to start a business in Singapore but feeling daunted by the formalities? Well, now you can stay on the top of your game with corporate secretarial services from Interactive Accounts.
Singapore is every entrepreneur’s dream destination. This island-state is famous for its strong consumer demand and a robust free-market economy. Forbes listed it as one of the top 10 “Best Countries for Business” in 2019. While starting a business in Singapore is an exciting idea, the paperwork and formalities are not the easiest to handle by yourself. That is why every company in Singapore must get a corporate secretary to navigate these nuances! Confused about what that is and how we can help? Read on to find out.
What can a Corporate Secretary do for your business?
A corporate secretary is an executive who provides support and guidance to a company’s Board of Directors. This role is crucial for maintaining regulatory compliance and ensuring that directors meet their fiduciary responsibilities towards stakeholders. A company secretary in Singapore can help handle all the corporate governance needs for your brand-new business. Whether a foreign company wants to set up a subsidiary in Singapore or a Singapore citizen wants to establish a start-up, having a corporate secretary is a must! A company secretary in Singapore can take care of the following responsibilities:
- Compiling and updating various statutory registers
- Managing and custody and use of the company seal
- Serving notices for meetings and announcing the agenda
- Ensuring accounts are prepared as per Company Law stipulations
- Ensuring the statement of company identity on documents and collating meeting minutes
- Managing the insurance cover for the company
- Submitting legally stipulated forms to the registrar
- Managing event-based compliance like updating changes in detail such as the registered office address
A corporate secretarial service can help you handle all these tasks and so much more!
What Singapore’s Law Says about Appointing a Corporate Secretary
If you start a small company, you are probably thinking: “I don’t need a secretary for these tasks, I can do them myself!” However, Singaporean laws mandate that you must appoint one. Every incorporated firm must appoint this executive within six months after their registration. This executive must be a permanent resident or a citizen of Singapore. Alternatively, they may hold an Employment or Dependent Pass in Singapore. According to the law, you must find the right person to fill the post in just half a year. Only sole proprietorships and LLP firms are exempted from this requirement. For all other incorporated companies, corporate secretarial services are essential.
Reasons For Choosing Corporate Secretarial Services in Singapore
Hiring a single person to handle the complexities of corporate governance can often lead to errors. That is why companies in Singapore choose to outsource the tasks of a corporate secretary to corporate secretarial services in Singapore. An efficient service provider can help you fill the position with the right person, backed by a team that handles all the administrative tasks. Whether your firm needs to file annual returns or ensure end-to-end compliance with company laws, a service provider can handle it all. The main reasons why you must choose corporate secretarial services are:
- Seamless management of regulatory compliance on a timely basis
- Helping foreign owners to navigate Singapore’s legal climate with ease
- Minimising operational hassles in business by maintaining up-to-date documentation for all governance aspects
Why Choose Interactive Accounts for Corporate Secretarial Services?
At Interactive Accounts, we are dedicated to offering seamless business solutions to our clients. Since 2014, we have been working closely with SMEs to handle myriad aspects of their business operations. In our interactions with different parts of business governance, we have demonstrated top-notch skills and expertise to deliver high-impact solutions. We have immense experience in the compliance accounting space, and this expertise makes us the perfect fit for handling all the filing responsibilities and compliance-related duties of your business. Our obsession with precision is what makes us stand out from all other corporate secretarial services in Singapore! You must choose Interactive Accounting for all your corporate secretarial tasks because we promise unparalleled execution for all the mandated responsibilities of a corporate secretary.
#1 Can I be the Corporate Secretary of a company I own?
You cannot act as the company secretary if you are the only Director of your company in Singapore. If there are multiple Directors, you can technically be appointed as a corporate secretary. But it’s best to take the help of corporate secretarial services so you can stay on top of all the regulatory requirements for an incorporated company in Singapore.
#2 What is an “Employment Pass” (EP) and can staff on EP serve as a Company Secretary in Singapore?
An EP is a permit allowing foreigners to pursue professional roles in Singapore. Foreign citizens may personally handle their Singapore business using an EP. The EP is useful for living and working in the country. An EP also helps in travelling back and forth between Singapore and foreign countries. This pass can qualify one for serving as a company secretary. However, it is not very easy to apply for and get such a pass.
#3 What happens if the Company Secretary post lies vacant?
This post cannot lie vacant for more than 6 months at any point. If a company violates this rule, they may face legal action under the purview of the “Companies Act”.
#4 Which rule states that a company must appoint a Corporate Secretary within just six months?
“Section 171 (clause 4)” of the “Companies Act” in Singapore establishes this rule by stating that the office may not remain vacant for more than six months at any one time.
#5 What are the grounds under which a person can be disqualified from becoming a company secretary?
A natural person, who lives in Singapore, must be appointed as the corporate secretary. If a person has an operational debarment order against them by the registrar, that person is not qualified to occupy this role. Debarment may occur if a person defaults on any rule mentioned in the “Companies Act”.