The Singapore Companies Act requires every company to appoint a Corporate Secretary within six months of incorporation. This official is responsible for critical tasks like filing ACRA documents, maintaining statutory records, and organizing board meetings. The duties of a Corporate Secretary (CS) vary across public and private companies. A public company’s secretarial requirements are often complex, as the CS must ensure compliance with stringent rules and regulations. That is why many companies in Singapore opt for corporate secretarial services. Professional CS services help companies manage their statutory requirements with unwavering attention to detail. However, choosing the right CS service is not an easy job! Here are the five things to consider for streamlining your choice.
1. Check the Qualifications of the CS Team
When you look for corporate secretarial services in Singapore, you should confirm the qualifications of their CS team. A person can work as the CS of a public company if they fulfil the following criteria:
- Experience: The person must have been a CS in any company for at least three of the five years preceding their appointment.
- Qualification: They must be eligible according to the Legal Profession Act. Moreover, they must be Public Accountants as per the Accountants Act.
- Memberships: They must have membership in various CS professional associations like the ISCA and Institute of Company Accountants Singapore.
2. Assess Their Understanding of Relevant Rules and Regulations
The regulations governing companies in Singapore are stringent and specific. Hence, you must find CS service providers who understand the nuances of these local requirements. A public company’s CS must be well-versed in tasks like organizing AGMs and filing taxes. If your business has international operations, the CS should also have adequate knowledge of international business law.
3. Ask if They Provide a Single Point of Contact
Choose a service provider that assigns a dedicated account manager or CS professional to your firm. Having a designated point of contact can help you seek personalized services. Moreover, it can also prevent communication breakdown by ensuring the seamless exchange of information.
4. Prioritize Service Providers Who Offer Multiple Services
Top-notch service providers offer multiple solutions to navigate your company’s needs. For example, a trusted professional services company in Singapore can help you take care of financial management, accounting, incorporation, and secretarial tasks. If you choose such a company, you may find it easier to manage your business operations. For example, a company that handles your accounting can quickly relay that information to the CS for statutory financial filings. You can rely on a sole service provider for end-to-end solutions for your critical business tasks. As a result, you may save valuable time and money in coordinating with the service provider.
5. Think About Your Company Goals
If you have plans to take your company public or modify its business structure, you would require sophisticated CS services to help navigate these changes. Hence, you should select a service provider with adequate experience in corporate restructuring and critical business services.
If you want a company that ticks all these boxes, contact the Interactive Accounts team today!