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Common Misconceptions About Corporate Secretarial Services in Singapore

Last modified: February 10, 2022
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Common Misconceptions About Corporate Secretarial Services in Singapore

Every country has its flavour of statutory regulations. Singapore is no exception. You have to comply with these to incorporate a Singapore company or run an existing one. The providers of company secretarial services like SBS Consulting render expert assistance for the same.

As per the Accounting and Corporate Regulatory Agency (ACRA), it is mandatory to appoint at least one company secretary Singapore at the time of registering your company. These professionals work as the chief compliance officer of your company.

 

Why Do You Need a Company Secretary?

Company secretaries interface with the regulating agencies. They ensure that the company discharges its statutory obligations within the prescribed due dates. They assist in running the company as per its constitution.

It is such a vital role that no company may work without a competent corporate secretary to guide it. They ensure that vital information reaches directors, managers, staff and shareholders. They also bring positivity to your workplace by practising excellent corporate governance.

We hear business owners, especially the newbies, say that they are wasting their hard-earned money on their company secretary. However, it is not true. It is one of the misconceptions they have about the importance of company secretary Singapore.

 

You Need Company Secretary for Administrative Tasks Only

Some individuals have misgivings about the company secretaries’ role in an organisation. They assume the secretaries are there to arrange board and AGM meetings and take care of administrative tasks. It is wrong as their role is broader and more complex.

Appointees from Singapore secretarial services providers inform the directors, managerial staff and shareholders of the vital development and annual filing related due dates. It enables them to make informed business decisions concerning the company’s future.

Yes, as your trusty Singapore secretarial services provider, SBS Consulting:

  • Maintains and updates your company’s statutory registers, minute books and other corporate records
  • Present these documents to the officials of regulating agencies on a visit
  • Assist you in being compliant in a professional manner
  • Work is as per the regulatory standards and rules to ensure optimum corporate governance
  • Handle company shares/stock administration
  • Keep an eye on the latest changes in the compliance-related rules and regulations
  • Inform the key personnel about these and advise how the new security regulations and laws may affect the company

 

You Can Hire Anyone as a Corporate Secretary

It is a misconception that anyone can be a corporate secretary. Public companies need to hire at least one experienced and qualified company secretary who has earned their certification from a reputed institute. They also need to have worked at least 3 years of the last 5 years in this capacity. They also need to hire someone who is ordinarily a resident of Singapore.

However, private companies can hire anyone who knows of the Company Law. The appointee also needs to have enough experience to act in this capacity. They must understand the legal implications of rules and regulations and the consequences of not following them. They need to be capable of adequately handling this complex task. It is why many small business owners hire Singapore secretarial services like us.

 

Corporate Secretary is Required Only to Register a Company

Yes, it is mandatory that you need to have at least one corporate secretary to form a Singapore company. However, the role of this professional does not end here.

A competent company secretarial services provider can assist you in:

  • Governing the company
  • Signing contracts
  • Conveying AGM and board meetings
  • Communicating with shareholders
  • Coordinating efforts of various departments for the preparation of paperwork for statutory filings
  • Taking care of the company’s taxation

 

You Need an In-house Company Secretary

The company secretary is an important position in an organisation’s hierarchy. ACRA considers them as one of the officers of the company. However, you do not have to invest in a full-time company secretary Singapore for your small business. It is more affordable to appoint a Singapore secretarial services provider to take care of the task.

Hiring a provider of company secretarial services can save you money. You do not have to shell out employee salary every month or pay for employee benefits. You also do not have to invest your resources in employee management.

Moreover, secretaries employed by the company secretarial services providers are highly experienced and have updated knowledge about their domain. The nature and scope of their job also make them capable of handling complex issues like company governance and statutory compliance.

If you are opting to incorporate a Singapore company or searching for reliable company secretarial services to replace your existing provider, give us a call at +65-6536 0036 or email us at info@sbsgroup.com.sg to know more about affordable packages.

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