According to the Singapore Companies Act, every company incorporated in Singapore must appoint a corporate secretary within six months of its formation, and this position should never be vacant for more than six months at any time. Failure to meet these standards can result in fines, penalties, or both. Due to the mandatory nature of the requirement as well as convenience, most businesses prefer to rely on the expertise of accounting services companies. These firms help businesses manage compliance and meet reporting deadlines by providing corporate secretarial services.
Given the range of options available, choosing a company secretarial service provider for your business needs can be challenging. Therefore, let us discover the key factors to consider when selecting the best corporate secretarial services in Singapore.
1. Compliance with Local Laws and Regulations
It is critical to select a reliable secretarial service provider who is well-versed in all applicable local rules and regulations, including any extensions or adjustments. They should be able to oversee AGM (Annual General Meeting) planning, tax preparation, and submission of any corporate document within the time frame specified by the authorities.
2. The Price
Cost is a major consideration when hiring a company secretary, as you should be able to make the most of the budget allocated. When choosing a secretarial services company, gather specifics about the services you will receive so you can assess whether you are paying a reasonable price. Be wary of service providers who promote low prices but then demand additional payments as you proceed.
3. The Credibility of the Service Provider
It would be best to look for legitimate secretary service providers with a solid reputation. Conduct a background check on any firm before reaching out to them and verify their service promises with former and present clients. Make sure that they are capable of serving both start-ups and established companies. They should be well-versed in the challenges that both types of businesses encounter in order to manage them promptly. In general, firms offering company secretary services in Singapore should have the flexibility to adapt and meet the needs of the business.
4. Qualified Employees
Whether your business is a start-up or a company attempting to go public, it is always advisable to choose a company with the best-qualified individuals. In Singapore, a corporate secretary must be properly qualified and meet the required professional criteria. Therefore, before making a final decision, make sure to evaluate the candidates’ years of experience as well as their professional certifications. Ensure that the secretarial service provider you are considering employs personnel who can meet all of these requirements.
5. Comprehensive Suite of Solutions
When outsourcing your business operations, finding a single provider who can handle a wide range of services can be beneficial. In the short term, it will make things easier as you will not have to look for several service providers. It will be helpful in the long run due to the efficiencies gained by having a single provider handle all of your outsourced operations. This is why accounting services companies are an excellent choice for employing corporate secretaries. Moreover, they can offer customised packages that fit the outsourcing requirements of your company.
Looking for Reliable Corporate Secretarial Services in Singapore?
With over 20 years of industry expertise, Accounting Consultancy is a leading accounting services company offering corporate secretarial services in Singapore. Our team of experts serve both international and local clients in a range of industries, including medical, retail, and education. We provide professional, personalised and prompt corporate solutions to fulfil your business needs. If you are interested in our corporate secretarial services and want to know more, call us today!
