8 Reasons to outsource company secretarial services in Singapore

Company formation & company closure services in Singapore

What are company secretarial services?

Company secretarial services are the professional services provided by a company secretary.



Company secretarial services are responsible for maintaining company records and ensuring compliance with legal and regulatory requirements. They can also provide advice on corporate governance matters, such as the composition of the board of directors and the development of company policies. 



In addition, company secretarial services can assist with the preparation and filing of annual reports and other required filings.



Does your business need company secretarial services?


Your Singapore business may need company secretarial services in order to maintain compliance with the Companies Act. 


Company secretarial services can help you with a range of tasks such as filing annual returns, maintaining statutory registers, and preparing board minutes. Engaging a professional company secretarial service can save you time and ensure that your business is compliant with the law.



Company secretarial services in Singapore



7 Major reasons to outsource company secretarial services in Singapore


#1 Efficient handling of corporate matters



Company secretarial services help in the efficient handling of corporate matters. This includes maintaining statutory registers, preparing and filing annual returns, arranging shareholder and board meetings, and providing guidance on compliance with the Companies Act. 



The services offered by a company secretarial firm can vary depending on the size and needs of the business, but all businesses can benefit from having a company secretary to handle these important tasks.



#2 Useful & timely guidance


A company secretary in Singapore can provide you with useful and timely guidance on a range of issues, from compliance with regulations to best practices for running your business. They can help you avoid pitfalls and make the most of opportunities, making them an invaluable asset to any business.



#3 Compliance with the law



As a business owner in Singapore, you are required by law to hire a company secretary.



The company secretary is responsible for ensuring that the company complies with all legal requirements, and keeping accurate records of the company’s activities. They also advise the Board of Directors on legal and compliance matters and represent the company in legal proceedings.



A company secretary can be a valuable asset to your business, providing guidance and support to help you navigate the complex legal landscape of running a company in Singapore.



#4 Knowledge



When you hire a company secretary, you also get the advantage of their knowledge. They can help you with a range of tasks, from keeping track of meeting minutes to preparing financial reports. Plus, they can offer insights on how to improve your business operations. As a result, hiring a company secretary can be a wise investment for any business owner.



Your company secretary’s expertise & knowledge can help you to manage and grow your business in a number of ways.



Firstly, they can provide advice on corporate governance matters, helping you to ensure that your business is run in a compliant and effective manner.



Secondly, they can assist with the preparation and filing of annual accounts and other financial reports, ensuring that your finances are in good order.



Finally, they can provide general administrative support, freeing up your time to focus on other aspects of running your business. In short, a company secretary in Singapore can be a valuable asset in helping you to manage and grow your business successfully.



#5 Improved efficiency



Your company secretary in Singapore also plays a key role in organizing and managing company meetings and keeping the minutes of these meetings. Having a company secretary will help to improve the efficiency of your business, as they will be able to handle a variety of tasks that would otherwise take up your time.



So, if you want to improve the efficiency of your business, you must hire a company secretary. A company secretary is an important position within a business, as they are responsible for ensuring that the company complies with all legal requirements.



#6 Affordability


Outsourcing company secretarial services to a professional can be affordable as compared to hiring a full-time company secretary. This is because you would only need to pay for the services when you need them, rather than paying a salary and benefits for a full-time employee. 



In addition, a professional company secretary would have the experience and knowledge to handle all of the required paperwork and filings, which could save you time and money.



#7 Comprehensive Offering of Services



A company secretary in Singapore is not only responsible for providing secretarial services, but can also help with other important matters such as accounting, auditing, and tax filing. They play a vital role in keeping the company organized and running smoothly and can be a valuable asset in ensuring compliance with regulations. 



When choosing a company secretary, it is important to select someone with the necessary skills and experience to handle the variety of tasks that they may be called upon to perform.

Recommended post: Role of a company secretary in your startup


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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