Corporate Secretarial Services in Singapore: Trends & Predictions

company formation services in Singapore

In recent years, the corporate secretarial services industry in Singapore has experienced significant growth. 

 

As the Singaporean business landscape continues to evolve, it’s important to look at the trends and predictions that are shaping the future of corporate secretarial services in Singapore.

 

The Role of a Corporate Secretary in Singapore

 

It is compulsory for every company in Singapore to have a corporate secretary as per the Singapore Companies Act.

Also, it is vital for the company secretary to be a Singapore resident. So, let’s explore the roles and responsibilities of corporate secretary in Singapore

 

 

A corporate secretary’s primary role is to make sure that the company is fully compliant with local laws and regulations. The next task involves maintaining the company’s records both legal and financial, preparing and filing reports with government agencies, and making sure that the board meetings are being conducted as required.

 

This requirement ensures that companies are properly managed and that shareholders’ interests are protected.

 

Trends and Predictions for Corporate Secretarial Services in Singapore

 

Increased Outsourcing

 

 

Outsourcing corporate secretarial services is very popular among companies in Singapore. Instead of in-house team building, companies prefer to outsource their corporate secretarial services to third-party providers. This keeps them in peace of mind and focussed towards their business growth because they know the compliance tasks are being handled by the experts and will be taken care of for all risks and requirements. Another big advantage of outsourcing such services is being connected with the latest technologies and expertise which is a definite need in the ever-changing environment.

 

Greater Emphasis on Technology

 

 

The latest trend going viral in corporate secretarial services in Singapore is the high use of advanced technologies. As the company grows, its data grows too and then the need for an efficient and effective technology to manage data becomes important.

 

 

Many corporate secretarial service providers  are adapting and investing in technology that can support better management of data in less time and with better accuracy following the company’s compliance and regulatory requirements to the best.

 

The technology usage includes the use of software that can act like automated tools to prepare and file reports and also can manage legal and financial records more efficiently and accurately.

 

More Proactive Compliance Management

 

Companies today are extremely serious about their compliance risk management. They know the importance of identifying and mitigating compliance risks before they turn out to be a big problem for them.

 

This is one reason why corporate secretarial providers are so important to them as they help companies in managing all such compliances.

This includes every step from giving advice and guidance to identifying and addressing all potential compliance risks involved in their business.

 

 

Growing Importance of Corporate Social Responsibility

 

There are various Corporate Social Responsibilities like environmental sustainability, social justice, and ethical business practices that are becoming important issues for companies in Singapore.

 

Corporate secretarial service providers can play an important role in helping companies manage their CSR commitments. This includes providing advice on CSR regulations and requirements, as well as helping companies develop and implement CSR policies and initiatives.

Recommended post: What are the legal requirements of a company secretary in Singapore?

 

How corporate secretarial services can help your business stay compliant in Singapore?

 

Company Registration

Corporate secretarial services can help businesses navigate the process of registering a company in Singapore.

 

Services like helping businesses choose the right type of business entity, assisting with the preparation and filing of registration documents, and processing in a way that all regulatory requirements are met. 

 

The process of company registration can be smooth and hassle-free if you hire a corporate secretarial service provider.

 

Corporate Governance

 

Hiring Corporate Secretarial Services can ensure that all the company’s corporate governance practices are in line with local laws and regulations. For example, the providers will make sure that the company’s board of directors is properly constituted and that all meetings are being conducted as per the regulatory norms and all the records are upto date.

 

 

When any companies hire a corporate secretarial service provider, they are at peace of mind as their corporate governance practices are full compliant and up-to-date.

 

Regulatory Compliance

 

Singapore is among those countries that have an extremely complex regulatory environment and thus all businesses operating are subject to many regulations and requirements.

 

This is a big reason why it is too easy for companies to operate when they avail the services of Corporate secretarial service providers. The providers guide them with all the regulatory norms and support them to adapt the employment law, data protection act, tax compliance, and so on. So, with so many services, businesses can focus fully on their growth while the providers prepare all the necessary licenses and permits, prepare and file regulatory documents, and ensure that the business is up-to-date with any regulatory changes.

 

Company Maintenance

Corporate secretarial services can also assist with the ongoing maintenance of a company’s legal and financial records.

 

 

 

 

 

 

The role starts with ensuring that the company’s books and records are always updated and all the details on the company’s ownership, current structure, etc. should be up-to-date. And it stretches to managing all the legal and financial records and keeping them updated all the time by abiding with local laws and regulations.

 

 

Recommended post: How can a company secretary in Singapore help my business?

 

Conclusion:

The future of corporate secretarial services in Singapore is shaped by a number of trends and predictions. Some of them are,

Increased outsourcing of services, the need for advanced technology, better awareness of compliance management, and the importance of corporate social responsibility.

 

 

Singapore is always  growing for business and with this, the competition, laws, and regulations keep evolving. Therefore, to have a better business experience and to grow your business in a better way, corporate secretarial services will be a must for every company that aspires to grow and make profits in Singapore.

Share:

More Posts

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.

Get in Touch​