Learn The Reasons for Firms Outsourcing Corporate Secretarial Services in Singapore
According to the Singapore Company’s Act, every business owner that plans to incorporate a company must appoint a company secretary within 6 months of registration. Today, many businesses outsource corporate secretarial services in Singapore, and they are in great demand. Each business has one or two reasons why they opt for outsourcing instead of a full-time company secretary. Among the providers in Singapore, AI Accountant is a trusted provider as far as corporate secretarial services are concerned. You can get qualified professional company secretary that can handle secretarial matters of your company while paying attention to details.
But what are some of the reasons why businesses outsource corporate secretarial services Singapore?
1. The Compliance Requirement For A Corporate Secretarial Services In Singapore
Singapore company formation is governed by the Companies Act, Cap 50. It stipulated that every incorporated company must appoint a company secretary within six months of its incorporation. Officially a local resident is eligible in Singapore to legally act as the secretary. The individual must have a fair understanding of the regulations under ACRA and the Act itself. This is one of the essential requirements for any applicant who’s incorporating a company in Singapore. They bridge the gap between the authority and the organization. A company secretary performs certain roles and responsibility including:
- Supervising of the transfer, issuance, and allotment of shares.
- Ensures that the company is adhering by the Memorandum and Articles of Association.
- Organize and convene the Annual General Meeting alongside other board meetings.
- Makes sure that the company name and the UEN are printed on all the official company’s documents.
- Ensures the filing of annual account and informing ACRA regarding notice of share transfer, any amendments to the Memorandum and Articles of Association.
2. Cutting On The Operations Cost
Many businesses always look for avenues for minimizing their operations costs as the least possible. They would rather outsource the services than hiring an in-house company secretary to avoid additional costs in training and recruitment. They find it more efficient involving an experienced expert who offers services at affordable rates. The packages are enticing to businesses that you would continue seeking their services or even refer to others. Again, companies will save in areas regarding life, disability and health insurance, office space, and equipment relating to hiring a company secretary. Then, you can channel the amount saved to other business development and infrastructure areas that are much priority. This revelation has led to the service provider to strengthen its position in the market more than ever. As a result, company incorporation in Singapore is even more streamlined with the emergence of high-quality corporate secretarial services in Singapore.
3. Enhancing Efficiency
Company incorporation process may at times be cumbersome when you lack the knowledge about the regulations. Business service providers like AI Accountant have an elaborate system that accommodates all type of business structure to your satisfaction. The moment you engage them, it allows you to tap into the administrative and legal expertise including technical knowledge which may cost extra pennies if you organize by yourself. So, by engaging a firm like AI Accountant, you stand to benefit from skilled, innovative and self-motivated professionals that guarantee the compliance requirements will be met and implemented efficiently. Aside from administrative and legal expertise, AI Accountant will offer you an extensive network of partners to offer the best support system within your industry. You’ll also get the latest tracking method that has less paperwork of filing. Good corporate governance and competency are some of the core ingredients of successful corporate secretarial services in Singapore.
4. Minimizes Risk
Basically, you have a legal obligation to meet all the requirements as the founder of your company. But there is much to lose if you deliberately or for any other reason abscond your responsibilities to the local jurisdiction. It’s even better now that once you outsource the corporate services you eradicate the risk of enforcement action. Then, the experts will take care of the process. Again, it’s no doubt that there are well-versed with the on-going statutory laws governing company incorporation Singapore among other services. With professional and members of the Institute of Singapore Chartered Accountants, and Institute of Chartered Secretaries and Administrators, I bet your work is under the safe hands of experts in AI Accountant. The process of going back and forth and wastage of time is out of the question as the decision making is prompt and hassle-free.
5. Tailoring Of Other Services
Outsourcing corporate secretarial services in Singapore sounds great both in theory and paper, and there’s the likelihood of accessing other services. If you choose to seek their services, it’s fair enough to leverage other services that may be beneficial to your company. Such services which may include: auditing, bookkeeping and accounting, website designing among others. The thing is if you decide to go the outsourcing way ensures you take advantage of the professional quality services offered by these business solution service providers. The combination increases the chances of getting the value of your money at the most affordable prices. With AI Accountant, you’ll enjoy the latest technology in digital accounting through automated Artificial Intelligence. You’ll definitely not go wrong with them once you enter into a cordial-amicable agreement. Eventually, this will give you a greater opportunity to focus strongly on what’s more significant and attention to your company.
Besides hiring or outsourcing corporate secretarial services, the qualification of a Singapore company secretary is non-negotiable.
According to Singapore Companies Act Sec 171(1AA) states that a secretary of a public company must have a minimum of the following benchmarks:
- A member of Institute of Singapore Chartered Accountants (ISCA) formerly Institute of Certified Public Accountants (ICPAS).
- Served as a secretary of a company for a minimum of three years
- A registered public accountant under the Accountants Act.
These among others are some of the legal requirements that business solution providers like AI Accountant have ensured that their employees have attained. The facts are, that building a strong partnership with clients is the gateway to achieving recognition far and wide as well as keeping and maintaining them.
The responsibilities of a company secretary remain significant in Singapore, especially to the company’s existence. Only a highly-skilled and exceptional company secretary can carry out such tasks above with efficiency. The benefits of outsourcing corporate secretarial services in Singapore is rewarding and outweighs the benefits of hiring a company secretary. AI Accountant is a digital accounting consultancy with a high reputation in Singapore and abroad welcomes you to enjoy these services. You only need to contact us today through our lines or website and get the best services that you can ever imagine.
Chai Chung Hoong, Account Manager
Chai Chung Hoong will assist you in all accounting related services, and help your company in digital transformation.Contact Us