Six months. That’s the period left after incorporating your Company to find a Company Secretary in Singapore (CS). If that isn’t enough of a reason to convince you to hire someone capable, let us folks from Accounting Clinics motivate you with reasons why hiring a Company Secretary in Singapore is the first move you should make.
Let’s start with a few main reasons.
A Legal Requirement
According to the Companies Act in Singapore, section 171 Secretary, every Company must employ a Company Secretary.
According to the Act:
171.—(1) Every company shall have one or more secretaries, each of whom shall be a natural person who has his principal or only place of residence in Singapore and who is not debarred under section 155B from acting as secretary of the Company.
Compliancy
Being compliant with Singapore’s statutory laws are the first thing you should think about. The Company Secretary acts as the compliance officer of your Company. That means everyone, the Chairman, the Board, or an employee, needs the CS to advise them about their duties under the law. Being compliant is especially sensitive to significant governance requirements, listing rules, and whether legally required meetings are conducted timely and appropriately.
Trust in your CS requires time, and every day you wait to employ one takes a chip off your limited time of six months. If you’ve decided to trust a Company Secretary, we can help you find one now! Click here.
ACRA – Accounting and Corporate Regulatory Authority
A Company Secretary in Singapore has an extensive job scope, and one of the most important is with ACRA. If you know anyone, such as those working in the Tax Industry in Singapore, you should know how problematic it is to deal with ACRA. So why deal with it yourself? Let your CS do it. They are certified to handle Annual Returns, Amendments to the company constitution, Share Allotments/Transfers, Changes to the company name etc.
It will be one less major headache for the Company and the Chairman, which possibly is reading this article right now.
Importance of Company Secretaries
Given the numerous exhausting tasks that Company Secretaries undertake, it would be wise to find a competent and trustworthy corporate secretarial firm, such as Accounting Clinics, to help with the diverse process.
The highlighted points above are just the tip of the iceberg, explaining only an abstract of the critical roles a Company Secretary has in your company if you decide to hire one. In addition, many of the compliance and reporting requirements are designated by law, and a failure to adhere is equivalent to breaking the law.
Misconstructions in this field can cost, with penalties that range from fines to the extraction as a director, with the heaviest being imprisonment. Hence, choose a Company Secretary to ensure your business continues to run smoothly every year.
Need I say that employed Company Secretaries have a fiduciary role to always act in the company’s best interest. So without further ado, Accounting Clinics welcome you as part of our family through an assigned Company Secretary to help you and your colleagues perform necessary tasks. Click here for more information.