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Outsource the secretarial services in Singapore to save time and money
If you are a business person or want to start a new business venture in Singapore, you need to abide by the company's law in Singapore, which mandates that every company must appoint a secretary of the company. The company's secretary is responsible for assuring the company is operating with relevant legislation and regulations, such as; maintaining the standard compliance needs, maintaining the company's register manually and electronically, along with assistance with the annual tax filing.
As per the company's law, you need to appoint a company's secretary within 6 months of the company's incorporation. Also employing professional secretarial services in Singapore is vital for the growth and sustainability of your business. Here we will discuss the benefits of outsourcing secretarial services in the following;
Benefits of outsourcing the secretarial services
Now if you are running a small scale business then hiring a full-time company's secretary will be costly but instead of that you can always outsource the company's secretarial services in Singapore and that will be a very cost-effective option as well. As for full-time company's secretary, the salary will be pretty high and for a new business or a small scale business that will hamper the profit yield, thus outsourcing will cost you much lesser and employ an expert and professional company's secretary on your behalf. Here we will focus on the other benefits as follows;
- Engage qualified secretarial services:
The experienced secretary employed by the corporate secretarial services knows the entire process and requirements in detail. Also, they always keep themselves updated about the latest changes in various rules and regulations and are fully aware of the procedures involved. They can oversee the tasks for the companies from all industry-types and are knowledgeable enough to anticipate the problems and can take effective actions before they become the major compliance issues.
- Save money by outsourcing:
As we have mentioned earlier hiring a full-time secretary will be costly for new or small scale business, here you have to bear the expenses like salary, employee benefits, incentive, and infrastructure, along with the cost of searching, hiring, and training them and if one resigns then you need to start the process once again. But outsourcing this will be much more economical and the service will be an expert or professional level.
- In-depth knowledge regarding the ACRA regulations:
The Accounting and Corporate Regulatory Authority (ACRA) in Singapore governs the reporting/statutory obligations of companies and their directors. That includes mainly the legal procedures regarding financial transactions, accounting and other vital administrative tasks, such as; maintaining statutory compliance, tax filing, setting up the annual general meeting, etc. So due to such vital responsibilities, a professional company's secretary should pose in-depth knowledge on these aforementioned fields. As we have mentioned hiring such experienced and knowledgeable secretary for full time will be very costly, thus outsourcing will be relevant.
- Managing the taxation and audit:
Various tax regulations are there in Singapore, including types of taxes, corporate tax, personal tax, double tax treaties as per today's scenario. With the growth of the business the different kind of taxes and payable fees become much more complex, as there are more variables and applicable regulations, such as federal, state and local level; for that, an efficient tax accountant is required for tax filing purpose as per the guideline of IRAS.
- Reliability on risk management:
Having well-trained and experienced company's secretary lets you have expert advice and feedback on how you can improve your business operations. You can rely on them to meet all your requirements without any worry as they are utmost professional and experienced, also they will always have a solution to your company related problems if any.
- Maximize the profit:
Companies of a small and medium category need to prioritize their plans for business expansion, growth, training, and research and development over administrative costs so cost saving and profit-maximizing are the prior options for reaching the status of the big industry. Here a professional secretary can help to boost your income by maximizing your profit by overseeing accounts receivable, improving debt collection and advising wise and perfect investment methods.
Conclusion:
So outsourcing the company's secretarial services in Singapore is beneficial from many aspects, as discussed herein. Also by outsourcing, you will be in term and conditions with the corporate secretarial services as per the contract in between you and the agency, but in case of a full-time employee, you need to carry the whole expense and responsibility of the person. And in that case, your expenditure for the same will be much higher than outsourcing. Here the key benefit of outsourcing corporate secretarial services is that it provides the employees of an organization with additional hours to focus on the important aspects of the organization.
Why Startups Need a Company secretarial service
The early stages of putting up a company in Singapore are undoubtedly the hardest. Imagine all the preparations and brainstorming you have to go through to come up with a solid business plan, not to mention all the requirements and paperwork you have to accomplish to ensure a smooth-sailing start. Startup companies cannot afford to be complacent during this time, which is why they need to engage a company secretarial service particularly for this purpose.
For startups, filling in the company secretary role is not as important as say, linking with good connections to ensure the stability of the company. Startup companies are more concerned about taking their business off the ground than hiring key people at the early stages of incorporation. After all, why spend money on initial recruitment when you can do the work yourself and direct the budget on more pressing concerns like marketing and promotion of your new business?
The thing, though, is that when you're a startup firm in Singapore, you can expect to face a multitude of statutory requirements before your business operations actually start. One of these requirements is to ensure that you have a secretarial service already working for the company within six months of incorporation.
Whilst the secretarial service doesn't hold as much liability as other major stakeholders of a company (directors, shareholders, and auditors), it is a key role that serves as a glue to hold the business operations together. The importance of having one cannot be set aside as this is mandated by Singapore's Companies Act and non-adherence may result in fines or other stricter penalties.
Aside from being a legal requirement, the secretarial service in Singapore is responsible for the business and operational requirements of the company (agendas for meetings and other official and non-official gatherings, company transactions, and documentations) as well as its legal and financial duties (company insurance management, file and account statement preparation, and compliance with government's rules and regulations).
The position of the company secretarial service is too important that a startup company needs to make sure to hire the right one that fits the organization to Being a new business, it is imperative to have all requirements covered to lay a good and stable foundation for the company.
For this reason alone, a startup company needs to be meticulous when it comes to hiring the right individual for the company secretary position. Engaging a corporate secretarial services firm is the best direction to go for to ensure that this key role is filled in accordance to the law without compromising efficiency and experience.
Secretary Service: The Partner to Firmly Plant a Startup's Roots on The Ground
Singapore's business environment is as vibrant as it is competitive. If you're a startup feeling your way into the industry, it is wise to surround yourself with the right people to partner with to ensure that you're on the right track towards business success.
A partnership with a corporate secretary services firm in Singapore is encouraged so that a startup may be able to efficiently adopt, maintain, and implement good corporate governance practices. A secretary service dedicated to handle all these requirements ensures that a startup is able to timely and correctly complies with the government's strict rules and regulations.
It is easy to think that these requirements can be done by just about anyone in the company just to save on recruitment budget. The truth is that having an expert team like competent and established secretarial services keeps a startup from committing any faux pas that commonly arises when there is no dedicated company secretary to get the job done.
Without a competent company secretarial service to assist your compliance and business needs, you may miss out on completing important documents like business resolutions and year-end reports. There's also the risk of mismanaging company records and more importantly, non-compliance with company law. A secretary service has the expertise and experience necessary to handle all these important duties in a timely and efficient manner.
Now back to the question of budget constraints, is it worth it, especially if you're just a startup company? The answer is a big YES. If you're worried about the secretarial services rates that will eat up on your company budget, know that it will be more costly for your company in the long run if you allow yourself to be too complacent when it comes to meeting your business and compliance requirements. Just think about the hefty fines you have to pay when you fail to meet all your legal requirements.
Besides, most corporate secretary services firms in Singapore offer competitive secretarial services rates that meet any company budget. There are corporate secretarial services firms who offer packages that combine incorporation and company secretary services which are more cost-efficient for any startup.
Remember being a newbie in the world of business means getting all the help you can get to ensure that you get that one foot in the door. A corporate secretarial services firm can help you build the groundwork as you establish yourself as a big shot in Singapore's dynamic business landscape.
Tips to Find Right secretarial service Agencies for Business Needs
If you are running a business in Singapore and want to get a complete corporate solution for it, you should have to get in touch it with any genuine corporate business management and solution providing agencies in the country wisely. At the right firm, you will get the best services for managing your company's all corporate and business requirements such as accounting, finance, business registration, strike off the company in Singapore, company secretary, taxation, and bookkeeping services Singapore. You can avail all such services at one stop corporate service agencies in Singapore at affordable charges. But, it is equally important to find the right business solution firm in the country to deal with. For this aim, you need to first check with a few relevant points about the company.
You should start by checking with agency's genuine proofs like its government accreditation certificate, license, registration number, etc. These all proofs about the company should be authentic. Furthermore, you should go through with online reviews of the secretarial service providers and its market reputation too. And ensure that all things are impressive and reliable about the company.
Make sure the company has been served previous clients with satisfactory service as per their business requirements and also the customers have given positive remarks for the company's services too.
Also, you need to check with the skills and experience of the corporate secretarial service professionals and legal advisors' team in the company, who should be able to resolve all business issues of the company in a genuine way.
Do not hesitate to compare charges of the business solutions of all kinds at the trusted agencies in Singapore. Once you get the satisfactory answers of all the queries, you will get the right solutions for corporate needs of your business and can run it smoothly as the law in the country too.
For betterment, you can hire any secretarial service in Singapore, who will be responsible to handle your firm's all types of corporate requirements, operational works, and clients' needs to manage in a right way. You can also apply for the best company secretary services in Singapore through any reliable corporate service agencies in the country too. Under this service, the company secretary of the agency will manage all your business needs and legal issues according to the corporate norms in Singapore and will keep you tension free for business management problems too
But, if your business is not running good and want to strike it off, you should contact any authorized business solution agency to strike off the company in Singapore. Under this service, you will get your company's registration number off from the listing of the registrar and will be declared not in operation too
For startups, filling in the secretarial service role is not as important as say, linking with good connections to ensure the stability of the company. Startup companies are more concerned about taking their business off the ground than hiring key people at the early stages of company incorporation. After all, why spend money on initial recruitment when you can do the work yourself and direct the budget on more pressing concerns like marketing and promotion of your new business?
The thing, though, is that when you are a startup firm in Singapore, you can expect to face a multitude of statutory requirements before your business operations actually start. One of these requirements is to ensure that you have a secretarial service already working for the company within six months of incorporation.
Whilst the company secretary doesn't hold as much liability as other major stakeholders of a company (directors, shareholders, and auditors), it is a key role that serves as a glue to hold the business operations together. The importance of having one cannot be set aside as this is mandated by Singapore's Companies Act and non-adherence may result in fines or other stricter penalties.
Aside from being a legal requirement, the Singapore secretarial services is responsible for the business and operational requirements of the company (agendas for meetings and other official and non-official gatherings, company transactions, and documentations) as well as its legal and financial duties (company insurance management, file and account statement preparation, and compliance with government's rules and regulations).
The Singapore secretarial service position is too important that a startup company needs to make sure to hire the right one that fits the organization. Being a new business, it is imperative to have all requirements covered to lay a good and stable foundation for the company.