Advantage of hiring Company Secretarial Services Singapore
corporate secretarial services Singapore. This blog will provide pros and cons of outsourcing this non-core task to a third-party firm.
As per the Singapore Companies Act, every locally registered company in the jurisdiction must appoint a qualified company secretary within six months from company incorporation. It does not matter whether you hire the employee in-house or outsource to the company secretarial services Singapore, but you must fulfill the obligation to remain compliant.
Singapore secretarial services are not just only about meeting the statutory obligation but also to promote the good governance within the organization. Essentially, a company secretary is liable for ensuring the compliance requirements of the organization along with the issues of corporate governance. He/she must have a thorough understanding of laws of Singapore jurisdiction, especially the ones that may affect its compliance. Thereby, the role of a company secretary in a Singapore company is increasingly vital. And, you cannot afford to ignore its engagements in your company.
Company Secretary Introduction
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The company secretary in a Singapore company is one of the important pillars just like directors, shareholders and other officers. He is responsible for ensuring the smooth running of the company's legal and administrative procedures. He must ensure that there is no breach of rules and regulations.
A Singapore secretarial service is a bridge between the company and the regulatory bodies. Ideally, he should have a good understanding of Singapore Companies Act, Cap 50 and ensure that company is complying with the laws. You must appoint an in-house employee or hire good corporate secretarial services Singapore to fulfill the mandatory requirements of ACRA (Accounting & Corporate Regulatory Authority). Cost Efficiency:
One of the key perks of hiring outsourced Singapore secretarial service is a large amount of operational expenditure that you will be able to reduce. Outsourcing has proven to be a cost-effective solution if implemented efficiently.
Ever-since the rising competition in the market, every company is trying to reduce their overall operational expenses by outsourcing its non-core aspects including
jurisdiction. They stay abreast of the everchanging laws of ACRA. The firms who have invested in training the professionals ensure the efficiency in work.
Meet Compliance Requirements:
Essentially, you do not need to invest a large amount of your fund in hiring and training programs for secretaries. Plus, investing in office equipment, infrastructures, stationery items, etc. are also not needed. The cost of an in-house employee (salaries, benefits, insurance, leave compensations, etc.) does eat up a large amount of your business's fund. However, outsourcing will save you from spending that hefty amount.
Outsourcing can be done in a fraction of the cost you would spend on the in-house employee. In fact, various firms offer free corporate secretarial services with their incorporation package.
Reiterating, a Singapore secretarial service is responsible for ensuring company's compliance requirements. The professional of the firm will take care of your all compliance related issues and ensure there is no breach of any rules and regulations. The fear of noncompliance will not hunt in your mind. You will be in a peace of mind and can focus on core activities to increase productivity.
Scalability of Services: No doubt, the cost is the biggest determinant factor that persuades the companies to adopt the outsourcing option for their non-core activities including corporate secretarial. Nevertheless, the scalability is a major benefit as it allows the businesses to remain highly competitive and up-to date and efficient. Most of the firm offering corporate secretarial services in Singapore can scale up and scale down their offering as per your requirements. The professionals of the firm have rich knowledge and years of experience in the local
The cons of outsourcing corporate secretarial services Singapore are the lack of confidentiality and trustworthiness and accountability & accessibility. However, these pitfalls can be avoided by hiring a reliable firm who will keep you in the loop while performing every activity about company secretarial services Singapore. Since the pros outweigh the cons, you must opt to outsource the service to a good corporate firm in Singapore.