5 Common Misconceptions About Corporate Secretarial Services
If you’re thinking of incorporating a business in Singapore or are involved in a corporate business, it is inevitable that you will have to comply with the requirements and regulations of the Accounting & Corporate Regulatory Authority (ACRA).
In fact, the process of a company’s incorporation in Singapore cannot be completed without the hiring or the service provision of a qualified company secretary.
Today, an excellent corporate secretary isn’t just crucial in business’s incorporation – it can provide the business’s general direction for growth, as well as ensuring your business stays fully compliant with the current regulations that exist across different governing bodies.
They can also often facilitate the flow of information across the business organisation, from senior management to everyday staff. A well-qualified company secretary is capable of positively impacting your business with the practice of good corporate governance.
Some business owners believe that a full-time corporate secretary is unproductive or unnecessary, and is often relegated to a non-vital role within the company.The truth, however, is that the role of a company secretary is no less important than any other key roles in a business. Let’s delve into the common misconceptions on why reliable corporate secretarial services in Singapore might be the most viable answer for your business’ needs.
Corporate secretaries are just administrators
While it is easy to think that the key role for corporate secretaries to oversee meetings and execute administrative tasks, a corporate secretary’s role is much more complex than that.
A business's corporate secretary ensures that the management and owners of the business is thoroughly informed and advised with the relevant resources to make management-level decisions that have great business impacts on the organisation.
This includes maintaining corporate records, serving as a point of reference for compliance issues and being proactive in meeting regulatory standards and corporate governance rules.
In fact, corporate secretaries today are expected to show flexibility in being responsible for key duties such as the administration of company stock, being the key person-in-charge for compliance related matters and to update the business with the latest security laws and regulations.
Anyone can be a corporate secretary
Due to their portrayal in the mass media, any job title with the term “secretary” is often misconstrued wrongly as a role that requires little to no professional qualifications.
The fact of the matter is that corporate secretaries are exemplarily qualified in handling many matters regarding businesses and corporations.
A qualified corporate secretary in Singapore is first and foremost a chartered accountant and a member of the Institute of Certified Public Accountants of Singapore (ICPAS). He or she should also possess the relevant qualifications from the Legal Profession Act.
While it is not required for corporate secretaries to also be lawyers, they must be well-versed with the varying corporate and compliance regulations and laws in Singapore. This is due to the fact that it is essential for any business to comply with these strict regulations to avoid penalties and fines.
This is why a corporate secretary or a corporate secretarial service provider is a highly professional and often well-qualified profession or service in contrast to many perceptions out there.
A corporate secretary is not needed after company incorporation (i.e. optional after incorporation)
While hiring a corporate secretary or corporate secretarial services is a must-have for a business’s incorporation, it is no less vital to have a corporate secretary who can act on behalf of a business to meet various annual reporting requirements to the ACRA as well as overseeing the company’s tax information and ensuring the business meets any updates in laws and regulations.
You need a full-time corporate secretary
As cost is a common factor among many business owners in not hiring a corporate secretary, there is a better solution than ignoring your business’s needs.
Instead of hiring a costly permanent corporate secretary, you can easily outsource all your compliance and reporting needs to a professional corporate secretary service provider in Singapore.
As a more economical way of managing costs, outsourcing your corporate secretarial requirements can aid your business’s bottom line while keeping your business’s statutory compliance and corporate governance in check.
Sprout Asia offers fuss-free management of compliance & reporting requirements
Your focus is on business, not corporate compliance. As a full-fledged company secretarial services provider, Sprout Asia helps businesses at all stages of growth to reach their maximum potential. We offer packages from excellent & comprehensive one-stop solutions to a no-frills package where your secretarial needs are met with budget-friendly prices.
Schedule a call with Sprout for a complementary consultation. We can provide insights on how we can add value by providing more insight into your business' financial performance and cash flow, allowing you to make better decisions.
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