4 Things to Remember When Hiring Secretarial Services in Singapore
When it comes to starting a successful business from ground up, the most-discussed aspect of the business tends to be the feasibility of the business plan, the right pick of talent or even the marketing strategy for growth. However, in Singapore's landscape of competitive businesses, there is often an overlooked instrument that undoubtedly becomes a key to planning for your business's success - corporate secretary services. It is a unique solution that ensures your business is on a solid groundwork when it comes to comprehending and making the best out of the complications, strategies and opportunities in Singapore.
As a trusted expert in meeting all of Singapore's regulatory requirements to streamlining operations with the best strategic advantage, a company secretarial service firm can often provide the needed experience and capacity, providing you with an extra hand to help you handle your administrative activities with ease and efficiency. Whether you're a business start-up, existing local business or an offshore business looking for a Singaporean expansion, here are a few reasons why outsourcing your company's secretarial requirements to a reliable corporate secretarial service firm is a good idea:
Outsourced Company Secretaries are reliable
A well-trained, highly-experienced and knowledgeable team of company secretaries gives you access to expert advice and recommendations that you've otherwise missed out on. With that, you can rely on them to meet Singapore's business legal requirements, compliance and policies. In particular, an experienced company secretary can come up with solutions to meet your needs if you are considering corporate actions such as fund raising, transferring shares or capitalising loans.
They handle processes with accuracy, consistency and timeliness
Firms that specialise in company secretarial services are experts in timely and consistent handling of administrative requirements. With their expertise, you can eliminate the risk of your organisation being penalised for non-compliance or errors in document submissions, especially within the legal stipulated time frames by Singaporean policies
They can be amazingly cost-effective
Hiring and training a professional team of in-house corporate secretaries often makes little to no financial sense, especially if you're planning to manage your organisation expenses to its best. By outsourcing company secretarial services, you can sidestep the hiring and training costs and gain instant access to top-tier secretarial services.
Having said that, it is important to gauge the right fit of your business's needs to the suitable corporate secretary services firm. Like most businesses, corporate secretary service providers vary in quality, and your business should take note and remember these 4 things before hiring secretarial services.
1. Be sure that the firm you intend to hire employs professionals with necessary and desired qualifications
The basic routines before hiring any professional service can be said to apply to firms that offer corporate secretarial services - when weighing in your options, it is important that your future corporate secretarial service firms employs a resident with the requirements mandated by Singapore's Accounting and Corporate Regulatory Authority (ACRA). More importantly, you should look out for a firm that exhibits strong soft skills such as good communication, dedication to service levels , responsiveness to enquiries and are highly organised.
2. Gauge the depth of knowledge of the corporate secretarial service firm when it comes to financial and corporate rules and regulations
You hire professional services for their expertise - and in the field of corporate secretarial services, the one factor that needs to be on a solid standing before agreements to any contract is their knowledge and professional capacity when it comes to financial and corporate rules and regulations, especially when they are promulgated by ACRA. They should be the absolute experts and your go-to guide when it comes to issues such as filing requirements or meeting other compliance requirements.
3. Be clear on the range or portfolio of secretarial services offered by the firm
Apart from being the expert of regulatory requirements, a Singaporean company secretary services firm should be capable of excelling in advising on complex corporate actions, including corporate governance, restructuring, liquidation, incorporation & dissolution amongst many others.
While your business might not necessarily need services such as dissolution, it is to your benefit that your chosen firm covers a wide area of secretarial services to be ready for any future requirements.
4. Ensure that your business is spending an appropriate budget for the right corporate secretarial service
While there are many corporate services firms offering a wide range of company secretarial packages, cost will be an important factor when hiring professional corporate secretarial services and their fees.
That's why it might be wise to approach firms that offer tailor-made solutions with its appropriate prices suitable for your needs in Singapore. After all, every business needs to manage costs well, and your bills will determine your business success!
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.