The Benefits of Hiring a Professional Company Secretary for Your Singapore Company: ACRA Compliance and More

The Benefits of Hiring a Professional Company Secretary for Your Singapore Company: ACRA Compliance and More

In Singapore, companies are required to appoint a company secretary within six months of incorporation. While some entrepreneurs may choose to appoint a director or employee to handle this role, hiring a professional company secretary can bring numerous benefits to your business. In this article, we’ll explore the advantages of hiring a professional company secretary and what they can do to help your Singapore company thrive.

ACRA Compliance

The Accounting and Corporate Regulatory Authority (ACRA) is the regulatory body responsible for overseeing company registrations and filings in Singapore. As a company secretary, their primary responsibility is to ensure that your company complies with all relevant ACRA regulations and filing requirements. This includes:

• Preparing and submitting annual returns (Form C) and other regulatory filings
• Keeping accurate and up-to-date company records
• Maintaining a register of shareholders and directors
• Providing notice of changes to company information

A professional company secretary has the expertise and knowledge to ensure that your company is always in compliance with ACRA regulations, reducing the risk of penalties and fines. They can also help you stay on top of changes to regulations and ensure that your company is always up-to-date.

Corporate Governance

Corporate governance is critical for any company, as it helps to ensure that the company is run in a responsible and transparent manner. A professional company secretary can help you establish and maintain good corporate governance practices, including:

• Preparing and maintaining a board of directors’ minutes and resolutions
• Providing guidance on director duties and responsibilities
• Assisting with shareholder meetings and resolutions
• Ensuring compliance with Securities and Futures Act (SFA) and other regulatory requirements

A professional company secretary can help you establish a strong corporate governance framework, which can help to build trust with stakeholders, attract investors, and improve your company’s reputation.

Administrative Tasks

In addition to ensuring ACRA compliance and promoting good corporate governance, a professional company secretary can also help with administrative tasks, including:

• Preparation of annual reports and other financial statements
• Assistance with company secretarial matters, such as share transfers and changes to company information
• Providing support with company meetings and resolutions
• Assistance with regulatory filings and submissions

A professional company secretary can help take care of these administrative tasks, freeing up your time to focus on more strategic and important matters.

Cost Savings

Hiring a professional company secretary can also help your company save money in the long run. With their expertise and knowledge, you can avoid costly mistakes and penalties, and ensure that your company is always in compliance with ACRA regulations.

In addition, a professional company secretary can help you streamline your company’s operations and reduce administrative burdens, which can help to reduce costs and increase efficiency.

Access to Expertise

A professional company secretary has the expertise and knowledge to provide guidance and support on a wide range of company secretarial matters. This can be particularly useful for small businesses or startups, which may not have the resources or expertise to handle these matters in-house.

With a professional company secretary, you can have access to expert advice and guidance on matters such as company law, corporate governance, and regulatory compliance, which can help to ensure that your company is always operating in a responsible and compliant manner.

Conclusion

In conclusion, hiring a professional company secretary can bring numerous benefits to your Singapore company. From ensuring ACRA compliance and promoting good corporate governance, to handling administrative tasks and providing access to expertise, a professional company secretary can help your company thrive.

If you’re considering hiring a professional company secretary for your Singapore company, we recommend doing your research and finding a reputable and experienced company secretary who can provide the guidance and support you need to ensure your company’s success.

FAQs

Q: What are the responsibilities of a company secretary in Singapore?

A: The responsibilities of a company secretary in Singapore include ensuring ACRA compliance, preparing and submitting regulatory filings, maintaining accurate company records, and providing guidance on corporate governance and regulatory matters.

Q: Do I need to hire a professional company secretary if I have a small business or startup?

A: Yes, hiring a professional company secretary can be beneficial for small businesses or startups, as they can provide expertise and guidance on company secretarial matters, help ensure compliance with ACRA regulations, and streamline administrative tasks.

Q: How do I find a reputable and experienced company secretary in Singapore?

A: You can find a reputable and experienced company secretary in Singapore by doing your research, checking online directories, and asking for referrals from other business owners or professionals in the industry.

Q: What are the costs associated with hiring a professional company secretary in Singapore?

A: The costs associated with hiring a professional company secretary in Singapore will depend on the company secretary’s experience, qualifications, and the services they provide. On average, you can expect to pay between SGD 500 to SGD 2,000 per month for a professional company secretary.

Q: Can I appoint a director or employee as my company secretary?

A: Yes, you can appoint a director or employee as your company secretary, but it’s recommended to hire a professional company secretary who has the expertise and knowledge to ensure compliance with ACRA regulations and provide guidance on company secretarial matters.