Why You Need a Professional Company Secretary in Singapore: Benefits and Best Practices

Why You Need a Professional Company Secretary in Singapore: Benefits and Best Practices

In Singapore, a company secretary is a crucial role that plays a vital part in ensuring the smooth operation of a business. A professional company secretary is responsible for ensuring that the company complies with all relevant laws and regulations, and provides administrative support to the board of directors. In this article, we will explore the benefits of having a professional company secretary in Singapore, and provide best practices for working with one.

Benefits of Having a Professional Company Secretary

The benefits of having a professional company secretary in Singapore are numerous. Some of the key benefits include:

• Compliance with laws and regulations – A professional company secretary ensures that the company is compliant with all relevant laws and regulations, including corporate governance, tax, and employment laws.
• Administrative support to the board of directors – A professional company secretary provides administrative support to the board of directors, including preparing meeting materials, taking minutes, and ensuring that all necessary paperwork is completed.
• Improved corporate governance – A professional company secretary helps to improve corporate governance by ensuring that the company has a board of directors that is knowledgeable and experienced, and that the company has a code of conduct and other governance policies in place.
• Increased efficiency and productivity – A professional company secretary helps to increase efficiency and productivity by taking care of routine administrative tasks, such as preparing and filing documents with the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS).

Best Practices for Working with a Professional Company Secretary

If you are considering hiring a professional company secretary in Singapore, here are some best practices to keep in mind:

• Clearly define the scope of work – Before hiring a professional company secretary, clearly define the scope of work and the services you expect them to provide. This will help to ensure that you get the services you need.
• Check for qualifications and experience – Make sure that the professional company secretary has the necessary qualifications and experience to perform the services you need. Check their professional certifications, such as the Chartered Secretary (CIS) or the Associate of the Institute of Company Secretaries of Singapore (ACS).
• Check for references – Check for references from other clients or previous employers to get an idea of the professional company secretary’s work quality and level of service.
• Establish a clear communication plan – Establish a clear communication plan with the professional company secretary, including how often you will communicate and what form of communication you will use (e.g. email, phone, in-person meetings).
• Monitor and review performance – Monitor and review the performance of the professional company secretary regularly to ensure that they are providing the services you need and to identify any areas for improvement.

Conclusion

In conclusion, a professional company secretary is a crucial role in ensuring the smooth operation of a business in Singapore. By having a professional company secretary, you can ensure compliance with laws and regulations, provide administrative support to the board of directors, improve corporate governance, and increase efficiency and productivity. By following the best practices outlined above, you can ensure that you get the services you need from a professional company secretary.

FAQs

Here are some frequently asked questions about professional company secretaries in Singapore:

• What is the role of a company secretary in Singapore? A professional company secretary in Singapore is responsible for ensuring that the company complies with all relevant laws and regulations, and provides administrative support to the board of directors.
• Do I need a professional company secretary in Singapore? Yes, if you are a company registered in Singapore, you are required by law to have a company secretary.
• How do I find a professional company secretary in Singapore? You can find a professional company secretary in Singapore by searching online, asking for referrals from other businesses, or checking with professional associations such as the Singapore Institute of Chartered Secretaries and Administrators.
• What services does a professional company secretary in Singapore typically provide? A professional company secretary in Singapore typically provides services such as preparing meeting materials, taking minutes, preparing and filing documents with ACRA and IRAS, and providing administrative support to the board of directors.