The Companies Act of Singapore institutes that every new company in the country must appoint a new secretary within a duration not exceeding six months after its formation. Also, the company requires a good custodian of its documents. Rather than settle for a permanent secretary position, which has the added costs of advertisement, interviewing, and training, it is easier to outsource company secretary services. Some companies offer secretarial services for companies at an agreed fee and are usually associated with competent, well-trained, and experienced professionals in this field.
Functions performed by company secretary services.
Company secretary services have three principal roles within the company. They perform administrative, fiduciary, and advisory duties. The vital administrative role of secretaries is to enhance ACRA reporting compliance. According to the companies act of Singapore, the secretary should regulate annual general meeting dates per the compliance regulations. They should also ensure timely relay of financial statements to the relevant bodies and proper filing of returns in good time. It is the role of the company secretarial service provider to keep a checklist for all compliance stipulated in ACRA regulations and be accountable for any misdoings and errors. Also, the company secretary is responsible for providing relevant evidence support in a compliance suit in court. The secretarial service is the first point of contact in a compliance-related issue.
The advisory duties of the secretary involve pinpointing events and occurrences within the company that might affect compliance practices. When the company is reluctant to hold the annual general meeting, it is the responsibility of the secretary to advise on critical timeline dates past which the company is out of compliance. The fiduciary duties of a company secretary service involve constant communication and updates between all shareholders while keeping clear interest. Both parties should feel free to confide with the secretary and trust their documentation process. Find the best secretary to ensure you get the very best company secretary service and your company will run smoothly.
Key documents maintained by company secretary services
- The minute book.
- Annual and interim financial reports and statements.
- The statutory register book.
- The director’s report.
Selecting a good company secretary service
We have established that a company secretary plays a delicate role within the company. It is, therefore, advisable that the selection process of the secretarial service is accurate and not regrettable. Select a service with a firm hold on startup filing and documentation. Startups tend to crowd with multiple investment rounds, investors, and varying classes of shares. The secretary should have the skills to handle such strain and maintain proper documentation and compliance. A more experienced company secretary service is likely to offer better services than an upcoming one. However, check the agreement terms to seal hidden expenses. What does the service provider stipulate as additional services? What is the agreed cost for such services? Company secretary services tend to take advantage of loopholes within agreements to bill for services that ought to be in their jurisdiction in a standard agreement policy.