Some businesses choose corporate secretarial services to comply with the Company’s Act of Singapore. If you’ve recently started a business, you must appoint a secretary within six months of incorporation. If you fail to do this, you will have to bear the consequence of paying a heavy fine.
Corporate secretarial services are extremely useful to any business; they offer many services, which play a major role in the growth of a company. If you’re planning to outsource secretarial services, go through the list below to see some of the common services they offer.
Services Offered By Corporate Secretarial Services
File Any Changes in Statutory Records to ACRA
Any minor or major change in your records is immediately filed to ACRA to avoid any penalties. These may include a change in the Memorandum and Articles of Associations, a change in the appointment of officers, a change in the address or the name of your company, a change in the number of shares issued, or annual returns before the due date.
Help Prepare the AGM
Corporate secretarial services are a big help when it comes to organising an Annual General Meeting. The main responsibilities are to inform and see who is attending the meeting, prepare the agenda of the meeting, and take down minutes of the meeting. A corporate secretary is observant throughout the event to ensure that it is going smoothly. All the details are then explained to you in detail by the secretarial service.
Bookkeeping of Accounts and alter changes of Register Books
Corporate secretarial services are responsible for editing any changes in the register books. For example, if an officer of your company resigns, this change needs an instant update in the books by the corporate secretarial services. Other changes, such as the appointment of new officers, issue or transfer of shares, and AGM minutes, are also updated.
Help Prepare Directors’ Board Meeting
Corporate secretarial services help you out with the director’s board meeting by preparing the director’s circular resolutions, by providing an agenda of the whole meeting, taking down the minutes of the meeting, certifying copies of minutes, and also provide legal advice to prevent your business from breaking any law.
Protect the Company Seal
Corporate secretarial services ensure that your company seal is protected and used safely in the company’s constitution.
Professional Communication with Shareholder
Secretarial services make sure that shareholders of your company are paid dividends on time and update them about anything related to them through circulars. Secretarial services also insure and are responsible for the documentation regarding rights issues.
Notify You Business Owners Regarding Close Deadlines
Corporate secretarial services will constantly remind you of filing deadlines so that you don’t miss any.
The city-state’s regulations are constantly changing. So if there is support and advice coming from such providers, compliance will not be an issue. Furthermore, you get well-trained professionals who are ready to assist you in the administration side of your business.
Before you hire one, do consider their experience. Some considerations include the industries and the size of the companies they have served.