You are all ready to set up your company. However, you are fretting over a suitable company secretary. According to the Singapore Company Act, it is compulsory to fill this position within six months after your business has been incorporated. The role of a company secretary is critical in the success of every business as he or she takes care of important administrative matters of a business such as annual return filing, conduct of AGM and maintenance of statutory register book.
We have previously discussed why you should outsource company secretarial service and the benefits it brings to your business. If you have decided to engage a company secretary with a professional service provider, take a look at 5 tips when outsourcing company secretarial services in Singapore:
Sufficient knowledge of legislation
Regulations can be wide and complex. One of the most important criteria of your appointed company secretary is that the individual must be well versed with the legislation in place. More importantly, he or she must continually be aware of new regulations coming into force and advise you accordingly. A company secretary must be able to handle your company’s administrative paperwork timely and with minimal fuss. Having the confidence in your secretary’s knowledge of legal and compliance framework allows you to make informed decisions without worrying about the repercussions of non-compliance.
As company secretaries handle private information of the company, it is important that they operate in full transparency so that you still have full control and awareness of your company’s background processes. A good corporate secretary should provide updates on the procedures they are working on and capable of providing documents at your request. You would not want a company secretary that makes empty promises but unable to deliver the agreed services when you need it. Ecovis Bizcorp spells out the list of services they provide and their fee structure clearly avoid ambiguity in their partnership with companies.
Working relationship with directors and shareholders
A company secretary is a multifaceted role due to their interaction with the Board of Directors and shareholders. Acting as advisors to the board, a company secretary must be able to possess problem-solving skills and move according to the directors’ speed.
They also have to fulfil the fiduciary role by safeguarding the interest of shareholders. This includes disseminating timely financial statements so that shareholders are prepared to take part in decision making at the company’s AGM. A reliable and approachable corporate secretary are qualities that are essential in communicating concerns and issues between different stakeholders.
The biggest drawback of outsourcing corporate secretarial service would be the cost involved. Many corporate secretarial services may stay competitive by offering low price tags. However, that should not be your main consideration when it comes to evaluating cost-effectiveness. An important factor one has to consider is the direction of your company.
If you intend on going public, your new corporate structure you will need a company secretary that goes beyond providing the basic corporate secretarial services. They need to have deeper knowledge and sense in finance to supervise the company’s share allotments, reviewing the financial statements and reports, as well as vetting the tax assessments. Your company will not only have to comply with local legislation but also multinational regulations. You need to evaluate if your corporate secretary has the capability to provide value-added solutions from a global perspective. These advanced level of service are irreplaceable by cheaper service provider and hence are worth the higher price tag.
Here in Ecovis Bizcorp, we serve broad ranges of clientele across diverse industries nationally and internationally. We are capable of providing a combination of personal advice at a local level with the expertise of an international and interdisciplinary network of professionals.
Fairness of the secretarial service provider
Dedicated company secretary is important to every business regardless of size. Outsource secretarial service companies work with many businesses at a time. Understandingly, service providers are paid on a varying scale. This should not give a reason for differential treatment between companies. Secretarial service should be given equal priorities and maximum effort to every company they are working with.
At Ecovis Bizcorp, we focus on servicing small and medium-sized enterprises and fast-growing businesses. We have grown to a firm with more than 90 professionals to take on public corporations such as Fiat Chrysler South East Asia Pte Ltd. We stay true to our values of building long-term trusted relationships by keeping promises, creating value and delivering our commitments to every business we work with.
Outsourcing your corporate secretarial service
For dedicated company secretarial services in Singapore, get in touch with us. Ranked the 18th largest international accounting firm in the world with over 7,000 people operating in 78 countries, let Ecovis Bizcorp help you support your business whenever, wherever. Contact us today to find out more.