Why does Corporate Secretarial Service Needed for Successful Company Incorporation Singapore?

Company incorporation Singapore can be successfully done only after fulfilling a set of intricate statutory obligations laid down by the ACRA (Accounting & Corporate Regulatory Authority). Appointment of a qualified company secretary within six months from the date of incorporation is one of the compliance requirements of ACRA, which must be met by every private limited company in Singapore. Many professional corporate secretarial service providers are rendering nominee secretary services to the companies so that they could follow the guidelines effortlessly.

Many start-ups and small businesses that are working on a shoe-string budget often find it hard to appoint a full-time company secretary in their workforce pool. They could not afford the cost of the resource as it could eat up a considerable amount of start-up money. In this concern, a company secretarial services provider can help the companies in serving the purpose. The nominee secretarial service is a cost-effective and alternate choice to an in-house company secretary in Singapore. This blog excerpt will outline the benefits of hiring corporate secretarial services in the course of company incorporation Singapore.

Company Secretary in Private Limited Company in Singapore:

A company secretary in private limited company in Singapore is one of four stakeholders who serves as the key pillars of it. Other three stakeholders are being the shareholders, directors, and auditors.

As per the ACRA, the secretary must be an ordinary resident in Singapore- a citizen, permanent resident or a holder of EP, EntrePass or Dependant’s Pass. The person must have the fair knowledge and experience to discharge the duties and responsibilities of the secretary the company.

According to the Section 171 (1E) of the Companies Act, a sole director of a company can not act as a secretary. All the conditions of ACRA must be met rigorously, or else non-compliance may result in fines and penalties.

Benefits of hiring professional corporate secretarial services for easy and successful company incorporation:

No Internal Training Session:

When you hire a professional corporate secretarial service, you do not need to spend time and money on internal training sessions to groom the skill-set of an in-house employee. The secretaries of these firms are well-acquainted with the ins and outs of Singapore statutes and can render the services accordingly. They do not require any training session to get accustomed with the company’s requirements. They are good in delivering quality service to any industry.

Save Money on Hiring In-house Employee:

The cost of a typical employee is expensive than outsourcing. When you have a full-time company secretary, you need to spend money on the salaries, benefits, allowances, insurance and infrastructure. However, professional secretarial services help you save the cost of an in-house employee. These firms cost you just an annual fee for the nominee secretary. Surprisingly, some firms such as SBS Consulting offer free corporate secretarial service for the first year when you avail their company incorporation package.

Quick, Efficient and Quality Service:

Service delivery of these firms are quick, efficient and high in quality. You don’t necessarily have to wait for a long time to get all jobs done on time. The company secretaries of these firms have years of experience and knowledge in handling any types of official documents. More and more companies in Singapore are turning to secretarial services due to this reason.

These are some benefits of hiring corporate secretarial services in Singapore. The secretarial service has made the process of Singapore company incorporation far easier and simple. There is no dearth of the firms offering this service in the city-state. However, one must consider few important factors before hiring the final one. The level of experience, professionalism, reviews of the other clients and fees are to name a few.

About Us :

SBS Consulting is a leading business firm in Singapore that provides corporate secretarial service along with company incorporation service. The firm has also proven track record of serving the clients with a set of corporate services such as accounting, bookkeeping, GST registration, payroll and XBRL filing.

SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, Accounting, Preparation of director's report, Taxation, GST, Payroll, XBRL, IT software development and maintenance, etc.