Discerning Reliable Corporate Secretarial Services In 5 Steps

Hiring the right source for corporate secretarial services can potentially bring you a lot of benefits compared to going through the trouble of interviewing and hiring on your own, since the corporate secretary appointed by them are often experienced professionals that are well equipped to meet all requirements. However, certain care has to be taken to ensure that you are hiring reliable corporate secretarial services as well. Here are 5 steps to undertake:

1. Reliability

Check for reliability from both the service provider and the appointed corporate secretary. Sources providing the right corporate secretarial services should consistently display reliability by having the experience needed to fulfill requirements set by ACRA. The appointed corporate secretary they provide should be able to facilitate your corporation’s business processes by ensuring that all required processes and preparation, like annual filing, are done in a timely error-free manner.

2. Experience/Advice

A reliable source that provides corporate secretarial services should also be equipped with the experience and knowledge required to assist your corporation. Corporate secretaries should be able to offer sound advice as well as assist in areas like striking off, corporate procedures, business structures, employment pass applications, statutory record register maintenance and more!

3. Support

Good corporate secretarial services also come in the form of support for corporations. The appointed corporate secretary should own strong organisation skills and can be trusted to work independently, as well as manage deadlines. Ideally, a good corporate secretary should display strong interpersonal skills, in terms of both verbal and written communication.

4. Accuracy

The corporate secretary should also be able to coordinate and organise meetings for Directors and Shareholders. Discussions and resolutions should be recorded clearly into notes for future reference. Corporate secretaries should possess the experience needed to keep board meetings concise and cohesive by distributing board meeting agendas and communicating expectations. In addition, the minutes prepared should also be concise and accurately reflect the contents of the meeting, with no risk of embellishment or misinterpretation.

5. Consistency

Consistency in effort and quality of corporate secretarial services that are provided can also be crucial criterias when it comes to discerning the right corporate secretarial service provider for your corporation. A recommended practise would be to allow for a trial period of at least three months so that you can gauge the effectiveness and contribution the appointed corporate secretary is making.

How To: Ensure Corporate Secretarial Service Compliance

With the plethora of corporate secretarial service providers and experienced professionals out there, the process of hiring one can be attained smoothly. However, the hiring process should not simply stop there. Business owners are advised to monitor the corporate secretary’s performance, in order to ensure that they are experienced enough to be able to accurately meet all legal requirements. Here’s how one can ensure corporate secretarial service compliance:

Basics

A staple requirement when it comes to providing corporate secretarial service, would be a proficiency in interpersonal skills, regardless of whether it’s written or verbal. Take a look at the way your corporate secretary conducts themselves- are they meticulous in the work they do? Are they able to conduct procedures independently and manage deadlines? Are they able to build up a good rapport with your shareholders and understand the structure of your corporation clearly?

Regulatory Services

Part of the corporate secretary’s responsibilities when it comes to providing corporate secretarial service to clients would be monitoring regulatory compliance. Your appointed corporate secretary should be able to ensure compliance by regularly maintaining statutory registers and records, reporting relevant statutory authorities in situations of changes in corporate structure or membership exchange, effectively prepare board resolutions, effectively prepare shareholders’ resolutions as well as record minutes in clear concise formats during board meetings. In addition, the corporate secretary should also be able to assist in company restructuring or cessation.

Keep an eye out on the corporate secretary’s performance by monitoring the quality of their preparation as well as their ability to pinpoint what has to be done when said situations occur.

Corporate Governance Services

Another corporate secretarial service corporate secretaries should be able to successfully cater to would be assisting processes that are related to corporate governance. These includes dispensing expert advice for corporation procedures, assisting with the development of company processes for corporate governance, assisting/advising on business registration or structure establishment, renewal or registration of representative offices, application for employment passes, and more!

Corporate secretaries should also be able to monitor the timely file returns with ACRA and draft routine resolutions on behalf of the corporation. The processes should be done without any errors so the business owner can focus on more pressing matters.

Quality corporate secretarial service is often represented with professionalism and quality in their work. A good corporate secretary should display a clear understanding of your business and continue to assists by offering valuable guidance in terms of your corporation’s governance or finance operations, as well as management process.

Self Hiring or Corporate Secretarial Service Providers- Which Is Better

One question all business owners have considered at one point, would be the question of whether it’s more economically wise to invest in self hiring corporate secretaries, or to hire an external corporate secretarial service provider. The merits of both procedures are each compelling, but what would be better? Here are some factors to consider:

Skill Set

The skill set of a corporate secretary is important, regardless of whether you are self hiring corporate secretaries or making use of a corporate secretary service provider. By self hiring a corporate secretary, you will be required to detail and make a list of what requirements you wish to have them meet. This could be difficult if you are unsure of what exactly to look for. Whereas when it comes to making use of a corporate secretary service provider, the hassle of doing so is saved since these service providers are usually experienced and professional enough to appoint a corporate secretary that best fulfills general requirements.

Services Provided

Corporate secretaries are expected to be able to provide a wide range of services including: meeting compliance/reporting requirements, updating/filing with ACRA, statutory register maintenance, AGM document preparation, meeting minutes preparation, providing legal advice, assisting with procedures like restructuring/cessation and more. Depending on the corporate secretarial service provider you sign up with, certain service providers do not provide add on services beyond the basics. Whereas when you hire your own corporate secretary, they are expected to fulfill all requirements and provide the relevant services.

Hiring Process

The process of hiring a corporate secretarial service provider is often a lot more straightforward since the experienced service provider is more than willing to guide business owners through the process. However, since there is no stipulation from ACRA that all corporations have to hire corporate secretarial service providers, corporations can choose to self hire others as long as they qualify for the role of a corporate secretary.

When self hiring however, there are certain things to take note. Public companies are required to hire corporate secretaries that are registered filing agents. The corporate secretary will need to submit an application to ACRA to become a qualified individual before corporations can legally appoint them. Private corporations are able to appoint anyone with a valid SingPass as long as they are experienced and qualified.

Time

One of the clear benefits when it comes to self hiring a corporate secretary would be that companies can get more done in a shorter amount of time since everything is handled internally. Hiring a corporate secretarial service provider usually means you will have to take the time to liaise with the external firm, which can be quite time consuming if you have a lot of matters to address and clarify.

Costs

In terms of cost and expenses, self hiring a corporate secretary for your corporation can allow your corporation to save up on fees, since this could be counted on a salary basis. Whereas if your corporation decides to hire a corporate secretarial service provider, you will be prompted to pay either on an annual basis or on a monthly basis. There is also the factor to consider that there may be add on fees, if you require other services combined with what they provide.

Though a good recommendation to keep an eye out on would be when corporate secretarial services come up with different payment packages. Select the one closest to your needs and negotiate for add on services if there is a requirement, you may also find that certain corporations prefer sending you quotations or charge you upfront depending on their business practise. There are also some who regularly offer discounted rates for corporations if they fit certain requirements.

Ultimately, these are some of the factors you should be considering. Depending on what you prioritise, hiring a corporate secretarial service provider can actually be more beneficial instead. Whereas self hiring corporate secretaries come with their own set of advantages and disadvantages as well.

Corporate Secretarial Service Tips: Preparing Minutes For Important Board Meetings

When users sign up for corporate secretarial service, they usually come with certain expectations that the corporate secretary should fulfill. Apart from essential services, the preparation of minutes for important board meetings also lie within the responsibilities of the corporate secretary. Here are some corporate secretarial service tips for doing just so:

Essential Information Recording

Essential information that contributes to the structure of the discussion should be recorded by the corporate secretary. Some examples are the length of discussions that are important, deliberations, date of the meeting, start and end times, location, the attendees present, the presence/maintenance of a quorum, materials that are distributed, topics that are covered and decisions that have been made. Providing good corporate secretarial service also includes clearly identifying separate meetings and tasks, as notes/minutes are typically incomplete by nature.

Identification

The more organisation/structure the minutes prepared are, the easier a task to interpret/understand when studied. Corporate secretaries are recommended to make use of the particular meeting agenda to organise and label their minutes/notes. Transitions from different topics should be indicated in presentations by management, advisory firms, executive sessions and counsel.

Clear identification/description of the board meeting’s deliberative process should also be included. As an added corporate secretarial tip when it comes to preparing minutes: Collective or passive voice descriptions should be used to avoid attribution errors.

Accuracy

In certain situations, differing opinions from directors regarding discussed events can be resolved with reference to the corporate secretary’s notes some time in the future. Therefore, it is important to provide clarity and accuracy when preparing minutes. Meeting minutes that contain clear discernable objectives can reduce the possibility of misinterpretation, thereby lowering risks of said information being used by adversaries.

Consistency

Another good corporate secretarial service tip when preparing minutes is to keep the standard minute preparation format consistent. Make use of the same fonts, styles, formats, design elements, organisation of information, and other key elements that make up your entire note. Also bearing in mind local statutory requirements, it would be a good corporate secretarial service step to make sure that the statutory requirements specifically created for minutes have been met.

Distribution

After preparation, the corporate secretary should distribute their draft minutes to directors so that they can be

Roles and Responsibilities Corporate Secretarial Services Assist With

When it comes to setting up a company in Singapore, business owners are bound by certain requirements stated by ACRA. The appointing of corporate secretaries within 6 months of the new company’s incorporation would be one such requirement. Business owners can either choose to hire a company secretary manually, or decide to appoint specific providers that offer corporate secretarial services in Singapore.

The appointed corporate secretary will be regarded as the corporation’s primary officer, and will be placed in charge of essential administrative/reporting legal requirements. To ensure that business owners are able to benefit fully from corporate secretarial services, it is highly recommended that they are acquainted with the roles and responsibilities a corporate secretary should fulfill:

Administrative

Considered as one of the primary features that corporate secretarial services in Singapore offer to business owners, the appointed company secretary is required to contribute efforts to essential administrative tasks that involve reporting confidential information. Business owners can expect corporate secretarial services to efficiently handle administrative tasks like the updating and filing of annual returns, updating of directors’ particulars and company officers (appointment, deaths, resignations), company constitution amendments, share allotment/transfers, company name registration or changes, maintenance of Statutory Registers, Signed Board resolution filing, AGM/EGM maintenance and more.

Advisory

Corporate secretarial services in Singapore can also extend to advisory responsibilities as well. Company secretaries should be professional enough to ensure that the corporation’s internal governance meets up with legal compliance frameworks and advise their clients accordingly. This way, key information can be used to formulate legal strategies and complement decision making, especially when it comes to company policies.

Fiduciary

Corporate secretaries are also trusted to act in the best interest of the corporations and to avoid disclosing potential interest conflicts. They hold the responsibility of keeping a close watch on proceedings since failure to do so can be regarded as breaking the law and potentially result in severe consequences for the corporation.

5 Requirements Good Corporate Secretarial Services Should Meet

Signing up for corporate secretarial services in Singapore is a fairly straightforward process due to the fact that corporations have plenty of service providers to choose from. Since the roles and responsibilities of a corporate secretary revolves around ensuring that the corporation meets essential legal obligations, it is imperative that business owners pick the best corporate secretarial services they could get. Here are 54 basic requires good corporate secretarial service providers should meet:

1. Transparency

While it is true that signing up for corporate secretarial services in Singapore enables business owners with the ability to draw focus on more business progress, it is still prudent to understand what the corporate secretarial service provider plans on accomplishing/setting into motion. A good service provider should provide updates on the procedures they are working on with full transparency so the business owner is aware of all background processes.

2. Solid Foundation Of Knowledge

A good corporate secretarial service provider should retain a wealth of knowledge when it comes to regulations, compliance laws and requirements that are essential. They should be able to effectively advise and monitor the corporation’s progress, especially when it comes to keeping corporation policies within the realm of feasibility. This way, business owners can progress with future plans and tasks with full confidence in knowing that they still meet regulations set by ACRA, thereby eliminating possibilities of facing repercussions.

3. Quality

Another requirement good corporate secretarial service providers should be able to meet would be to effectively and accurately perform essential legal procedures like filing returns and other assorted administrative tasks on behalf of their client. Qualified service providers are able to facilitate such procedures with minimal fuss and maximum effectiveness, so business owners can be rest assured in their professionalism. This is also one of the most important requirements since failure to accurately perform certain legal procedures can potentially cause the corporation to suffer serious repercussions.

4. Communication

Strong communication skills are another good requirement corporate secretarial service providers should exhibit. Since corporate secretarial duties rely on keeping organised with both internal as well as external stakeholders, directors and company officers, the appointed corporate secretary should be well versed enough to effectively negotiate, communicate and facilitate meetings with concise reports.

5. Reliability

Appointed corporate secretaries usually own access to the business owner’s company history, the structure of the corporation, shareholders and directors’ information as other sensitive data. Clients should be able to trust that the corporate secretary can conduct tasks in a tactful, consistent and reliable manner.

How To: Remove Or Change Corporate Secretarial Service Providers

Business owners are not required to stick with their corporate secretarial service providers under certain circumstances. In the event that removal of a corporate secretary has to be done, the corporation will be required to remove and change to another. Here is what to consider when removing or changing corporate secretarial service providers:

Corporations may consider changing their corporate secretarial service providers based on situations like poor communication, improper guidance and advice concerning compliance regulatory requirements/procedures, hidden/excess additional fees apart from annual retainer fees, and other poor handling of other essential requirements and services that are required by the corporation.

Before switching to new providers offering corporate secretarial services in Singapore, it is imperative to once again make sure that they are eligible for the role. Corporate secretaries could be a local resident in Singapore that has been qualified under the Legal Profession Act, or an accountant that is registered under the Accountants Act. In addition, corporate secretaries can also be a member of the SAICSA, or the Institute of Certified Public Accountants of Singapore. Ideally, business owners should be looking for corporate secretarial service providers who are experienced with the Companies’ Act and accounting principles.

Business owners should familiarise themselves and plan accordingly in order to avoid delays that could cause late filings with ACRA and IRAS so as to prevent their corporation from being penalised by government authorities. Avoid changing corporate secretarial service provided when statutory deadlines, AGM deadlines, and Annual Return Filing deadlines are near.

The corporate secretary can resign by providing a signed resignation letter that is accepted by the corporation and passed through a board resolution. The resignation can be finalised through the bizfile website and finalised through ACRA filings. Should corporate secretaries refuse to corporate, business owners may resort to making use of specific provisions located in the corporation’s articles of association or directors resolution to resign the corporate secretary. Do note that the resignation or removal has to be reported to ACRA (within 30 days).

To appoint a new corporate secretarial service provider, business owners will require another board resolution and to inform ACRA through bizfile once again.

5 Ways Corporate Secretarial Service Providers Help With Company Registration

The process of setting up a company in Singapore can be a tedious one when aspiring entrepreneurs are not clear on the requirements and steps to undertake. Fortunately, professional corporate secretarial service providers can actually aid business owners in the process. Here are 5 ways in which they can contribute:

1. Company Structure

Professional corporate secretarial service providers are equipped with the knowledge of different corporation structures, thereby making them one of the best sources to approach when planning for company registration in Singapore. The appointed corporate secretarial service provider will be able to fully advise clients on the company structure to consider by reviewing their client’s business plan and the direction of anticipated future growth.

2. Preparation

Preparing to set up a corporation in Singapore may be straightforward, but for aspiring entrepreneurs who are unfamiliar with the process, it could be daunting. Seasoned corporate secretarial service providers will be able to assist entrepreneurs in gathering all required details, documentation and materials required to successfully register a corporation in Singapore. In addition, the appointed corporate secretary will also know which documentations to secure and keep after the registration begins to process. Entrepreneurs can rest easy in knowing that they will be able to successfully establish their own corporation and get started on important plans straight away.

3. Filing for Registration

Corporate secretarial service providers are also fully equipped and trained to assist clients in the actual business registration filing process through Bizfile. With their assistance, the whole process will be relatively smooth and aspiring entrepreneurs can have their corporation established in an efficient manner without having to wait for too long.

4. Organisation

After the company has been registered, the business owner is required to hold a first board meeting (within the first 100 days) so as to set business goals, identify crucial business decisions, and more. Corporate secretarial service providers are able to assist business owners to organise and plan the first board meetings, complete with minute taking as well as agenda preparation.

5. Essentials Maintenance

Since appointing corporate secretaries is one of the legal compliance requirement set by ACRA, professional corporate secretarial service providers can continue to ensure that all procedures continue to run smoothly after the company registration. Clients are better able to formulate corporation policies, file returns and other essential processes through the help of the corporate secretary instead of having to do so themselves, thereby freeing up both time and effort for betterment.

5 Ways Corporate Secretarial Service Providers Help With Company Registration

The process of setting up a company in Singapore can be a tedious one when aspiring entrepreneurs are not clear on the requirements and steps to undertake. Fortunately, professional corporate secretarial service providers can actually aid business owners in the process. Here are 5 ways in which they can contribute:

1. Company Structure

Professional corporate secretarial service providers are equipped with the knowledge of different corporation structures, thereby making them one of the best sources to approach when planning for company registration in Singapore. The appointed corporate secretarial service provider will be able to fully advise clients on the company structure to consider by reviewing their client’s business plan and the direction of anticipated future growth.

2. Preparation

Preparing to set up a corporation in Singapore may be straightforward, but for aspiring entrepreneurs who are unfamiliar with the process, it could be daunting. Seasoned corporate secretarial service providers will be able to assist entrepreneurs in gathering all required details, documentation and materials required to successfully register a corporation in Singapore. In addition, the appointed corporate secretary will also know which documentations to secure and keep after the registration begins to process. Entrepreneurs can rest easy in knowing that they will be able to successfully establish their own corporation and get started on important plans straight away.

3. Filing for Registration

Corporate secretarial service providers are also fully equipped and trained to assist clients in the actual business registration filing process through Bizfile. With their assistance, the whole process will be relatively smooth and aspiring entrepreneurs can have their corporation established in an efficient manner without having to wait for too long.

4. Organisation

After the company has been registered, the business owner is required to hold a first board meeting (within the first 100 days) so as to set business goals, identify crucial business decisions, and more. Corporate secretarial service providers are able to assist business owners to organise and plan the first board meetings, complete with minute taking as well as agenda preparation.

5. Essentials Maintenance

Since appointing corporate secretaries is one of the legal compliance requirement set by ACRA, professional corporate secretarial service providers can continue to ensure that all procedures continue to run smoothly after the company registration. Clients are better able to formulate corporation policies, file returns and other essential processes through the help of the corporate secretary instead of having to do so themselves, thereby freeing up both time and effort for betterment.