Here’s How Engaging a Professional Corporate Secretary Can Benefit Your Business
The role of a corporate secretary or company secretary and the assistance they provide are often misunderstood or underestimated. Contrary to common belief, they’re not simply personnel responsible for planning schedules, they’re professionals critical for ensuring not only legal compliance, but also fostering administrative efficiency and advise on corporate strategies.
For many organisations in Singapore, engaging professional corporate secretarial services can be a strategic move. Below, we’ll take a look at the many benefits that a professional and appropriately qualified company secretary can bring to your business.
The Roles of a Corporate Secretary
- Maintain statutory records required by company legislation
- Monitor deadlines for holding AGM and file annual returns
- Updating company’s details with ACRA
- Administer the transfer of shares
- Ensure custody of the company seal
Benefits of Having a Corporate Secretary
1. Ensure Legal Compliance in a Changing Landscape
Singapore is a country with many rules and regulations, and businesses are not exempt from complying with them. From staying abreast of legislative changes to ensuring continued adherence, a company secretary can act as a vigilant guardian, aiding corporate teams in compliance management and assisting businesses to comply with rules and regulations. Engaging the services of a professional corporate secretary can assist companies to be updated on and adapt to regulatory shifts promptly and mitigate any risks of non-compliance.
Learn More: Compliance Requirements for Companies in Singapore
2. Maintain and Update Essential Documents
A key aspect of a company secretary’s work is drafting and keeping crucial documents updated. Whether it’s shareholder or Directors’ resolutions or filing of statutory returns, there are many important documents to maintain. These documents are crucial in recording the decisions made by Directors and approval of key decisions by shareholders. Where required, these documents may provide evidence of what has transpired in the past. In the event that the shareholders wish to sell the company or seek additional investors to expand the business of the company, it is usual for the company secretarial records to be inspected and reviewed as part of a due diligence process. Not having these records in place may affect such transactions, not to mention that not maintaining the records is non-compliant with Singapore companies legislation.
However, this is an area that most businesses may not have the expertise to handle on their own. A company secretary will help your business ensure efficiency and allow you to focus on your core operations by handling all the statutory requirements and corporate secretarial records for you.
3. Assist in Compliance and Tax Risk Management
A professional company secretary can assist to monitor changes in the business environment and assist organisations in anticipating potential compliance and tax risks to ensure that company’s procedures and administration are adapted accordingly.
Certain matters may also affect a company’s income tax position. Such matters include the documentation of the location of control and management of a company and key decisions within a company. A suitably qualified professional company secretary will also be able to advise on how important tax and related risks can be addressed and mitigated.
Want to focus on driving your business forward without having to worry about your company’s administrative and compliance-related tasks? A professional corporate secretary will be of great help.
At K E Wee & Associates, we understand the value of time and resources. To help your business unlock a pathway to sustained growth, we offer professional company secretary services so that you can leave your business’s administration and compliance functions in professional hands. Contact us today to find out how we can help you.
