Secretarial Services: Why Businesses in Singapore Need it

Incorporating a business in a competitive financial hub like Singapore is an exciting process with many processes to undergo and regulations to abide by. One such legal requirement is the need to appoint a corporate secretary. For fledgling companies requiring monetary investments in various aspects of business operations, every financial resource matters. Hence, you may wonder if it is necessary to hire a designated candidate or outsource this role to a secretarial services provider when every other employee seems to be able to fill in the role. Contrary to this common misconception, having a professionally trained secretary may be more valuable to your business than you think.

Why Are Corporate Secretaries Important

From keeping meeting minutes to acting as providers of accurate information to company stakeholders, administrative duties form a significant portion of a corporate secretary’s work. It is thus easy to view secretaries as synonymous with personal assistants. However, corporate secretaries actually juggle many other responsibilities. For instance, the filing of tax returns, maintenance of statutory registers and filing of annual returns are all part of their job scope. Performing these duties smoothly requires extensive knowledge of Singapore laws. Without enlisting a qualified professional’s help, businesses easily risk committing errors with legal consequences and costly financial penalties.

As your organization expands, you may find yourself dealing with more paperwork. Regulations may also become increasingly complex and require more time to navigate. By engaging a competent corporate secretary, you can be sure that all mandatory procedures or problems can be handled swiftly and efficiently, avoiding any negative impact on your business. As a bonus, the expertise of corporate secretaries also makes them good advisors. For instance, their knowledge enables them to better advise on potential tax rebates or government grants applicable to your business, further helping your business to achieve cost savings.

Benefits of Engaging Corporate Secretarial Services in Singapore

Given the vital role corporate secretaries play in ensuring a firm’s smooth compliance with Singapore’s laws, one should never underestimate the value of hiring one. However, with diverse candidates to choose from in the job market, what makes working with a secretarial services provider a better option?

1. Stellar and reliable services

Firstly, the regulatory landscape in Singapore is always rapidly evolving in tandem with market changes. As such, staying on top of the ever-changing requirements and fulfilling legal obligations can be challenging. In fact, ignorance of statutory requirements was found to be one of the top reasons for non-compliance. Corporate secretarial services provide access to a competent, reliable secretary with a proven track record of service. This organization will also consistently ensure that these individuals stay updated about their domain. This gives your management team peace of mind, allowing them to focus on critical business operations.

2. Time and cost savings

Hiring a corporate secretarial services provider in Singapore can help you avoid hiring the wrong candidate. With bad hires estimated to cost businesses at least 30% of the employee’s annual salary, engaging a services provider can help your firm to avoid incurring these costs. This is in addition to the time and resources saved on searching, interviewing, and training a new secretary. As a bonus, secretaries under a secretarial services company are not considered in-house employees. Thus, your business will also achieve cost savings in areas such as employee benefits. This makes secretarial services a cost-effective option that can be particularly beneficial to companies with limited capital.

Secretarial Services in Singapore that Anticipates Your Needs

A skilled secretary is an asset to any business. Partner with an experienced service provider to find the ideal candidate. With more than 20 years of experience in providing secretarial services for companies in Singapore, our team in Segovia has developed extensive knowledge and forged strong connections globally. We confidently use our unique background to provide valuable secretarial services meeting your current and future needs. Reach out to our team today to learn how you can leverage our expertise to your advantage.