An increasing number of businesses are looking to set up an offshore company. One of the jurisdictions being considered is Singapore. In fact, the country is strategically located in the heart of Southeast Asia, making it a prime location for international business transactions.
Business owners looking to set up in Singapore should comply with its corporate requirements. One of these requirements is having a company secretary. Company secretaries are tasked with setting up board meetings and act as a point of contact for investors and company owners.
So, learn on this blog about the requirements of setting up an offshore company in Singapore and the essentials of hiring corporate services.
Why is there a Need to Hire a Company Secretary in Singapore
Singapore has long been an attractive location for international business transactions. In 2014, the Singaporean government formed the Accounting and Corporate Regulatory Authority (ACRA). This agency lists guidelines that offshore companies must abide, such as appointing a company secretary.
It also states that company secretaries can be any Singaporean resident who has at least 3 years’ experience secretarial services. They must have the academic and professional qualities certified by reputable Singaporean institutions. And finally, offshore company directors cannot be declared as the company secretary.
So, what are the advantages of employing a company secretary?
Responsibilities of a Company Secretary in Singapore
Aside from setting up board meetings, corporate secretaries fulfil other responsibilities that are vital for the offshore company. Here are some examples of the company secretary duties.
Compliance with the Corporate Guidelines
Company secretaries are tasked to complete the offshore company’s statutory requirements. They must file these documents before the specified deadline. This is to ensure that the offshore company operations continue under a legal entity.
Managing Company Records
Many offshore companies keep records and information regarding the business activities. The duty of the corporate secretary is to take and keep these records safe. Through the secretary, stakeholders may access company information when necessary.
Assists in Corporate Governance
Company secretaries also assist with the corporate governance aspect of the company. In fact, they communicate with the company shareholders, entrepreneurs, and company employees. This ensures that issues can be resolved in a timely manner.
Seek Consultation Firms for Corporate Secretarial Services
With the corporate guidelines in Singapore stating that offshore companies must appoint a corporate secretary, finding the right and ideal individual may require time. That is why it would be ideal to consult a reliable corporate service consultancy firm. They provide corporate secretarial service solutions which can help find the best candidate for the job.
So, contact a corporate service provider today to help find the right corporate secretary in Singapore.
Setting Up a Local Company, acra.gov.sg
Hiring Company Secretarial Services Singapore is the Right Move, medium.com