For a new business in Singapore outsourcing, the secretarial services is a cost worthy option

1. For a new business in Singapore outsourcing, the secretarial services is a cost worthy option

2. The company’s secretary is responsible for assuring the company is operating with relevant legislation and regulations, such as; maintaining the standard compliance needs, maintaining the company’s register manually and electronically, along with assistance with the annual tax filing. Now if you are a business person or want to start a new business venture in Singapore, you need to abide by the company’s law in Singapore, which mandates that every company must appoint a secretary of the company. As per the company’s law, you need to appoint a company’s secretary within 6 months of the company’s incorporation. Also employing professional secretarial services in Singapore is vital for the growth and sustainability of your business. Here we will discuss the benefits of outsourcing secretarial services in the following;

3. What are the benefits of outsourcing secretarial services? Now if you are running a small scale business then hiring a full-time company’s secretary will be costly but instead of that you can always outsource the company’s secretarial services in Singapore and that will be a very cost-effective option as well. As for full-time company’s secretary, the salary will be pretty high and for a new business or a small scale business that will hamper the profit yield, thus outsourcing will cost you much lesser and employ an expert and professional company’s secretary on your behalf. Here we will focus on the other benefits as follows;

4. Save money by outsourcing: As we have mentioned earlier hiring a full-time secretary will be costly for new or small scale business, here you have to bear the expenses like salary, employee benefits, incentive, and infrastructure, along with the cost of searching, hiring, and training them and if one resigns then you need to start the process once again. But outsourcing this will be much more economical and the service will be an expert or professional level.

5. Engage qualified company’s secretary: The experienced secretary employed by the corporate secretarial services knows the entire process and requirements in detail. Also, they always keep themselves updated about the latest changes in various rules and regulations and are fully aware of the procedures involved. They can oversee the tasks for the companies from all industry-types and are knowledgeable enough to anticipate the problems and can take effective actions before they become the major compliance issues.

6. In-depth knowledge regarding the ACRA regulations: The Accounting and Corporate Regulatory Authority (ACRA) in Singapore governs the reporting/statutory obligations of companies and their directors. That includes mainly the legal procedures regarding financial transactions, accounting and other vital administrative tasks, such as; maintaining statutory compliance, tax filing, setting up the annual general meeting, etc. So due to such vital responsibilities, a professional company’s secretary should pose in-depth knowledge on these aforementioned fields. As we have mentioned hiring such experienced and knowledgeable secretary for full time will be very costly, thus outsourcing will be relevant.

7. Can also manage the taxation and audit: Various tax regulations are there in Singapore, including types of taxes, corporate tax, personal tax, double tax treaties as per today’s scenario. With the growth of the business, the different kind of taxes and payable fees become much more complex, as there are more variables and applicable regulations, such as federal, state and local level; for that, an efficient tax accountant is required for tax filing purpose as per the guideline of IRAS.

8. High reliability on risk management: Having well-trained and experienced company’s secretary lets you have expert advice and feedback on how you can improve your business operations. You can rely on them to meet all your requirements without any worry as they are utmost professional and experienced, also they will always have a solution to your company related problems if any.

9. Maximize the profit of the business: Companies of a small and medium category need to prioritize their plans for business expansion, growth, training, and research and development over administrative costs so cost saving and profit-maximizing are the prior options for reaching the status of the big industry. Here a professional secretary can help to boost your income by maximizing your profit by overseeing accounts receivable, improving debt collection and advising wise and perfect investment methods.

10. The bottom line: So outsourcing the company’s secretarial services in Singaporeis beneficial from many aspects, as discussed herein. Also by outsourcing, you will be in term and conditions with the corporate secretarial services as per the contract in between you and the agency, but in case of a full-time employee, you need to carry the whole expense and responsibility of the person. And in that case, your expenditure for the same will be much higher than outsourcing.