Why engaging secretarial services is mandatory for a new business in Singapore?

1. Singapore. Why secretarial services is mandatory for a new business in Singapore? engaging To run a business flawlessly, there are several conditions you need to follow, such as following the company’s act, the ACRA regulations, etc. Also recruiting a company secretary is also mandatory within the first 6 months of the company’s incorporation, who will be responsible for the company to handle ongoing statutory compliance matters. Also, they need to take the necessary steps to comply with the relevant government policies, laws and regulations. The qualification required for the company’s secretary: 1.The company’s secretary needs to be highly qualified in accounting and taxation. Also, there are several other requirements which one need to accomplish in order to act as the company’s secretary, which are as follows; 2.The company’s secretary has to be qualified and knowledgeable about the Legal Profession Act. 3.He needs to be registered under the Accounts act, also need to be a member of the Institute of Certified Public Accountants of Singapore and Singapore Association of the Institute of Chartered Administrators. 4.He has to achieve an experience of minimum three to five years as the company’s secretary before working as company secretary of the public company. 5.Need to pose regarding taxation requirements for a The roles and responsibilities of Singapore secretarial services: The secretarial service is very vital to run your company without any legal hazards. As per the company’s act of Singapore, within the first six months incorporation appointing secretary is mandatory. As he or she is the primarily responsible administrative and reporting functions to comply with the law. of the a company’s company’s person for Secretaries and The primary task of a company’s secretary is to assist the directors in ensuring that the company meets all its regulatory obligations. So if you are running a small scale business or planning to start a new one, then you need to hire a professional secretarial service in the knowledge

2. company or business entity. Also issuing of shares, distribution of Annual Report and company accounts are done by the secretaries. iii) Other responsibilities: Many of the compliance and reporting requirements are stipulated by law and order set by the government. A failure to adhere to them is equivalent to breaking the law, and your company will be subjected to legal disputes. Thus the company’s secretary in Singapore plays a very vital role for business development, as they take the responsibilities of all the accounts and legal matters and the owner can focus in the growth of the business. Functions of a company’s secretary: Company secretaries take on extremely wide job scope, with their work ranging from reporting and updating information on The Accounting and Corporate Regulatory Authority (ACRA), which is a government body acts as the regulator of private limited companies, public accounts in Singapore. of company The bottom line: There are several statutory obligations set by the government, which need to be fulfilled by the Singapore secretarial services as failure to fulfil these statutory obligations may result in prosecution and penalties as per ACRA and the company’s act. As any kind of mistakes made in this field can be costly, with penalties such as fines, imprisonment and the removal of a director or company’s secretary from his or her appointment, which will surely hamper your business growth and affect your reputation. Thus, the Company Secretaries needed to be aware of their duties and potential liabilities as an officer of the company in order to grow the business and maximize profit. i) Filling annual returns: The annual return is the return on investment provides over a period of time, which includes dividends, returns of capital and capital appreciation and expressed as a time- weighted annual percentage. Filing the annual returns along with some other accounts requirements, which need to be fulfilled as per ACRA requirements responsibilities of the company’s secretary. Also if there any requirement for the amendment of the company’s constitution the secretary will process the same. are also ii) Maintenance Registers: of Statutory The statutory register is the record book for the company’s administration, as the details of the company’s owners and shareholders are mentioned herein. The resolutions taken after a board meeting is also updated in the statutory register, maintenance of Minutes Book is a vital responsibility of the company’s secretary. along with the