4 reasons why you should have a professional corporate secretary for your Singapore Company – Every company requires a few set of key office holders. You will require the director of the company that will be making executive decisions and also run the day to day work of the business. There is also the shareholders who usually are the one funding the business and also own the business as it is running. They will in turn appoint the directors that will be in charge of running the business.
Director’s work closely to deliver results for the betterment of the shareholders equity and therefore receive a salary or bonus.
There is also another set of company officials that are important to the running of the business and also the best to advise on the methods of running it. The corporate secretary is a key person in the running of your private limited company and making sure a few things are done right before you go ahead with either growing or selling your business. Let us share with you the 5 reasons why you should have a professional corporate secretary for your Singapore Company.
1. The corporate secretary ensures your corporate governance is done right
For most business owners that are first time starting up, you will have no idea what are some of the key concerns that you might have when it comes to corporate governance. Corporate governance might not be that much of a concern at birth of the company or when you are not funded by someone else. But once the business starts to mature and when other parties start to join the company, the differences in having a good corporate secretary versus not having one can be very clear.
Corporate governance also ensures timelines are met, there are many legal timelines to follow to make sure the meetings are in effect and an experienced corporate secretary will be a good person to have when you as an entrepreneur is not too familiar with such legal timelines.
2. Deadline reminders for busy business people
When you are busy running your business, you might miss timelines such as your AGM and tax submission dates. The good thing about having someone who is ready to remind you will outweigh many things. The corporate secretary of a company receives reminders as well and usually have a system to keep track of all the deadlines of their customers. With a good system in place, they will be able to alert you when the time is up to submit your annual return, do your AGM and make sure you do not miss any of them that might incur you late fees.
For most people who receive emails and forget them, this service will be great from the corporate secretarial services provider.
3. Advise you on legality of actions
Timelines and dates are very important in a legal document. If you need to give notice for a meeting to be effective, you need to give that notice.
The Corporate Secretary is well versed in this time lines and will be the best to advice how to make sure all processes are done legally.
Whether someone can or cannot appear at a meeting is also important, the corporate secretary will be able to give guidance when such disagreements appear.
4. Neutral person when there are arguments
Most businesses have multiple partners and directors. As a corporate secretary, you are suppose to be a neutral party in any discussions.
The corporate secretary will be able to give a fair opinion for the directors and shareholders to make decisions that will allow the best for the company and also for the shareholders.
The corporate secretary will also have to take the side of the company and not any of the members of the shareholder and directors.
K Cloud Accounting provides high quality corporate secretarial services in Singapore for Singapore startups and SMEs.
Contact us to find out how to work with us today!