CORPORATE SECRETARIAL SERVICES; LOW-PRICED, QUALIFIED, OR DIY?
The decision to hire a corporate secretary is made after careful considerations. Many countries such as Singapore require that a public or a private limited company have a company secretary. It is advisable to hire a professional to ensure your business soars to greater heights; otherwise, a wrong choice of a company secretary can be very costly to the organization.
If you are a sole proprietor or in a limited liability partnership, you do not require a company secretary but having a qualified corporate secretarial service provider to guide you in your compliance will definitely be helpful.
Company Secretary- Difficulties of doing it yourself
Voluminous work
If you are the sole director of a company, you are required to appoint a separate natural person who is a resident in Singapore as the company secretary. Whether your company set up has one director or more directors, the work of a corporate secretary is administratively huge and time-consuming. It necessitates hiring or outsourcing to a qualified individual to handle the role. A survey done by Grant Thornton showed that the scope of operation and responsibilities of the company’s secretariat have significantly increased due to changes in corporate regulations and necessary compliance burdens. Therefore, doing secretariat services yourself could be challenging and draining to the board.
A long list of secretarial tasks
If you are unfamiliar with the endless long list of secretarial duties, you will waste valuable time and energy to execute these duties, thus neglecting your core role of growing your business. Hiring a qualified secretary will save you the intangible cost that is not achievable if you do it yourself.
Penalties for avoidable mistakes
For foreign investors, hiring or outsourcing a qualified secretary is necessary for the success of their business. A low-priced or a DIY may cost you a fine due to oversight and the late filing of reports. Since you may not be aware of the legal requirements for running a business in Singapore, you will be better assured if you hire a certified company secretary in the country, such as Mi2U Business Support, who will remind you of vital ACRA compliance.
Why choose Mi2U Business Support, a qualified corporate secretary firm?
If you have a company and operate from overseas or within Singapore, you will need to have a company secretary as stipulated in ACRA guidelines. The company secretary will need the required know-how and necessary experience to discharge the stated functions of the company secretary. Mi2U Business Support fits the bill of what you are looking for in a company secretary. Mi2U offers a range of secretarial services such as registration of branch and representative office, incorporation of new companies, registered office, nominee director service. It also aids in opening and establishing your company’s bank account and handles mails and administration support throughout your business formation stages. We have qualified personnel that provides satisfying administrative support, including but not limited to; accounting, payroll, tax computation, and filing, GST, provision of office facilities, and invoicing. Our knowledge of the local regulatory requirements gives us the edge needed to execute the task before dealing with various company structures. Instead of resorting to DIY or levying this huge task on the shoulders of unqualified employees to save on cost, we are here to aid you at any time.
Although the law does not mandate a sole proprietor or a limited liability partnership to have a company secretary, it is encouraged to engage the services of a qualified service provider to advise on the legal requirements. There are several low-cost service providers in the country that you can easily pick in a bid to save on cost. However, choosing a company with quality support staff is essential as they will remain at your disposal when things get tough. Mi2U has such amazing support staff that you can count on at all times to help you grow your business.
Risks of choosing Low-priced Corporate secretary
The price tag is always a consideration for anybody looking to purchase a product or a service. The same is true for those intending to hire a corporate secretary for their corporation. There are several risks of basing your decision on low pricing alone, as highlighted below:
- Some corporate secretaries will offer you low pricing but only provide your company’s limited services, leaving you with tons of secretarial work that should have taken off your shoulder.
- Several low-cost service providers hide some charges to close the deal and only resurface after the contract is signed, making you feel helpless, and could end up costing you more in the future.
- Several low-cost companies offering secretarial services are prone to cancel the contract when the going gets tough, leaving you stranded with deadlines and regulations to meet.
- Some low-cost service providers do not have the requisite skills to properly execute their expected roles which could lead to a hefty fine and bad reputation.
- Inexperienced company secretaries usually fall into common mistakes that cost your organization in terms of fines and potentially spoil your business reputation. They may make poor choices on financial year-end which in turn fail to maximize your tax advantage or even fail to execute important resolutions with the board of directors before filing online.
Hiring a low-cost service provider to handle incorporation, may land you in trouble as the provider may involve inexperienced junior staff, who may lack legal knowledge. You may be forced to pay more for a qualified high-cost provider to rectify the mess, leading to unforeseen additional charges.
Advantages of hiring a qualified corporate secretary
When you consider a company secretarial firm or personnel for your corporation, you should ascertain that the prospective advisors have a qualified and experienced professional. Here are the benefits of hiring qualified corporate secretaries:
Ability to maintain administrative requirements
Qualified Company secretaries are properly trained individuals to handle all your administrative functions with the touch of efficacy and professionalism. You will have peace of mind knowing that your work is executed to the stipulated requirements of the law and company guidelines. They will make sure the company’s documents and records are in order and that the meetings are well in place and correctly scheduled.
Proper advice and compliance
Since the secretary is non-biased, stand-alone personnel, you are convinced that their advice will be genuine to help you manage the business properly. They are often up to date with the government regulations, helping your company make strategic and compliant decisions.
Convenience, reliability, and ease
A qualified corporate secretary means you have someone that you can rely on at all times. They are poised to serve their client above anything else. You can count on them since that is their responsibility to be there whenever needed.
Mi2U Business Support is a professional corporate secretarial service provider in Singapore that helps client businesses alleviate stress and heavy roles off their shoulder, It will enable you to focus on the most important job at hand – growing your business. Get in touch with Mi2U Business Support today!
