A company or corporate secretary’s primary role in Singapore’s business landscape is ensuring company compliance. According to one government advisory on enforcement actions for non-compliance, the penalties can range from $300 to $5000 per offense, depending on the non-compliance issue.
Onboarding an adept company secretary with in-depth compliance knowledge, as stipulated in the Singapore Company’s Act, is crucial for business success in Singapore. Moreover, a company secretary is among the must-fill positions during business incorporation.
Fortunately, you can find the perfect company secretary fit for your business by outsourcing company secretarial services. Below are five compelling reasons why outsourcing company secretarial services beats recruiting an in-house hire.
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Saving Time And Resources On In-house Recruitment
As stated above, a corporate secretary is a sensitive position requiring a highly-skilled and trustworthy professional with vast experience in the practice. Therefore, only the most qualified individual must fill this position to help the company avoid losses on compliance fines.
However, finding the perfect fit to fill your business’s in-house corporate secretary position is daunting and expensive. For starters, talent with such vast experience expects ample and comprehensive remuneration packages that may exceed your labor force budget.
Second, while recruitment firms are better placed to find top talent, they charge a significant service fee. Additionally, recruitment interviews take time which can delay your business’s incorporation and overall execution strategy.
However, outsourcing company secretarial services for Singapore companies take the grind out of finding a corporate secretary to oversee your company’s compliance needs. For starters, company secretarial services providers have a pool of pre-screened, qualified, and experienced corporate secretaries on standby to step into the position when called upon.
Second, the service providers handle candidate training needs, saving your business time and other in-house training resources. Additionally, you can avoid staff turnover inconveniences because the company secretarial services provider has a contractual obligation to provide a replacement in case their current hire resigns, facilitating and smooth handover.
Also, the service provider handles remuneration for their company secretaries, meaning duty is complete once your them their services fee. Therefore, you can avoid potential human resource compliance issues and save money on government-sanctioned employer contributions.
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Facilitating Efficient Workflow
A Singaporean company secretary’s primary goal is to ensure compliance and help businesses avoid penalties, disqualification, and strike-offs by regulatory authorities. They also have the secondary role of overseeing administrative tasks.
Every business’s administrative tasks and duties center on day-to-day activities that support a company’s overarching goal. Such tasks and duties include internal communication, preparing relevant reports and submission deadlines, inventory management, telephone handling, file management, coordinating company activities, and external queries.
A company secretary creates and maintains a conducive work environment by mediating employee disputes, inspiring confidence, and creating a healthy company culture through the human resources offices.
Such administrative tasks, while essential, take up precious time. Therefore, recruiting company secretarial services gives business directors ample time to focus on the primary goal while the company secretary supports them daily. Moreover, outsourced company secretaries have vast experience managing administrative tasks across industries, placing them in a position to establish the most effective business administrative model for your company.
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A Neutral Party During Office Politics
Office politics are an inherent part of any company regardless of size and office culture. On the one hand, positive office politics help further the genuine interests of employees, creating a positive work environment. It can encourage healthy debates and active participation in company policy generation, facilitating healthy and respectful internal communication.
However, office politics can turn ugly when ego, malicious intent, rumor mills, and personal biases/interests come into play. Negative office politics are disruptive, causing individuals to take sides on non-issues and creating a stressful working environment.
Essentially office politics are worse when there are vested interests like share. However, an outsourced company secretary has little to no vested industry at a client’s company. Therefore, they can be the voice of reason, helping to identify the source of negative office politics and present an unbiased solution.
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Reliable Business Insights
Besides professional qualifications, outsourced company secretaries have vast industry experience and networks that inform their insights into various industries. Therefore, they are in an ideal position to offer invaluable insights on best practices for easy compliance.
Such insights help company directors to make informed decisions. Additionally, their professional networks can help them identify policy changes and advise the business on adapting their model to legal changes. Their role in guiding directors toward informed decisions allows companies to stay ahead of the competition and gain trust song partner organizations.
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Comprehensive Services Packages
Most company secretarial services for Singaporean companies offer diverse business solutions beyond availing qualified corporate secretaries. Such services include accounting, payroll processing, bookkeeping, and audit and assurance.
Outsourcing multiple services from a single service provider allows you to negotiate for a deal and have top-not talent handling all your administrative and accounting tasks affordably. The Flexible service packages are particularly helpful for start-ups lacking the wherewithal to hire skilled in-house professionals.
Conclusion
While company secretarial services are invaluable to Singaporean companies, different service providers offer varying satisfaction levels. Therefore, conduct due diligence to identify reputable service providers to outsource highly-skilled company secretaries affordably.
