Appointment of company secretary services means affiliation with a company that provides you secretarial services, such as solutions for corporate and legal matters. You pick a third-party company to provide you these services.
Many companies favour outsourcing company secretary services. In this article we discuss the common reasons behind this decision.
Reasons for the Appointment of Company Secretary through Outsourcing
To Increase Efficiency
The secretary handles most of the work on his/her own. These services include talking to shareholders, looking into legal matters, and assessing the company’s books. This allows the directors and officers to concentrate on other ways to make their business more profitable, such as planning merges or an expansion. This way, the company saves time. As a result, the efficiency of the business sees a boost because now the working staff and directors can work at a faster rate and target better future opportunities for the business.
To Cut Costs
When you outsource company secretary services, you can cut costs. You can avoid the costs of hiring someone else and the expenses on their training. When you consider outsourcing the appointment of company secretary services, you are looking at saving workstation and other hardware costs as well. For example, you do not have to spend money on fax machines, computers, printers, etc.
You will also be avoiding law costs as Singaporean law states that you have to appoint a secretary within six months of incorporation (provided that you have an in-house company secretary). Failure to do this will result in a major fine.
The company can also offload the burden of paying more taxes. In turn, the company will save space. The company can use that space for an extra office or something else that would benefit them in the long run. This way, the company’s major expenditures stay within limit. More importantly, the company will now have money to spend on something more beneficial that could lead to growth and success. Cost savings are greatly useful for small businesses operating on a limited budget or restricted cash flow.
To Take Advantage of Reliable Services
The companies that provide secretary services have groups of well-trained experts who are highly efficient. Their expertise reduces the risk of human error. Hence, they can complete document submission and research on time. They keep track of all the reports and documents. You will not have to worry about waiting for a response on business agreements. Moreover, you will be able to receive solutions, information, or queries to any problem on the spot.
Professional secretary services tailor their offerings to your requirements. They have highly trained professionals on board, who can provide first-rate services. This reason is why you are unlikely to face any major repercussions down the line. Once you employ a professional company secretarial service, you will register with ACARA automatically. They oversee Singapore company law so you will not have to worry about any legal issues in this regard.
To Receive a Variety of Services
Company secretarial services combine different services, such as finance, law, and accounting into one. These services will help your business make wise choices associated. You have to realise that statutory regulations and laws in Singapore are constantly changing for certain industries. If you want to keep up, it is best that you hire the best company secretary service you can find.
The appointment of a company secretary would really benefit your business in rising to the top. You can devote the resources you save to focus on the core areas of your business, leading to growth and achievement of your goals.