Pros And Cons Of Engaging A Company Secretarial Service

More and more Singapore companies are engaging corporate secretary services firms and with good reason. These professional services providers have become reliable partners of entrepreneurs who want to ensure accuracy, timeliness, and compliance in the way their business requirements are handled.

The importance of a company secretary cannot be stressed enough. Post-incorporation, this is one position that a company should fill in immediately to meet the government’s legal prerequisites when setting up a business in Singapore. Aside from being a position that is mandated by law, the company secretary holds a variety of business, operational, legal, and financial duties in a company. More importantly, this is one role that acts as the compliance officer of the company to ensure that it adheres to all the rules and regulations that govern its business.

The duties and responsibilities that come with the position is what drives businesses to outsource the role to a competent company secretarial service. A secretary service possesses the skills, expertise, and experience needed to execute the job with precision, giving companies peace of mind and allowing them to focus better on growing their business.

Engaging a company secretarial services firm may not be everyone’s cup of tea, though. Like any other professional services providers, it does come with disadvantages that may not fit all organisations. If you’re thinking of hiring one, it is best to study all the pros and cons of engaging a professional firm so you can make a more informed decision that will benefit your company in the long run.

The Benefits And Drawbacks Of Engaging A Corporate Secretary Services Firm

To help you make that decision, we list down all the perks you can get from outsourcing to a professional company secretary firm as well as the disadvantages when you partner with one.

Pros

1. Provides a wide range of secretarial services

Company secretarial service firms offer a comprehensive list of secretarial services to make sure that companies will be able to adhere to all compliance and reporting necessities. They can assist in updating and filing documents with the Accounting and Corporate Regulatory Authority (ACRA) as well as in maintaining your statutory registers. On top of that, they can provide you with other services that can effectively manage your business, such as helping you in legal and financial transactions and providing advice on bookkeeping or your tax concerns.

2. Wealth of experience

Professional services providers engaged in secretarial services have years of experience in the industry. This means they are experts in the area and knowledgeable about compliance requirements. They have handled a plethora of businesses in the past so they know how to adjust their services according to the specific needs of a company. They also continuously update their knowledge of the rules and regulations to ensure that their clients are up-to-date as well when it comes to regulatory requirements.

3. Affordability

Secretary service firms offer a wide range of packages that suit every budget. Secretarial services rates depend on your needs and requirements so you can be sure that you only pay for what you agreed. Most firms customise their packages to ensure that the services will suit the specific requirements of their client.

Cons

1. Confidentiality issues

Most companies, especially the more established ones, find it uncomfortable to trust all their documents to a company secretarial service. This is understandable, especially if there are sensitive information involved, such as confidential documents or tax returns.

2. Convenience

Accessibility is an important consideration for most companies. They want someone they can get in touch with on a daily basis, and this is something that can be challenging when you outsource to a professional services provider.

3. Control and accountability

Some companies find it unsettling to have lesser control over the tasks that they turn over to a corporate secretary services firm. Accountability is also an issue as most companies would want someone who can be held accountable for whatever actions that had been taken.

Carefully weigh all the pros and cons to see if engaging a professional secretary service is what’s best for your company. If the benefits outweigh the disadvantages, you can enlist the help of a reputable firm to ensure that you will never have to experience any drawbacks that may derail the growth of your business.

What To Look For In A Competent Company Secretarial Service

Qualifications and years in the business are important considerations when on the lookout for a company secretarial services firm that you can partner with. Solicit feedback from other clients to ensure that the firm you will engage with is capable and experienced enough to handle all your needs.

It is also a must to check on secretarial services pricing to ensure that there are no hidden costs. Make sure that your budget is commensurate to the services the firm will provide you.

Whether you go for an in-house company secretary or an outsourced one, the bottom line is how having one will impact the way you manage your business. Choose the right one that can help you achieve all the goals you have set for your company.