The early stages of putting up a company are undoubtedly the hardest. Imagine all the preparations and brainstorming you have to go through to come up with a solid business plan, not to mention all the requirements and paperwork you have to accomplish to ensure a smooth-sailing start. Startup companies cannot afford to be complacent during this time, which is why they need to engage a company secretarial service particularly for this purpose.
Why Startups Need A Company Secretary
For startups, filling in the company secretary role is not as important as say, linking with good connections to ensure the stability of the company. company startup are more concerned about taking their business off the ground than hiring key people at the early stages of incorporation. After all, why spend money on initial recruitment when you can do the work yourself and direct the budget on more pressing concerns like marketing and promotion of your new business?
This reasonable, sure. The thing, though, is that when you’re a startup firm in Singapore, you can expect to face a multitude of statutory requirements before your business operations actually start. One of these requirements is to ensure that you have a company secretary already working for the company within six months of incorporation.
Whilst the company secretary doesn’t hold as much liability as other major stakeholders of a company (directors, shareholders, and auditors), it is a key role that serves as a glue to hold the business operations together. The importance of having one cannot be set aside as this is mandated by Singapore’s Companies Act and non-adherence may result in fines or other stricter penalties.
Aside from being a legal requirement, the company secretary is responsible for the business and operational requirements of the company (agendas for meetings and other official and non-official gatherings, company transactions, and documentations) as well as its legal and financial duties (company insurance management, file and account statement preparation, and compliance with government’s rules and regulations).
The position of the company secretary is too important that a startup company needs to make sure to hire the right one that fits the organisation to a T. Being a new business, it is imperative to have all requirements covered to lay a good and stable foundation for the company.
For this reason alone, a startup company needs to be meticulous when it comes to hiring the right individual for the company secretary position. Engaging a corporate secretarial services firm is the best direction to go for to ensure that this key role is filled in accordance to the law without compromising efficiency and experience.
Secretary Service: The Partner To Firmly Plant A Startup’s Roots On The Ground
Singapore’s business environment is as vibrant as it is competitive. If you’re a startup feeling your way into the industry, it is wise to surround yourself with the right people to partner with to ensure that you’re on the right track towards business success.
A partnership with a corporate secretary services firm in Singapore is encouraged so that a startup may be able to efficiently adopt, maintain, and implement good corporate governance practices1. A secretary service dedicated to handle all these requirements ensures that a startup is able to timely and correctly comply with the government’s strict rules and regulations.
It is easy to think that these requirements can be done by just about anyone in the company just to save on recruitment budget. The truth is that having an expert team like a competent and established corporate secretarial services keeps a startup from committing any faux pas that commonly arises when there is no dedicated company secretary to get the job done.
Without a competent company secretarial service to assist your compliance and business needs, you may miss out on completing important documents like business resolutions and year-end reports. There’s also the risk of mismanaging company records and more importantly, non-compliance with company law. A secretary service has the expertise and experience necessary to handle all these important duties in a timely and efficient manner.
Now back to the question of budget constraints, is it worth it, especially if you’re just a startup company? The answer is a big YES. If you’re worried about the secretarial services rates that will eat up on your company budget, know that it will be more costly for your company in the long run if you allow yourself to be too complacent when it comes to meeting your business and compliance requirements. Just think about the hefty fines you have to pay when you fail to meet all your legal requirements.
Besides, most corporate secretary services firms in Singapore offer competitive secretarial services rates that meet any company budget. There are corporate secretarial services firms who offer packages that combine incorporation and company secretary services which are more cost-efficient for any startup.
Remember being a newbie in the world of business means getting all the help you can get to ensure that you get that one foot in the door. A corporate secretarial services firm can help you build the groundwork as you establish yourself as a big shot in Singapore’s dynamic business landscape.