A company’s lifeblood is effective corporate governance. This is why one of the best decisions that a company could ever make is to have corporate secretarial services. These services will help keep your business running smoothly, providing numerous benefits. It’s like having a helping hand always around to address some tedious administrative matters such as legal and regulatory compliance issues or payroll processing.
Understanding Corporate Secretarial Services
Corporate Secretarial Services is a business service that provides assistance in the day-to-day running of your business. This includes keeping track of all legal documents, ensuring compliance with government regulations, and filing taxes. If you are a small business owner or want to start a company, corporate secretarial services can be very valuable to your business.
The role of the corporate secretary is to ensure that the company complies with all legal requirements and runs smoothly. This involves keeping track of board meetings, preparing agendas and minutes for meetings, maintaining minutes books, preparing financial statements, and preparing tax returns. The secretary will also ensure that all necessary documentation is filed with relevant government agencies for the company to function legally.
The secretary does not have any decision-making powers within the company but acts as an advisor to the directors who make all significant decisions about running the company. In some cases where there are several shareholders involved in running the company, they will each appoint an individual to act as their representative on behalf of their shares so they can attend board meetings and vote on matters concerning those shares.
Primary Company Secretarial Services Singapore
There are many corporate secretarial services provided by companies in Singapore. These include the filing of Annual Returns and Accounts (AR), Annual General Meeting (AGM), and XBRL filings.
The Accounting and Corporate Regulatory Authority (ACRA) requires that all companies registered with them file annual returns and accounts. Under the Singapore Companies Act, all companies must file an Annual Return with ACRA within 30 days of holding an AGM.
AR AGM Filing
An AGM is an important event for all directors and shareholders of a company. It allows them to discuss issues that affect the company’s future development and profitability. A proper AR AGM should be conducted every year whereby directors report on their performance during the past year, as well as plans for future growth and development of the enterprise.
XBRL Filing Singapore
In addition to filing the annual returns and accounts, a company may need to file its XBRL report with ACRA. An XBRL report contains financial statements and other information, such as balance sheets, income statements, and cash flow statements which are formatted using eXtensible Business Reporting Language (XBRL).
Acquire Corporate Secretarial Services
Running a business takes up a lot of your time and energy. That is why it is important to hire a corporate secretarial service in Singapore because they can do everything you need to get done, so you don’t have to. They can also help you be more successful by sharing advice about how to run a corporation effectively.