It is the most difficult time to start a business. It is difficult to imagine all the planning and brainstorming that you must do to create a solid business plan. Not to mention all of the paperwork and requirements you need to follow to make sure your company has a smooth start. Startups cannot afford to be complacent in this period. This is why they should hire a corporate company secretarial in Singapore.
Why Startups Have To Hire A Company Secretary
It is more important to establish good relationships with other people in order to maintain the company's stability. Startups are more focused on getting their business off the ground, rather than hiring key employees in the initial stages of incorporation. Why spend money on initial recruiting when you can do it yourself and focus your budget on other pressing matters like marketing and promotion for your business?
It's reasonable. However, this is only the beginning. Startups in Singapore will have to meet a lot of requirements before they can start operating. Within six months of incorporation, you must have a company secretary working for your company.
Although the company secretary is not subject to the same liability as directors, shareholders, and auditors, it plays a crucial role in ensuring that the business operations are kept together. This is a mandated requirement under Singapore's Companies Act. Non-compliance could result in fines and other harsher penalties.
Apart from being required by law, the company secretary is responsible to manage the business and operational needs of the company (programs for meetings and other formal and informal gatherings, transactions, and documentation), as well as legal and financial obligations (company insurance management, preparation of file and account statements, compliance with regulations and government rules).
Startups must be careful when hiring company secretary candidates. To ensure this important role is fulfilled in compliance with the law, without compromising efficiency or experience, it is a good idea to engage a corporate secretary services company.