There are many service providers to choose from. When there is so much competition, customers are frequently the ones who benefit the most. In addition to being able to compare prices and “bargaining power,” you are able to easily choose between numerous company secretary firms.
Consider all of the options you’ll have, similar to how you may analyze and choose a mobile phone’s “SIM Only” data package.
Do Your Due Diligence before Hiring a Company Secretary Firm
Prior to making every big business decision, the question “what is your company demand, or what do you need?” should be asked. Following that, you may wish to consider the following aspects:
In terms of price as well as service options
Let’s start with the obvious issue first. Always keep an eye on the bottom line. While this is an important factor to keep in mind while looking through the plethora of service providers available today, it is not the only one.
This is because a corporate services is expected to perform a broad range of duties. These obligations may range from the very minimum, such as complying with the law’s requirements and filing annual reports, to more extensive requirements, such as maintaining current information about a business’s directors or owners. It is a requirement of basic compliance to provide yearly reports.
Businesses sometimes market their services at enticingly low rates, only to follow up the appointment of a corporate secretary with a slew of supplementary and add-on costs. The ACRA fee, which is currently $60, is a good example of how this may play out when services are charged separately.
To be sure, high prices don’t always mean that a firm has done everything right or that the goods or services it offers are better than those of its rivals. They may have a higher price tag, but they nevertheless deliver the same degree of service.
Check to see whether the company you choose is a Registered Filing Agent before hiring them
Registered Filing Agents (RFAs) are organisations or individuals who, in the course of their business, perform any transaction with the ACRA on behalf of another person (i.e. a customer). For anybody else, this may be done on their behalf.
At the time of this writing, the credentials required to be appointed as a company secretary are rather easy to meet. It is possible to have higher expectations of the people hired when a Company Secretary is nominated via a call for applications (RFA).
Who will you appoint as your company’s secretary?
Identifying who will act as the company secretary and registrar if this responsibility is transferred to your firm is critical.
There are occasions when companies outsource the selection of a corporate secretary. The individual who will serve as your company secretary should be someone with whom you are able to communicate, as well as someone who is well-versed in the role and can be easily contacted.
Timeliness and reliability
Due dates and other important deadlines for the company are monitored and managed by the company secretary. They must have a thorough awareness of the company’s annual compliance difficulties with ACRA and IRAS in order to do their job. The directors of the firm may suffer further consequences if they submit paperwork late, in addition to the financial ones. This is the case since the director carries the bulk of the organization’s responsibilities.