Are you considering using corporate secretarial services in Singapore to help you manage backend tasks your company needs? To some, it’s a luxurious hire. I’ve got a bubble to burst.
Most would think corporate secretarial services are not the same as “traditional” secretaries. But, in reality, they are quite the same and even better since they offer more than what traditional secretaries can offer.
Read on to find out what and how a company secretary can help your business and how you can transfer your secretarial service provider.
What is the Role of a Good Corporate Secretarial Service Provider in Singapore?
Key contact point with ACRA to maintain your company information
Advisor to the Directors and Shareholders and safeguard their interests.
Compliance officer to manage the company’s compliance
Acts as your company’s administrative assistant to prepare documents for Annual General Meeting and Annual Return filings
Why is it Important?
A corporate secretarial service provider plays a very important role to ensure your company is compliant with ACRA’s requirements. When one has a good corporate secretarial service provider, it definitely helps in the development and success of the company.
What is the Transfer Process Like?
The transfer process is very straightforward and usually goes like this:
Check your contract with your current corporate secretarial service provider whether there will be any penalty or refund for switching
Source for a new company secretary who is able to fulfil your business needs e.g. timeline, cost
After confirming with the corporate secretarial service provider, you can enter into an official agreement with them.
You inform your current corporate secretarial service provider by sending them a Termination Letter (you can get the template from the new company secretary)
Ask the current company secretary to acknowledge by sending back a resignation letter and cc the new company secretary. In the event the current company secretary does not respond or refuses to resign, you have the right to remove them from the role.
The new corporate secretarial service provider will require the current bizfile and the Know Your Client (KYC) documents of the directors and shareholders stated in the bizfile. They will check through the documents and prepare the necessary resolutions/declaration to distribute to the directors/shareholders for signing.
In the event, if any of these documents are missing, the new company secretary will need to do a compliance catch up.
Remember: Don’ts
Transfer when you are in the midst of Corporate Bank Account opening process
Transfer when you are in the midst of any filing or when the filing deadline is near in case any miscommunication resulting in a penalty
Sounds complicated? The good news is if Lanturn is your appointed company secretary, we will take care of everything for you once we receive the Resignation Letter. Don’t worry if you are still unsure of how and where to start with the transfer, speak to Lanturn today! We have an experienced corporate secretary team who can advise you. Please contact us if you’d like to know more.
