Is it Mandatory to have a Corporate Secretary in Singapore?

Corporate Secretarial Services in Singapore

Do you have a registered company in Singapore? If yes, you would be wondering whether there is a need to hire a corporate secretary or not. Well, opting for corporate secretarial services in Singapore is important. In this blog, you will learn about the significance of hiring corporate secretaries for your company.

Top Reasons to Hire a Corporate Secretary in Singapore

Are you wondering why you must hire corporate secretaries in Singapore? In that case, consider the reasons mentioned below.

  • Enable companies to effectively manage the operational and business duties
  • Avoid the chance of administrative and business errors
  • Carry out financial and legal responsibilities effectively
  • Comply with the legal requirements of Singapore and avoid penalties
  • Ensure smooth functioning of the business.

Eligibility Criteria of a Corporate Secretary in Singapore

The eligibility criteria for a corporate secretary will vary based on whether you have a private or public enterprise. As per the companies act, if you have a private company, you can hire an individual with a SingPass for the role. However, ensure that the person has the essential knowledge and skillsets for carrying out the different functions of a company secretary.

On the other hand, if you are a public entity, the eligibility requirements will differ. To be hired as a corporate secretary in a public company, the individual must:

  • Be fit to discharge the duties and responsibilities of the role
  • Be living in Singapore legally
  • Be a person of sound mind
  • Have successfully completed a course in Combating the Financing of Terrorism (CFT) or Anti-Money Laundering (AML). 

Important Responsibilities of a Corporate Secretary in Singapore

One of the most important responsibilities of a corporate secretary is to ensure that the organisation complies with the governing laws. Apart from that, the important functions that the corporate secretary will perform includes:

  • Maintaining and updating the record books of the company
  • Preparing minutes and administering them to the relevant stakeholders
  • Updating and maintaining the statutory registers
  • Updating the directors and important stakeholders of the company relating to the changes in the regulations of ACRA
  • Filing the annual returns of the company on time
  • Notifying directors about the pending deadlines of ACRA
  • Handing out the financial reports of the company
  • Filing transfers and allotments of company shares
  • Filing any changes in the name of the company. 

Potential Drawbacks of Not Hiring a Corporate Secretary

If you have a registered company in Singapore but do not have a corporate secretary, the ACRA may fine you an amount of USD 1000. Apart from that, other potential drawbacks include:

  • Missing deadlines for annual return filings
  • Forgetting to update the location and composition of your company in the ACRA registrar
  • Not notifying about the changes of directors and auditors in the registrar. 

Conclusion

By now, you must have an idea about the importance of a corporate secretary for your business. It is time to hire one. Are you looking for the best corporate secretarial services in Singapore? If yes, Paciol can be the best option. Collaborate with the experts today!

Payroll Software vs. Payroll Outsourcing: Know the Right Option

Payroll Management Outsourcing & its Benefits

Payroll is an important function of every business. Irrespective of the industry you are in, payroll management is a must. However, businesses often get confused about whether to opt for payroll management outsourcing services or leverage payroll software. Well, both options have their advantages and drawbacks. Based on your specific business goals and requirements, you can make the right choice. In this blog, you will get to know everything about payroll software and payroll outsourcing to make the right decision. Let’s take a look!

Payroll Outsourcing and its Benefits

Payroll outsourcing refers to the process of getting the assistance of a third-party firm to manage your payroll tasks. The outsourcing providers will be responsible for computing gross and net salary, disbursing net salary, administering employee expense claims, providing payroll detail, and much more.

Here are the prominent benefits of choosing payroll management outsourcing services. 

  • Saves valuable time for your business
  • Increases productivity
  • Ensures optimum compliance
  • Increases security
  • Improves cost visibility.

Payroll Software and its Benefits

Payroll software refers to a system or program that allows businesses to process and manage their employee payroll. It streamlines payroll operations and simplifies the tasks of the HR department. The software can help in the calculation of wages, submission of payments to the government, and various other payroll-related activities.

The top benefits of using payroll software are listed below.

  • Reduces the chances of human errors
  • Automates processes and saves the time of businesses
  • Secures data
  • Offers insights through real-time reporting.

Factors to Consider When Choosing Between Payroll Software and Payroll Outsourcing

Are you in a dilemma about whether to opt for payroll outsourcing services or use payroll software? In that case, consider the following factors.

  • Size of the Company and Growth Potential

The size of your company is an important deciding factor. If you have a small business with steady growth, it is best to go with payroll software. It can help you save a lot on your costs. However, if you own a large business that is scaling at a rapid pace, opting for payroll outsourcing is the right choice. The experts can help in handling and managing the increasing workload efficiently for the businesses.

  • Experience of Your In-House Team

If you have a skilled payroll or HR team, using payroll software is the best option. But in case your team lacks the time and expertise to manage the payroll, outsourcing the task to the experts is the right option. The specialists have adequate knowledge and experience in payroll management. They can help you save more time, reduce non-compliance risks, and enable you to focus on your core business.

  • Flexibility and Control

If you want more flexibility and control, leverage the payroll software. Outsourcing can provide you access to skilled experts. However, the flexibility might be less.

Conclusion

By now, you must be well aware of payroll software and payroll outsourcing. Consider the needs of your business and accordingly make the right choice. Are you looking for reliable payroll management outsourcing services? If yes, reach out to the experts of Paciol.

Explore the Need for Accounting Services for Your Business

Need for Accounting Services for Your Business in Singapore

Accounting is at the core of every business. Irrespective of the type and size of your business, accounting is a must. Some business owners prefer handling accounting tasks in-house. However, not all businesses may be proficient in it. That is why you need to avail of professional accounting services. In this blog, you will find out the reasons to outsource your accounting and bookkeeping services in Singapore. Let’s explore!

  • Save Time

In the competitive world of business, time is indeed valuable. Handling your core business tasks while managing the accounts can be really challenging. Moreover, it can take up a lot of your precious time. An ideal solution to this problem is to hire professional accountants. With the experts, you do not have to worry about bookkeeping and other accounting tasks. While the professionals manage these important tasks, you can solely focus on your business and boost productivity.

  • Avoid Costly Errors

When your in-house team isn’t well-versed in accounting, there is a chance of potential errors. Such errors can have a direct impact on the financial health of your business. Moreover, it can even affect your reputation in the market. To avoid accounting errors, choosing professional accounting services can be beneficial.

  • Facilitate Business Growth

Growth and expansion are the core objectives of every business. When accounting is done in the correct way, it can provide a clear picture of the financial health of your company. As a result, you will be in a position to make better decisions for the optimum growth of your business.

The accounting professionals can offer you a comprehensive understanding of your collections and receivables. So, you can get a better idea about your business seasonality and cash flow of your company. Understanding the financial performance of your company will automatically help you make strategic decisions and get closer to success.

  • Stay Compliant

Staying compliant with the regulations and requirements of the Singapore tax authority (IRAS) can be difficult for many businesses. Especially when your business is growing, handling tax-related paperwork is very challenging. However, failing to meet the requirements may result in a potential audit. Also, there is a chance that you may have to suffer financial penalties in the worst situations. To avoid such a situation, it is best to opt for professional accounting and bookkeeping services in Singapore.

Accounting professionals have a good understanding of tax procedures and laws. They can help you easily identify potential irregularities and avoid pitfalls. As a result, you will be able to maintain faultless accounting records and stay compliant with the legal requirements in Singapore.

Conclusion

Managing the accounting tasks of businesses isn’t easy. Especially if you do not have financial experts in your team, it can be even more difficult. On the other hand, with outsourced accounting services in Singapore, you can be rest assured about the proper management of your accounts. Now that you have understood the need for professional accounting services, it is time to partner with the experts. Are you looking for a reputed accounting firm? Trust Paciol for all your accounting needs!