Common Mistakes To Avoid When Hiring Company Secretarial Services
By hiring a reputed company secretarial services firm, you can ensure your business’ statutory compliance. These professionals also assist you in streamlining its operations.
However, selecting the right or best corporate secretarial services provider is not easy. And mistakes happen. These can lead to compromised legal compliance or inefficiently executed operations. If you are new to the Singapore market or a newbie owner, these mistakes can land you in trouble.
There is a silver lining to this scenario. Yes! You can avoid these common operation and compliance-related mistakes by knowing more about them. It will be your first step towards avoiding dire consequences and harm to your brand image.
It means you have to be careful in hiring company secretarial services provider to avoid future losses. You must know the pitfalls that others failed to avoid. This information will help you research a provider thoroughly and make the right decision.
Challenges in Hiring Company Secretarial Services Firm in Singapore
In Singapore, companies have to endure complex regulatory requirements. As the chief compliance officer, your chosen company secretarial firm in Singapore can play a crucial role here, provided, they are qualified, experienced and expert.
Your provider must understand the specific requirements your company must comply with. They must cope with the frequent updates in the regulations and still successfully manage to run operations smoothly and compliantly. They must understand your company and advise you on improving your corporate governance and decision-making.
1 Failing to Match Corporate Services to Your Needs
Engaging a company secretarial services firm that can fulfil all your company’s multi-layered compliance requirements is crucial. They must provide you with services to assist you with:
- Statutory compliance
- Conveying and managing board meetings
- Annual General Meetings (AGMs)
- Extraordinary general meetings (EGMs)
- Updating and maintaining company’s statutory books
Your provider must be good at executing these tasks efficiently to be compliant with the regulations and streamline operations.
2 Being Cost-Sensitive Over Quality
Short-sightedness or budget deficiency can make you select a cost-effective provider. It may work in other cases, but avoid it for hiring company secretarial services firm. It may create further legal and operational problems for you.
A quality services provider may cost you, but they will do their best to ensure your compliance. They may also advise you on long-term growth and stability of your business.
3 Not Learning from References and Reviews
To select a worthy service provider, ask your associates for references. Don’t ignore it. Doing so allows you to learn from their experiences and results.
Go online and read reviews about the provider you are interested in. These practical insights will help you gauge their reliability, efficiency, capability, and performance.
Going through the testimonials by satisfied and unsatisfied customers and case studies on provider’s website can tell you a lot about their competence and reliability.
4 Underestimating the Need for Regular Communication
Regular and prompt communication is vital for the successful delivery of secretarial services. Your provider must be able to reduce complexity and legal jargon.
Use simple words to let you know the requirements and latest changes and their impact on your business to assist you in operational decision-making.
5 Failing to Understand the Need of Technology & Integration
Today, digital solutions are useful in increasing the efficiency and accuracy of secretarial tasks. You can grade shortlisted providers on the software and tools they use to manage documents, track compliance-related tasks, and schedule.
Automation using software saves time and money and reduces manual efforts and human errors leading to effective compliance and operations.
6 Not Asking for Customised Services to Fulfil Your Needs
Every company is unique and, in turn, has unique challenges and needs. To fulfil these needs, you have to ask for customised secretarial services. Not doing so can lead to problems.
Appointing a company secretarial services provider who provides customised services is the solution. Customisation can come in the form of fulfilling your industry or niche-specific requirements. It can also mean scaling secretarial services to fulfil your growing business’ needs and objectives.
7 Proactively Taking Care of Mistakes Before They Harm Your Business
Mistakes happen, even after hiring an experienced company secretarial services firm. Do not overlook or sweep them under the carpet. In such a situation, you have to be proactive and rectify these mistakes to ensure you end up on the right side of the law.
Your timely actions will help you avoid inefficient processes, unnecessary risks, legal penalties and fines. Doing so helps you plan for business growth and success.
Why Appointing the Best Company Secretarial Services is Important
If you are a newbie business owner hiring a corporate secretarial services firm, you have a daunting task in your hands. However, you can refer to the common mistakes described above and avoid making them. It will help you zero in on the right provider who can provide you with tailor-made services to fulfil your compliance and corporate governance needs.
Your unblemished compliance record enhances your brand name and legal standing. It helps you attract investors and talent in a tough market such as Singapore.
Hiring company secretarial services means you get access to expert guidance and support to fulfil complex corporate compliance. Avoiding common mistakes is a must whether you are a Startup or a Small and Medium Enterprise (SME). The best secretarial services provider is a must for faultless compliance, streamlined operations, and corporate governance.
You can hire one by understanding their experience with your niche, the scope of their secretarial services, quality over cost, how they communicate, the software and tools they use to automate tasks, and the services they can customise to fulfil your business’ compliance and governance needs.
Contact us at +65-6536 0036 or email us at info@sbsgroup.com.sg to discuss your business needs before hiring company secretarial services firm for your business.
Also Read: How Can a Foreigner Start a Business in Singapore
