Businesses in Singapore often require both corporate secretarial assistance and accounting services. This thing mostly raises a question of whether an accounting firm can provide corporate secretarial services in Singapore or not.

An accounting company can offer corporate secretarial services in Singapore, but with a few limitations. It is important to understand how an accounting company firm corporate secretarial Singapore service could assist businesses in selecting an efficient service provider by ensuring regulatory compliance with Singapore law.

Accounting companies in Singapore are allowed to provide corporate secretarial services if they are fully compliant and registered. These firms should be registered with the ACRA as corporate service providers and/or filing agents under the regulations of Singapore. This reflects that an accounting firm can legally offer corporate secretarial services only if it complies with the ACRA and requirements for company incorporation.

Services Offered by Accounting Companies

• An accounting company providing accounting firm corporate secretarial Singapore normally offers financial assistance and regulatory compliance. The role of a corporate secretarial service provider is to:
  • Appoint the company secretary
  • Maintenance of statutory data
  • Annual return filings with the ACRA
  • Managing the changes in the company, such as address, shareholders’, and directors’ information
  • Preparation of board resolution
• Whereas, the role of an accounting service provider is to:
  • Financial and bookkeeping report
  • Preparation of financial statements
  • Registration of GST and compliance
  • Tax filing with the IRAS
• This combined aspect is mostly marketed as a customized or all-in-one package for secretarial and accounting services in Singapore.

Significance of the Company Secretary

• The legal requirements of company secretarial services remain unchanged, even if one outsources the services to an accounting firm. Every company under the Singapore Act needs to appoint a qualified corporate secretary within 06 months of incorporation.\
• The appointed applicant must be:
  • Resident of Singapore
  • Having the knowledge and experience
  • Not only is the sole director of the company
• It is important to notice that the accounting company may not offer the services, but it also ensures that a qualified applicant is asked to complete the task.

Advantages of Outsourcing

• Many companies opt to outsource the corporate secretary to the accounting companies because of the ease of combined services.
  • One-stop solution assists in managing both the accounting and compliance services through a single company that simplifies the solutions and reduces the burden.
  • There are customized packages that are even more cost-effective compared to hiring individual separate providers for accounting, as well as the functions of the company secretary.
  • Better correspondence reflects that the financial reporting and tax compliance filings are closely linked to each other. It is important to have both services under a single company to ensure precision and consistency.
  • Compliance and expertise show that credible companies are familiar with the requirements of IRAS and ACRA help in reducing the risk of fines and errors.

Limitation to Contemplate

• There are some considerations, although all-in-one secretarial and accounting services offer different benefits:
  • There is a variation in the quality of secretarial services
  • Not every accounting firm has a license to offer secretarial services
  • A few companies focus on accounting services compared to regulatory compliance
• Companies ought to validate that the business is incorporated with the ACRA and has expertise in corporate secretarial services. 
• You should use these services if you are:
  • SME and startups with limited resources
  • A foreign businessperson not familiar with the regulations of Singapore law

Choosing the Right Service Provider

• While planning to engage the accounting company for corporate secretarial services, you should consider the following:
  • Evaluation of expertise in corporate regulatory compliance
  • Checking the incorporation status with the ACRA
  • Reviewing the scope of services
  • Assessing the assistance and responsiveness
  • Comparing the services and pricing packages
• It is important to select the right service provider to ensure both the compliance and accounting service providers are handled effectively.

Conclusion

• In the end, it can be concluded that an accounting company can offer corporate secretarial services in Singapore, given that it is properly incorporated with the ACRA. Many companies benefit from accounting firm corporate secretarial Singapore services solutions that integrate the financial management and compliance under a single service provider.
• But it is important for every company to ensure all legal requirements are met with the Singapore Companies Act, including the appointment of a qualified company secretary.

Call to Inquire

If you are planning to simplify the operations of your company in Singapore, contemplate engaging a credible company that provides both corporate secretarial and accounting services. Moreover, we, at FAST ACCOUNTING, offer a combined package for accounting and secretarial services that can assist you in reducing burden, staying regulatory compliant, and focusing on your core business operations.