Having an expert from Singapore secretarial services to take care of your statutory compliance is a great boon for your business. You can either opt for standalone service or incorporate a part of its combo package.
Nowadays, companies want to stay ahead of their competitors, but they also have to keep in mind of the lengthy and sometimes complex rules and regulations. One way to resolve this problem is to appoint a third party to handle all the non-core tasks. Many secretarial services in Singapore are ready to assist you in managing the statutory compliance. Outsourcing the secretarial task would help you to get rid of the edgy, anxious, and stressful environment that a compliance task may generate in any workplace. BY letting the outsourcing team handle all the non-core tasks, you can focus on your other core issues of the business and relax the outsourcing team do their job. An In-house secretary may increase your costs It has been observed that that most business owners tend to appoint a full time personal secretary. Thanks to the evolution of the secretarial services, that they can now be empowered to carry out the task of secretary, while maintaining the same level of confidentiality and sanctity of business information. The secretarial services now feel responsible for their newly added task and they manage them with strict discipline. But not every small business can afford the secretarial service, because they have to review the other important financial systems like salary, employee benefits, infrastructure, CPF contribution, levies, etc. We recommend that you avail the services of these secretarial firms and fire your secretary for a change. You only need to worry about the quality and the stipulated time that these firms are rendering their services. Is appointing company secretary a must in Singapore? Yes, it is mandatory to appoint an experienced company secretary at the time of registration. The Singapore Companies Act instructs the business owners that a secretary should be appointed within six months from the date of registration. The criterion for the company secretary is that he/she must be a resident of Singapore or a holder of employment or Entrepreneurial Pass. A secretary of a company is assigned with the task of clarifying of any administrative or compliance glitch the company is filing. Besides statutory compliance, a secretary is also empowered with the corporate governance of the company. In real life, a business owner should appoint a secretary in Singapore at the time of registering the company. The corporate secretarial services like SBS Consulting offer highly affordable incorporation packages. These are totally suitable for the small business owners as they provide three services for the cost of one. Role of Company Secretary Singapore All the companies must appoint a secretary to perform various tasks. These include:
Why should you hire corporate secretarial services? You should appoint a secretary from Singapore secretarial services to stay ahead of the competition. Most of the small businesses can afford to hire a secretary from the secretarial service. Secondly, going for the combo incorporation package is most affordable as for as little as S$699 you get services like incorporation, local registered address, & company secretary. You get the last two services for FREE for the first year. Singapore is a fierce marketplace. So in order to survive or better to stay ahead of the competition, business owners must deliberately appoint a secretary. It allows them to save time, costs and be more effective in pursuing the core corporate goals. These secretarial services in Singapore firms offer just that, and help you in streamlining your administrative tasks, and ensure your compliance.
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Online Payroll is the new payroll system that is evolving in various Singapore based organizations and is rapidly replacing the old methods to carry out payrolls. These days' organizations lack the time and effort that is required to deal with the rules and regulations related with payrolls. This method is now used by most of the big business companies. It provides them a lot of advantages as well. It is considered as the best payroll methodology as it saves time and money. Maintaining its own system for an organization can be a huge task and may involve full time employees as well. It is also not a profit making area for a company. Hence most companies prefer outsourcing the job of payroll management. The ease of use that the online payroll service in Singapore provides also makes it the preferred choice for organizations. The initial set up is critical. However the organizations which design the systems make it as simple as possible. They also provide complete assistance at the initial stage of the use of the software and a staff is also present if the users face any issue in the later stage of the use of the product as well. Once people understand its functions which on most occasions are very simple, it helps in avoiding costly errors and getting the work done on time. There are services present which help in making sure that payroll data are entered correctly and within the stipulated time as well. Another major advantage of payroll software that the organizations get after outsourcing their payroll system is that they do not need to concentrate on the changing rules and regulations being done by the government. Online Singapore payroll services make sure that they stay updated with the changes that are happening in the surroundings and they update their system with those changes as well. The organization is thus spared from hiring several experts who otherwise would have had to work exclusively on these areas. They provide the simplest of platforms which completely automates the whole payroll system of an organization. They provide the best payroll services at the most competitive prices in the market. Hence for any organization to outsource their payroll, ePayroll is among the best options available to them. They are the most trusted and among-st the best of the organizations present in this industry. Advantage of implementing online payroll service One of the many great things about an online payroll service is that it allows you to manage your payroll without having to hire third party services such as an accountant. This will not only save you time, but money as well, plus it keeps all your employee information in one, easily accessible place. In this article we will explain why using an online payroll service makes business sense. Time is money Payroll software services make it possible for you to get easy access to employee information and perform quick calculations. Payroll runs can be initiated as soon as your online system is implemented. In fact, it takes only a couple of minutes. All you really have to do is complete employee information such as number of hours worked per month and the online payroll system will take care of everything else. Keep mistakes to a minimum When performing payroll tasks and instructions manually, human error is always a risk that can creep in, which can result in costly mistakes. With online payroll services, after you have done the initial setup, these and other mistakes are kept to a minimum as all calculations are automatically done by the system. Cost-effectiveness is the key Once your online payroll system is in place, you will wonder how you ever managed without it. It completely eliminates the requirement to hire third party services such as accountants, and it frees your employees and yourself up for focusing on other elements of your daily business operations. Not only does an online payroll system reduce costs, it also gives you the opportunity to maximize the use of your time, which will result in a guaranteed positive impact on your company's bottom line. It's all about convenience With online Singapore payroll systems you are no longer dependent on whether your accountant is available, or whether you or an employee can find the time to assign themselves to the task of paying your employees' salaries. Online payroll service in Singapore makes it possible to do your payroll when it suits you, whether this is at the beginning of a new month, or at the last moment just before payday. All the information you need is right there, and waiting for information from third parties will be a thing of the past. Singapore has become one of the growing economies across the Asian continent and due to remarkable financial growth in recent years. For that reason, various companies are opening their business in Singapore. Now if you are planning to open a business or planning to relocate your business in Singapore then you should follow the legal criteria regulated by the Singapore government.
The requirements for the company’s registration in Singapore: For opening a business in Singapore the company incorporation and registration is the required step one needs for follow. Incorporating a company as a Private Limited firm in Singapore is an easy and fast procedure. But the legal requirements and documentation need to be fulfilled perfectly for hassle freely complete the process of company incorporation in Singapore. Now for completing these legal requirements, you may engage an experienced company’s secretary and by engaging a secretary not only the incorporation procedure but also the other important task for running a business, such as; accounting, taxation, payroll services can be performed with ease. Here we will discuss several aspects of Singapore company registration in the following section:
The bottom line: Singapore now a day is one of the most-sought-after places among both local and foreign entrepreneurs. Also, the procedure of the company’s incorporation in Singapore as per the company’s law is flexible for all, which include the natives as well as the outsiders. But the process of incorporating a company in Singapore can be time-consuming and frustrating, so you need to follow the aforementioned points to complete the process at ease. As now a day Singapore has become a top choice for entrepreneurs in order to establish their business, due to the business-friendly rules and regulations along with the supply of resources available herein. When you start your own business in Singapore, besides taking the required steps to attain maximum profit, you also need to be well aware of the legal guidelines. As a director of the company, even a silly mistake can cost you a huge sum of money. One of the important responsibilities includes fulfilling the statutory obligation according to companies act requirement. Now being the owner of the business organization you have multiple responsibilities, thus it may happen that you fail to keep an eye to every minute details of the company. Thus instead of choosing to perform the secretarial work of your company personally, you can choose to use professional corporate secretarial services.
The secretarial work includes tasks such as manual paperwork filling or logging into ACRA (accounting and corporate regulatory authority) etc. Although it may seem an easy work to perform, but can consume a lot of your valuable time and distract you away from more necessary business work Which, as a result, can restrain you from acting toward your business development. Therefore to curb the problem and let your business attain continuous growth, you need the help of a secretarial service organization in Singapore that is well versed with professional experts those who specializes in secretarial work of any corporate body. Below mentioned are a few vital reasons to hire expert secretarial service in Singapore Compliance Rules and laws can change at any time of the year depending upon the market structure. It can be quite hectic and tricky to constantly keep an eye to such minor changes and act accordingly. Thus you may lack in comprehending the industry knowledge. Thus it is better to give the responsibilities to a third party secretarial service providing company in Singapore that specializes in a particular field and help your business earn the profit. Additional services As the scope of corporate secretarial work is quite enormous and covers multiple aspects. Thus to address the same you need a service provider who serves you with a wide range of services. Thus it’s better to assign specialists who can customize the secretarial services according to a variety of clients need, so as to experience best quality service. Price transparency The price of a particular service provided by a company should be open enough or transparent to the customer. The quoted fees should include the entire service price under any sort of circumstantial changes. The service price must remain the same under any change in market structure. A reputed and quality secretarial service provider should always go along with transparent pricing. Deadline management In this modern time, where every business owner is taking every required step to compete with other struggling entrepreneurs, soon after completing the process of their company registration in an economically booming country like Singapore. The entrepreneur tries to maintain a tight deadline for every service provider. As, if you unknowingly miss a deadline, you may need to pay a high amount penalty. This sum of money is actually unnecessary additional expenses that no company wants to incur. Same saving The most important benefit of appointing a professional company secretarial service provider is, they help you save a lot of your extremely valuable time that may not be regained. The saved time can thus be utilized for making profitable business plans instead. Conclusion Thus from the above-mentioned description, you can understand the benefit of appointing a secretarial service provider to ascertain smooth functioning of the business organization and let them evaluate and simplify the company secretarial service in an accurate and timely manner. For an error free uninterrupted business process, it is always advisable to get professional support from a service provider backed up with both talented and reliable experts. Secretarial services are very important from a business perspective while it’s a small, medium or large scale industry. Filing, bookkeeping, typing, dictation, and transcription services are among the most common requirements of secretarial services for small businesses. Also, the company’s law in Singapore mandates that every company must appoint a secretary of the company.
Now in spite of hiring a company’s secretary for a fulltime basis, it’s beneficial to engage an experienced worker through an outside firm, which makes good financial sense. Also these secretarial services can often be managed more conveniently by contracting with private firms rather than hiring a full or part-time employee to manage these tasks. Here we will mention some other benefits of outsourcing secretarial services in Singapore are as follows; Company’s incorporation procedure: Incorporation is the most vital step towards setting up a business in Singapore. There are several documents related to the company and its owners, needed to submit to legally register a business under the company’s act. To register a company in Singapore with the rules and regulation directed by the government does not take much time, as the whole process may take only one day. However it may take a bit more time, i.e. 14 days to 2 months in case of the applicant needs to submit an approval from another government agency from the list of the Referral Authorities. But for submitting every document, detailed knowledge is required regarding this process and for that hiring professional is the prime option. Therefore, guidance from a secretarial firm will ease the process with utmost perfection. Filing annual return: As per the company’s act of Singapore, all locally registered companies must file their Annual Returns to ACRA. Generally, filing should be done at least once per month prior to the due date and requires on-site assistance. Secretarial firms can often provide the manpower to complete these tasks quickly and with minimal fuss or expense. Bookkeeping services: Bookkeeping is the recording process of the financial transactions on a day-to-day basis along with the whole information regarding business transactions from these data the accounts is prepared. The records of individual financial transactions are ensured by this process that those are correct, up-to-date and comprehensive. Each transaction, whether it is of purchase or sale, must be recorded; therefore accuracy is vital to complete the process successfully. Now if you are running a small scale business then hiring a person for this purpose will cost you much more than outsourcing from a professional accountancy firm. Handle taxation and audit: There are several tax regulations in Singapore, including types of taxes, corporate tax, personal tax, double tax treaties as per today’s scenario. While a business grows the different kind of taxes and payable fees become much more complex, as there are more variables and applicable regulations, such as federal, state and local level; for that, an efficient tax accountant is required for tax filing purpose as per the guideline of IRAS. Also, the tax accountants keep up with legislative changes and help an organization remain in compliance. Conclusion: There are many firms are providing secretarial services in Singapore, so if you are having a small scale business or planning to establish one, then outsourcing the accounting services will save your time and money and deliver a professional level of expertise. Also by overseeing accounts receivable, improving debt collection and advising wise and perfect investment methods, a professional secretarial service can help to boost your income by maximizing your profit. |