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.
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