Setting up a new business can be a daunting experience for many. It can be confusing, having to navigate the complex regulatory requirements to set up a company in Singapore.
Under section 171 of the Companies Act, every company must appoint a company secretary within 6 months of incorporation. A company secretary must be a resident in Singapore and must be at least 18 years old. A company secretary looks after the company’s statutory compliance and that is why it is important to outsource it to a reliable company secretary service provider.
For start-up owners working with a limited capital, the hiring of a corporate service provider can be a topic of debate especially on the matter of cost.
Appointing a reliable corporate secretarial service provider is especially important for first-time business owners and entrepreneurs alike as you would require a lot of support and guidance at the initial stage of the business. An experienced company secretary can walk you through different aspects of company incorporation. Lexico’s industry-wide experience enables us to assume the responsibility of the task and take care of your business.
The hiring of an experienced company secretary is especially crucial to foreign entrepreneurs and clients. As they are new to Singapore rules and regulations, the company secretary’s role is important as they are the professionals who will help the clients in the adoption, maintenance, and implementation of good corporate governance practices, thus laying an important foundation to the success of the company in tandem with current law and regulation.
Company secretary acts as a link between the company and the government authorities. Their responsibility is to ensure their client is compliant with the various statutory requirements. Singapore has a very robust environment for regulatory compliance and therefore a company secretary’s role is not a simple one. In addition to other stakeholders in the company, company secretaries are considered as the officers of the company. The company secretaries advise the company’s Board of Directors on their obligations under the law and their corporate governance requirements etc. They also proffer advice on the holding and carrying out of the board meetings within the time and manner prescribed by the law.
Not having the right team, losing focus on the things that matters, and legal challenges was listed down as one of the many reasons businesses and start-ups fail. These problems may arise from not having a dedicated corporate secretary, which results in the entrepreneur being unable to provide the necessary attention to the primary aspect of the business.
By choosing Lexico, these risks can be mitigated and the probability of the business succeeding can be improved drastically. Corporate compliance is significant now more than ever and the company secretary is looked upon as the guardians of the company’s compliance. A company secretaries is filling in a very specialized position and must have up-to-date knowledge of the statutory compliance. By engaging Lexico’s services, you will have a very capable team working alongside with you, thus allowing you to focus on your business’s vision and mission. You would have at your disposal, professionals who will help you tackle the myriad of legal and regulatory challenges in establishing and operating your business in Singapore.
You should choose Singapore and set up company in Singapore because:
You just need to provide us with the below information to incorporate a company in Singapore: