The simple answer is yes. Corporate secretarial services are necessary. Mandated by law in most countries- companies may choose to appoint an internal secretary or engage corporate secretarial services.
For instance, in Singapore, you are required by law to appoint a company secretary within six months of the company incorporation and registration. This position should not go unfilled for more than six months if the corporate secretary decides to quit the organization at some point. In Malaysia, as well, as per the Companies Act of 1965, Sdn Bhd must appoint at least one company secretary. The firm may choose to hire an internal company secretary or the services of an external company secretary (external company secretary).
Similarly, a company secretary is required while forming a company in Hong Kong. Your company will not be able to register under the Companies Ordinance if you do not own a secretary. You also might have to face legal action for conducting business without a company secretary.
Now that it is evident that having corporate secretarial services are legally mandated and essential to your business, let us look into why choosing an external agency makes more sense in this era.
The function of a company secretary has changed over time from that of a simple notetaker to one of a strategic counsel who participates in crucial corporate decisions. Whether you are looking for a corporate secretarial in Singapore, corporate secretarial in Malaysia, or corporate secretarial services in Hong Kong, you have to understand the scope of this role is not limited to simply bookkeeping. With the high demand, the market for corporate secretarial services in Southeast Asia is anticipated to rise from $92.77 million in 2019 to $152.92 million in 2025, at a CAGR of 8.69%.
Corporate secretarial services offer a holistic package of services that not only help maintain the status quo of the company but also contribute to business growth and scalability. From maintaining statutory books to organizing meetings plus filing taxes to managing the registered office address- corporate secretarial services cover the necessary aspects of the business.
Every task has a deadline in the realm of corporate secretarial services. Additionally, penalties may apply if these deadlines are missed. Without a doubt, these are just supplementary costs that no business wants.
On the other hand, dedicated corporate secretarial services make it simple as they have extensive knowledge of the nuances of numerous secretarial procedures. They will therefore track, monitor, and notify you of all deadlines to prevent these annoying penalties, providing you with much-needed peace of mind.
There are regular changes to laws and regulations. It can be challenging to constantly monitor and track these developments. Additionally, some businesses could lack the expertise to effectively make changes.
So, if perplexing regulatory changes have you scratching your head, perhaps contacting corporate secretarial services is the best option. These companies consistently stay up to date with the most recent regulatory developments. Their teams have experts that are highly knowledgeable in their fields.
Reliable corporate secretarial services offer end-to-end coverage for all relevant services. You can focus more on the business and cherish consumers while all the legalities and documentation are taken care of. When you choose to outsource, you can rest comfortably. A competent company might provide the service in an easy-to-understand manner, from the early stages. As a result, the majority of the redundant effort associated with managing a startup will be eliminated from your end.
The most time-consuming and crucial responsibilities when starting a business are understanding the laws inside and out, handling the finances, and looking for new ways to increase sales and profits. These processes need more work and time than one might think.
Companies are compelled to assemble a group of skilled specialists with relevant experience to handle such obligations efficiently. Paying the staff, infrastructure, etc., strains the business with rising costs. An expert like PikoHANA could lift your burden of the tasks above.
For companies that reach out to PikoHANA and are serious about employing our services, we offer a free assessment that gives them deep insights into their business. We will not engage if we don’t have a strong conviction that can considerably lower the cost of your company’s back office compared to other options. In most cases, our clients get cost reductions of at least 30%, and occasionally even 50%.
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