Like any other corporate sector in the world, corporate secretarial firms and company secretaries play an equally important role in most businesses. Some might be hired directly by the organization itself while some might have been personally chosen by a corporate secretarial company, but in the end, no business can function without them. Companies use these professionals to take care of important tasks that are often tricky to do by an individual. The services they render to organizations are indispensable and cannot be ignored even for a moment.
Every corporate secretarial firm is required to go through extensive recruitment procedures to ensure that only the best and the most qualified candidates are being employed. Applicants will undergo thorough interview sessions to assess the suitability of each candidate. Interviews and feedbacks will then be followed by in-depth written examinations to determine the exact duties and responsibilities that each of the applicants is being assigned. Once all the necessary documents are collected, they will be sent to the hiring manager for final approval. The entire process normally takes about three months or less.
One of the most common tasks that corporate secretarial firms are assigned is ensuring that every company meets all its obligations, such as maintaining internal records. They also have to ensure that the information provided by each employee is kept in accordance to the law. In addition to their task of ensuring compliance with corporate policies, they also have to ensure that each of their employees is performing well and is not wasting time or unnecessarily compromising the success of the organization. Moreover, they also make sure that the procedures and instructions given by managers are being followed. This is particularly crucial when it comes to ensuring compliance with the Sale and Sales and Service Agreement Act and the Employers’ Liability Act.
One of the most popular jobs in the corporate secretarial services sector is that of a manpower provider. A manpower provider plays the role of recruiting administrative staff for a company in Singapore. It can either be in the area of accounting or human resources, although it is most commonly associated with payroll. Providers are responsible for processing employee applications, preparing the payroll reports, providing assistance to management in planning and monitoring the progress of their employees, distributing salary and benefits to their clients, and closing accounts.
The second most important position that a corporate secretarial firm plays is that of an appointed filing agent. A filing agent is a person who is responsible for receiving all the official documents and signatures required by companies in Singapore. Filing agents are also responsible for handling correspondences between other companies and clients, and ensuring that these correspondences are delivered in a professional manner. They also sign the pay slips of employees, return checks for them, and prepare tax returns and vouchers.
Corporate secretarial firms may also deal with the preparation of VAT applications. This is usually handled by an internal-external expert who has been hired by the firm to perform this function. An internal-external expert, also known as a Certified Legal Assistant (CLA), performs this function by reviewing and interpreting the VAT documents that companies in Singapore must submit for registration. After reviewing the documents, the CLA prepares and submits them on behalf of the client to the relevant authorities. The extent of the work depends greatly on the amount of time that the person has to dedicate to the task; as such, it is not uncommon for corporate secretarial firms to hire several such experts.
Apart from these core functions, corporate secretarial firm firms provide additional services such as payroll generation, client handling and collection, accounting maintenance and compliance, tracking all records, filing of tax returns, as well as handling of confidential information. All these services are provided in a professional manner. This enables the company to save a great deal of money that would otherwise have been spent on employing personnel for these additional services. In addition, such services are very cost-effective.
A corporate secretarial firm can also be outsourced to take care of other key personnel services such as managing the finance department and human resources departments. Outsourcing these key personnel services is very beneficial to the company. The firm will thus be able to focus on providing its best products at the lowest possible prices. In short, the firm will be able to cut costs that otherwise it would incur if it had hired personnel in-house. Finally, it is essential for any company to consider whether the services offered by the corporate secretarial firm meet the expectations of its key personnel.