Avail Top XBRL Filing Services Singapore to Stay Compliant with ACRA

XBRL (eXtensible Business Reporting Language) has widely been used by the global businesses to transmit the financial information to the shareholders, auditors, regulators and other important users. Likewise, the ACRA (Accounting & Corporate Regulatory Authority) introduced the implementation of XBRL filing in the year 2007 for the local companies. And again in 2014, the authority has amended certain rules vis a vis XBRL filing Singapore. There are good numbers of top XBRL filing services Singapore such as SBS Consulting who has extensive knowledge & experience in the concerned field.

It is noteworthy that XBRL format is a common and global standard for capturing and communicating financial information between the business and users including business analysts, investors, and regulators. The reports prepared in XBRL format are machine-readable. Needless to say, it makes data collection, mining, and analyzing much easier for investors and analysts. However, the report must be prepared by an expert as a simple error can lead to some unwanted consequence. The experts of top XBRL filing services Singapore stay abreast with the ever-changing laws of the authorities. They will make the filing task effortless for you.

Hire the Top XBRL Services Singapore to Stay Compliant with the Law:

The Singapore authorities have laid down a set of compliance requirements for the businesses. One of the key compliance requirements of ACRA is XBRL filing at the end of the financial year.

The directors of the companies are answerable to the regulator in case of failing to file their XBRL report on time. They are also responsible for the authenticity, accuracy, timeliness, and correctness of their financial report. Therefore, they must ensure to submit the true and fair report within the specified deadline. Since the directors are not well conversant with the ongoing statutes of the authorities, they can take help of the professional services providers.

The top XBRL firms like SBS Consulting offer great service. A good firm uses the latest software, tried and tested methodologies to minimize the risk of non-compliance. It also reduces the time to be spent on filing financial statements in XBRL format. All in all, outsourcing to the top XBRL filing services Singapore gives you peace of mind, knowing that your company’s XBRL reporting is in good hand. It helps you remove the challenges owing to use of online filing system, selecting essential information for disclosure, manual entry of data and review of the financial reports.

Challenges Faced by the Companies While Filing XBRL Reports

The task of converting the financial report into XBRL format requires a high level of knowledge and experience which a non-savvy person hardly would possess. On top of it, a good coordination between the finance and accounting department is needed. The quality of data is another challenge that small and medium-sized companies often faced with. The cost of training, recruitment of skilled resources and installation of advanced software are the few other challenges you are likely to face when doing the XBRL filing in-house.

Since the implementation of XBRL in Singapore in 2007, many third-party firms offering XBRL services Singapore have been serving the clients with quality services at competitive price. You may leverage the service of SBS Consulting as the firm has many years of experience in this field and is armed with latest technology-driven solutions. Their stringent quality analysis standard ensures the accuracy of data. Not just for the XBRL filing only, the outsourcing is a viable mean for annual return filing Singapore as well.

Be sure to hire the most trusted firm to get the optimal benefits of outsourcing XBRL. The fees of the service must also fit into your budget. Please note that the top XBRL filing services Singapore are admired for their competent services and attractive prices.

Contact Us:

SBS Consulting Pte Ltd

High Street Centre,

#17–02, 1 North Bridge Road,

Singapore — 179094

Visit: https://www.sbsgroup.com.sg/

Tel: (65) 6536 0036

Email: info@sbsgroup.com.sg

Company Secretary Singapore: Hire A Professional Service Provider to Avoid the Troubles

Whether you like it or not, you are obliged to follow the rules and regulations mandated by the authorities in Singapore when doing business in the jurisdiction. One of the key requirements of company incorporation in the city-state is — appointment of a qualified company secretary Singapore within 6 months from registration with ACRA (Accounting & Corporate Regulatory Authority).

The key role of a company secretary is to oversee the statutory compliance of the organization. As the name suggests, the job of a company secretary is not a clerical one. His/her job is as important as that of the other officers of the organization. As per the law, the corporate secretary of a Singapore company must an ordinarily resident in the country.

Being one of the important stakeholders of a private limited company, a corporate secretary plays a crucial role in ensuring that the company is adhering to the statutory obligations.

Since the job of the secretary is non-core one (administrative burden), one can easily outsource the task to a professional services provider. There are good numbers of corporate secretarial services Singapore. You must ensure to hire the right one to get the optimum benefits.

Why Hiring a Professional Service would be Beneficial for Your Business?

Hiring the professional corporate secretarial services Singapore or outsourcing could be beneficial for you in various ways. You can either hire individual service of corporate secretarial or avail it through the combo package of incorporation.

There are many reliable company incorporation services such as SBS Consulting who offer free corporate secretarial service with the incorporation package. SBS Consulting offers both corporate secretarial and registered office address free for first one year with its promo incorporation package worth S$699. Needless to say, it is remarkably cost-effective solutions. You get a fully-functional company secretary service with such packages.

Moreover, the professionals of corporate secretarial services Singapore are likely to have vast industry-wide experience. It enables them to handle the responsibilities with more expertise.

Outsourcing is beneficial for you as it reduces the cost of the employee, enhances efficiency, facilitates you to gain access to cutting-edge technology and so on. The third-party company secretary option is an inexpensive option than in-house staff (cost of salaries, benefits, allowance, insurance & cost infrastructure).

 

The company secretary of your organization will help you implement, maintain and promote the good governance within the organization. A professional services provider is an easy option, especially for the foreign entrepreneurs. As they are new to the foreign soil, searching for an independent company secretary on their own could be a quite challenging task for them. The cost-effectiveness is like the cherry on the cake.

As a matter of fact, a company secretary acts as the link between your organization and the government authorities. Ensuring compliance requirement is his key responsibility. He/she has to work hard as the legal system of Singapore is a stringent one. If you entrust the task to a third-party firm, you would be free to concentrate on the productive activities of the business, ensuring more ROI.

Company Secretary Singapore: A Key Pillar of Your Organization

A company secretary holds an important position in a Singapore organization as he/she is the sole person with whom authority like ACRA communicate with when it comes to any compliance issue. Thereby, he must have updated knowledge on ongoing statutory obligations of the jurisdiction.

This is one of the compelling reasons why more and more entrepreneurs are turning to the third-party help. The firms house highly experienced and certified professionals. Outsourcing saves the substantial amount of time, money and energy that you otherwise would have spent in selecting, hiring, training and terminating the in-house employees. You are no longer need to go through the fuss of hiring and firing process of the in-house staff.

The main responsibilities of a corporate secretary services are stated here under:

• Maintain the statutory registers and minutes of the meetings.
• Let the authorities know about the changes in the share capital or the company officials
• Help and assist the directors fulfilling the statutory obligation.
• File financial statements and annual returns with ACRA within the deadlines.
• Provide informed advice to the directors of the company.
• Arrange and hold Annual General Meetings & board meetings for shareholders & directors.
• Filing with ACRA about amendments in Memorandum of Articles & Associations of the company.

Do not ever make a mistake by not appointing a company secretary Singapore in your company. It is as important as other officials. The authority will also not spare you if you intend to ignore their mandatory rules. Thereby, it makes sense to hire the professional service instead of hiring the in-house staff due to the various benefits it has to offer. If your company has not been incorporated yet, you can go for the combo package of incorporation as it comes with freebies or low-priced options.