By MDX Advisory Team
Aug 23, 2025
1. What should you look out for beyond the standard checklist?
When starting a new business, the question of whether you should consider hiring a corporate secretarial and accounting firm is likely to be the first and foremost on your mind. While you are an expert in your area of specialisation, business administration is a separate and complex discipline.
Outsourcing of these functions allows you to focus on product or service development and business growth, while ensuring compliance with Singapore’s strict regulations and efficient operations. Here’s a quick summary of some key reasons to outsource:
Legal Compliance
The Companies Act requires every company to appoint a corporate secretary within six months of incorporation. A qualified corporate secretary ensures timely and accurate filings with the Accounting and Corporate Regulatory Authority (ACRA), avoiding hefty penalties and legal issues.
Operational Efficiency
These professional services streamline administrative tasks, such as maintaining statutory registers and preparing for Annual General Meetings (AGMs) and more.
Strategic Financial Management
Beyond financial and tax compliance, a good accounting firm provides valuable financial insights that allow you to understand your business’ cash flow, better manage expenses, and identify growth opportunities.
2. What makes a good set of selection criteria?
It is important to recognise that the financial and compliance landscape for businesses in Singapore can be overwhelming for someone unfamiliar with the specific complexities and requirements. As such, it is important to be stringent in your selection criteria as they may be critical to the successful incorporation and running of your business.
1. Industry-Specific Expertise
This is the most crucial point as a firm without prior relevant industry experience may not understand the nuances of your business sector. A proven track record of working with companies in the same industry or related industries provides the assurance that they have good grasps of the specific requirements that are important for your business.
2. Reputation and Professional Qualifications
Ask for client testimonials and reviews to assess the reputation of these firms. Ensure that the professionals in these firms have the specific qualifications and certifications to perform their tasks, E.g. Chartered Accountant (CA), Certified Public Accountant (CPA) or Certified Internal Auditor (CIA), and they are members of recognised bodies like the Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) or are accredited by the Singapore Chartered Tax Professionals (SCTP).
These qualifications not only provide assurance of their competencies, but they also demonstrate their commitment to ethical practice and continuous learning.
3. Technology and Digitalisation Expertise
In today’s digital age, a firm’s use of technology is a key indicator of its efficiency. Look for providers that provide cloud-based platforms for document management and accounting software, as these tools can automate routine tasks, improve accuracy, and provide you with real-time access to your company’s financial data.
4. Comprehensive Service Offering
It is better to select a firm that offers a full suite of services, including corporate secretarial, accounting, payroll, and tax advisory. This integrated approach enables a seamless flow of information between departments, reducing the risk of errors and eliminating the need for you to manage multiple providers.
5. Cost and Value for Money
Always ascertain the specific scope of services when evaluating different quotes. A low-cost provider may offer a basic package that doesn’t cover all the necessary services with hidden fees or non-compliance down the line. Spend some time to compare quotes across different firms to establish clarity of the real cost in relation to the quality of support provided. Speak to us for an obligation-free consultation by sending us an email at contact@mdxadvisory.com.sg
3. Beyond these criteria, what else should you consider in order to build a reliable partnership?
A good partnership with your selected corporate secretarial and accounting firm forms the foundation for you to run your business. A reliable and trusted partner gives you the peace of mind to run your business with confidence, knowing that all legal and financial obligations are being handled by experts.
With your administrative burdens taken care of, you can concentrate on business excellence and expansion. Your corporate secretarial and accounting firm can even act as a strategic partner, offering advice on business restructuring and tax planning to maximise your company’s long-term profitability.
Conversely, a non-performing corporate secretarial and accounting firm may result in consequences such as inaccurate record-keeping, incorrect tax filings, financial mismanagement and even unnecessary financial loss due to penalties or legal issues.
MDX Advisory is an established one-stop consultancy service with more than 20 years of experience in company incorporation, accounting & tax services, HR and business consultancy. More importantly, our team of qualified and certified professionals also have proven track record and customer testimonials from companies from various sectors that they helped over the years.
