QNAP NAS: Create Backup of TimeMachine Directory

I was recently setting up remote backups for my QNAP NAS and came across a problem. QNAP NAS by default doesn’t seem to be able to create backups of the TMBackup directory it uses to store TimeMachine backups. You are unable to sync this directory with remote server or cloud storage/backup service. I was googling around and noticed that few people had this problem, for example here and I have found a solution.