The Importance of Outsourcing Company Secretarial Services
When it comes to launching a venture, some of the most discussed aspects include the business plan’s viability, the right talent, and the best marketing plan for growth. However, in today’s competitive business landscape, many overlook an important aspect that is key to a company’s success- secretarial services. It is a solution that ascertains your venture is in a robust position in regard to comprehending and making the most out of opportunities, complications, and strategies.
Whether you are a start-up, an existing local business, or an offshore company looking to expand, company secretarial services are important for handling your statutory and compliance needs. That said, it is vital that you are thorough during the outsourcing process as it can be hard to recover from the simplest of mistakes.
The Importance of Secretarial Services
As the chief compliance officer, the company secretary or secretarial service provider is tasked with all your administrative, fiduciary, and advisory elements. Let us take a closer look:
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Administrative
The secretary makes sure that your company complies with the statutory requirements. They serve as your main contact with regulatory agencies, keep statutory registers up to date, record minutes of Annual General Meetings (AGMs) and Extraordinary General Meetings (EGMs), etc.
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Fiduciary
The secretary also communicates with the shareholders and is tasked with protecting their interests. They provide important documents such as financial statements to the company’s shareholders to help them make informed investment decisions.
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Advisory
The secretary is also tasked with providing advice on legal data and compliance practices to the directors, paramount for making business decisions. In addition, they prepare reports and documents to convey this information to the executives.
Why Opt for Outsourced Company Secretarial Services?
Regardless of the size or nature of your business, there are a few reasons why you should consider outsourced corporate secretarial service providers:
(i) They are Reliable
A knowledgeable, well-trained, and seasoned team of secretaries will provide expert advice and suggestions that you wouldn’t otherwise get. You can also rely on them to meet the company’s legal requirements, policies, and compliance. They will be able to create solutions to meet your requirements in situations like fundraising, capitalizing loans, and shares transfer.
(ii) They are Highly Cost-Effective
When you are looking to manage your company expenses to their best, hiring and training a team of in-house secretaries rarely makes financial sense. On the other hand, outsourcing these services allows you to sidestep the hiring and training expenses, while gaining instant access to professional corporate secretarial services.
(iii) Timely and Consistent
Companies in the corporate secretarial services industry are experts in handling administrative tasks in a timely and consistent fashion. With their expertise, you reduce the risk of your company facing fines and penalties for errors in document submission or non-compliance.
Hiring the Best Company Secretarial Service Providers
In order to enjoy the perks discussed above, it is paramount that you gauge the right fit for your company’s requirements to the suitable secretarial services provider. As with any other business, the entities vary in quality and so, it is important that you consider the following aspects when hiring.
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Experience
It is your responsibility to dig into the firm’s background to find their experience, existing clients, and reliability. Go online and check customer reviews and client feedback. This will give you an idea of what to expect. You should also ask about their operations in your business circle. Just ensure they are professionals and can properly handle the role of a secretary in your company.
A reputable secretarial services company will know the process and will require minimal input from you to handle administrative, advisory, and fiduciary tasks.
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Consistency & Dependability
The secretary is tasked with keeping an eye on the organization’s filing deadlines. As such, they should be fully aware of the company’s annual compliance requirements. In addition to penalties and fines, late filings can also negatively affect the director as they bear a majority of the company’s duty. If you have a forgetful secretary or one that is always late on filing, it is time to outsource their responsibilities to a professional corporate secretarial services provider.
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Up-to-Date with Recent Changes & Trends
Due to the advancements and new developments in the business landscape, legal standards and regulations are always changing. As a business owner, however, it can be hard to comprehend the jargon or keep up with the changes in these aspects. To stay safe and abreast with these changes, it is advisable to hire a secretarial services provider that is always up-to-date with the recent changes and trends in the industry.
Hire a Firm that Can Meet Your Business Needs
Getting a corporate secretarial services firm that operates at your pace is paramount. Chances are you are a digitally oriented company and so, you should also seek one that leverages the latest technology and tools.
Look for a provider that employs creative means to hasten workflow by digitizing most processes. You will not have to deal with common errors, repetitive work, and headaches, and this will increase overall satisfaction.
Finding a corporate secretarial services provider that is the best match for your company is not easy. There are numerous players out there who claim to be the best and narrowing down to the right one is no walk in the park. With the tips mentioned above, however, you’ll be on the right path to hiring a firm that provides solid groundwork for the growth and success of your
