The competitiveness among businesses has increased in today’s hyper-globalised world. Companies try to boost their market share, reputation, continuity, and productivity. Among all the competitiveness, compliance is a big challenge for businesses. Corporate entities that are non-compliant with the laws make headlines for the wrong reasons. Internal processes like statutory register maintenance and director meetings are indispensable. A company can rely on in-house corporate secretaries or outsource the secretarial responsibilities. Any business that wants to exist in this competitive era has to focus on its secretarial duties. Corporate secretaries help with several administrative tasks that lead to good governance and enhance communication with owners/stakeholders. Read on to understand the process for choosing the right corporate secretarial services.
What do corporate secretarial services incorporate?
Corporate secretarial tasks entail several administrative processes. These processes help a business improve its governance and compliance status. As a business owner, one should be aware of different secretarial services. Some secretarial services that are indispensable for a business are as follows:
- Every business has to follow the applicable laws decided by the respective authorities/government. Corporate mandates might be complex and become a burden for the management team. Concerned authorities often inspect the compliance status of a corporate entity. If things are not up to the mark, the company might face a fine/penalty. Corporate secretaries help a business maintain its compliance status and gain an edge over its competitors. Usually, corporate secretaries conduct mock compliance checks to ensure everything is in order.
- A company must maintain effective communication with key stakeholders. They have to be informed about company policies and plans. The law also demands that a corporation has to hold director and owner meetings at regular intervals. Corporate secretaries ensure that the mandatory meetings between directors, business owners, stakeholders, and senior management professionals are held correctly.
- Secretarial services also include recording the key points discussed in board meetings. A separate register is maintained where the minutes of each session and the key discussion points are recorded. Besides minute books, statutory registers, attendance records, and other documents are maintained by corporate secretaries.
- Companies might go into a corporate restructuring or a management change. They also indulge in mergers, alliances, and demergers. Any such special event in the business needs to be within the laws. Corporate secretaries will ensure that all special events within the company are supervised.
Outsourcing of secretarial responsibilities
A business owner might think of completing secretarial tasks internally within the organisation. To do so, a business will require the services of corporate secretaries. They are skilled professionals who have an in-depth understanding of various compliance laws. It is not simple to find and recruit efficient corporate secretaries who can work full-time for your company. Why bear recruitment costs when a business can outsource secretarial services? Several CA firms in the country offer corporate secretarial services at low prices. It is always better to reduce the pressure from internal employees and let them focus on core duties. A business can successfully reduce operational costs by outsourcing secretarial duties to a third party. It is always better to have an unbiased and external view of the company’s compliance status.
How to find the best secretarial services for my business?
Here are some tips for finding the best secretarial services for your business:
- Before searching for secretarial services, business owners should learn about the requirements. In addition, a company should also learn about the mandatory compliance processes in its jurisdiction.
- Many third parties might offer secretarial services, and a company has to choose one. It is crucial to note that corporate secretaries help the company’s long-term growth. Corporate secretaries reduce the associated risks by making the company compliant with local laws. Since a company is searching for a long-term partner, it needs to consider the experience of the service provider. Choose a third party with vast experience in providing secretarial services.
- Before choosing a partner for secretarial services, try knowing its past clients. Due diligence is essential for selecting a reliable partner for secretarial assistance.
- Analyse the communication standards of a service provider before outsourcing secretarial requirements. A company needs proper communication with its partner to ensure all secretarial tasks are completed timely.
Start searching for reliable corporate secretarial services and improve governance in 2022!