Is there a need for corporate secretarial services?
Every organization has to comply with the certain international standards set by the regulating body irrespective of the nature of the business. It is not an easy task to ensure meeting all sorts of rules with the help of in-house teams which is why corporate secretarial services have come into the limelight. These aids are for the maintenance of effective communication with stakeholders, good corporate governance, laws that govern business and compliance with legislation.
Why a company needs secretarial services?
These aids assist in the smooth performance of operations in an entity. No two organizations have the exact legal structures and regulatory procedures. This is why overall services are needed to maintain transparent, simple and regulated compliance across different jurisdictions.
Purposes
- The administrative burden is eased to simplify the market entry for newcomers in the industry.
- Increased business efficiency through mitigation of risks in regard to corporate non-compliance.
- Updated and readiness to face challenges that arise due to changing legal landscape.
- Development of a scalable business.
Advantages of hiring a corporate secretarial firm
- Filing
- Advisory services
- Expertise
- Budget-friendly
Filing: The team offers a vast range of secretarial services. One of the common benefits is the completion of updating & filing of necessary papers with the concerned department for the client; Accounting and Corporate Regulatory Authority (ACRA).
Advisory services: Provide recommendations to handle financial, and legal transactions along with tax concerns or bookkeeping.
Expertise: An experienced leading firm has experts who are well versed with the latest rules and regulations. With which they adapt to customer needs and accordingly ensure that the client is compliant with required regulations.
Budget-friendly: A few goodwill-holding firms even propose packages to suit any kind of budget. The cherry on the cake is that they even allow customization of packages as per the customer’s needs to prevent over-expenditure and make the best use of available resources.
Disadvantages
Third-party involvement in company matters has its own risks. Two of them are discussed below.
- Privacy
- Accessibility
Privacy: Not all companies are open to sharing sensitive information with a third party. Trust issues may arise and employers may sometimes find it uncomfortable to provide tax returns or other confidential documents.
Accessibility: The assigned personnel from the firm may not always be available to clear out things due to the tight schedule and the heavy number of clients.
Conclusion
Every service be it corporate secretarial services or any other auditing service has its own benefits and drawbacks. What an entity needs to do is a proper estimation of its requirements and avail the aids accordingly.
