The contemporary business world is full of compliance hassles that can deter new businesses from entering the space. Expanding business operations overseas further adds to this complexity as new global compliance norms exist. Not adhering to these can have grave consequences for the business’s sustainability. Many compliance and regulatory measures might be applicable, depending on the business’s industry/operations.
Established businesses spend a fortune on hiring the best company secretaries. However, start-up businesses might have other priorities for their budget. Outsourcing company secretarial services to competent firms like AKM Global is a great way to optimise your cost. Read on to learn more about the role of corporate secretarial services for start-ups and newly established businesses.
Corporate secretarial services for start-ups
Let’s take a quick look at ten important things about corporate secretarial services that start-up founders must know.
- Deciding the right company structure
There are different types of legal structures for running a business. Depending on the business’s industry and operations, the suitability of these structures can vary. Corporate secretarial services can help to find the best fit.
- Compliance with applicable laws and regulations
Even start-up businesses have to comply with different compliance laws and regulations. Company secretaries have expertise in compliance with laws and regulations.
- Company’s representative in legal matters
A company secretary acts as a representative for a start-up business in all legal matters concerning the company. In addition, they are responsible for reviewing all legal and regulatory documents that might affect a start-up’s operations.
- Organising crucial meetings
Business meetings are crucial for the success and growth of a business. It helps to keep all stakeholders informed on the latest updates. A company secretary is responsible for organising board meetings, general meetings, committee meetings, etc.
- Special guidance to directors
Company secretaries also guide directors on important business matters and help them understand their responsibilities and duties in their respective capacities.
- Internal compliance
Company secretaries ensure that internal processes in a business are run as per the Company’s Memorandum and Articles of association.
- Expert Guidance
There are times when start-up founders need expertise in dealing with other organisations, vendors, prospective investors etc. From investments to related party transactions, a company secretary can offer expert guidance on an array of business matters.
- Drafting legal documents and policies
Company secretaries have expert knowledge of the law related to companies. They are responsible for drafting legal documents, including company policies on different matters. Start-up founders cannot draft these legal documents all by themselves as they might not have the required knowledge of the law.
- Issues legal notices
Company secretaries, on behalf of the start-ups, are responsible for framing and issuing legal notices whenever needed. They are also accountable for reverting to any legal notices from other parties to the start-up. Timing is of the essence when it comes to issuing and replying to legal notices.
- Intellectual property documents
Most businesses are built around a unique idea or technology. This helps them gain an extra edge in the market. Patent technologies and ideas come under intellectual properties. A company secretary plays a crucial role in managing intellectual property-related matters.