Considering the complex compliance structure for business in India, there is a need for external aid. It is why corporate entities hire corporate secretaries besides the core employees. From compliance checks to holding director meetings, a company has many internal burdens. Ignoring the internal tasks and compliance requirements isn’t very pleasing for corporate organizations. It is why corporate entities go looking for corporate secretarial services. However, there are several challenges in finding the right company secretaries in 2022. Read on to learn some tips to choose the right secretarial services in India.
Know about company secretarial services in detail
As a business owner, management leader, or shareholder, one should know what secretarial services are. For example, consider a corporate firm that offers management software solutions. The core responsibility of the corporate firm is to manufacture management software solutions. However, the company has to perform tasks other than simply creating software solutions. For example, the company must complete compliance checks regularly to know its legal status. Company secretarial services are those internal tasks that are to be completed besides core responsibilities.
No corporate entity can ignore the company’s secretarial tasks. The law binds companies in India, and many secretarial tasks are compulsory. For example, compliance officers may charge a penalty if a company fails to maintain statutory registers. In addition, some company secretarial services help companies to deal with special events and changes. Overall, secretarial services are a must for companies in 2022.
What services come under secretarial services in 2022?
Many services come under the bracket of secretarial services for companies. Some popular secretarial services in 2022 are as follows:
• Secretarial services include regular compliance checks. Every company has to maintain its compliance status to avoid any legal issues. Therefore, it is better to conduct internal compliance checks and ensure everything is in order. If you fail to conduct internal compliance checks, you will never find the errors.
• Sometimes, a corporate entity has to witness reorganisation. For example, M&A deals cause a major change in a corporate organisation. Secretarial services help corporate entities to adapt to organisational changes and enhance business continuity.
• Secretarial services include holding compulsory meetings within a corporate organisation. For example, there should be a meeting between the directors at frequent intervals. Apart from holding necessary meetings, secretarial services also include the maintenance of statutory registers.
• Corporate secretaries help companies with liquidation, fund transfers, M&A deals, etc. In addition, during any special event like a change in ownership/management, corporate secretaries safeguard the business continuity. Corporate secretarial services also include advisory services when needed.
As you can see, there are several services offered by company secretaries. As a business owner, one should know the importance of secretarial services for ensuring business continuity. However, the real challenge is to find expert company secretaries in 2022.
Choose the right secretaries for your company in 2022
Very few corporate entities go for in-house corporate secretaries. Finding expert corporate secretaries isn’t easy as one has to go through the recruitment process. Not all companies can incur the cost of recruitment/training and get in-house corporate secretaries. As a result, very few companies opt for hiring full-time company secretaries in 2022.
Some companies commit the mistake of indulging their internal employees in secretarial services. By doing so, the internal employees cannot focus on their core responsibilities. Also, not all the employees of a company possess secretarial skills. A simple compliance error can cost much to a company in the long run. It is better to free the internal employees from the burden of secretarial services.
The best practice is to outsource secretarial services to a reliable third party in 2022. By doing so, one can slash several in-house costs and will get access to expert corporate secretaries. You can choose a CA firm that has expert secretaries aware of the business/corporate landscape in India. Some things to consider before choosing a third party for secretarial services in 2022 are as follows:
• Look at the experience of the third party before outsourcing your company’s secretarial needs.
• Choose a third party with a PAN India presence for company secretarial services.
• Research, the clients of CA firms for choosing the right corporate secretarial services.