21 Jan 2021 Ankit Chadha

Company Secretarial Services: Your Way To Corporate Compliance

A constant and increased focus on compliance is on the rise. The regulatory compliance world is always evolving, with the requirements multiplying constantly. Thus, to ensure adherence to increasingly stringent rules imposed within GGC and across jurisdictions, companies need to calibrate their compliance management function. The best possible way to do so is by outsourcing company secretarial services.

Organizations have to comply with new legislation, amendments to the existing legislation, industry guidelines, and stakeholder expectations. Outsourced company secretarial services work to ensure that companies are compliant with the market regulations. Company secretarial services provide entities with adequate systems and processes to manage the risk of non-compliance.

If we talk country-specific, any medium to large organization in India has faced many compliance challenges. And in this country requires the services of expert professionals to guide a company successfully through complex compliance regulations. Now, not every enterprise in India has the resources nor the awareness to invest in dedicated resources. Subsequently, they end up missing out on achieving compliance targets. It is one of the primary compliance challenges plaguing the industries. Corporate secretarial services are the ideal solution to this problem.

When organizations grow and expand to different parts of the country, these compliance challenges manifold. They need ample expertise and resources to remain compliant with the regulations. Outsourced company secretarial services help overcome these four challenges faces by the organizations:

  • No Expertise

Every company in India has to deal with more than a hundred acts, licenses, and registrations. All businesses have to follow the compliance standards bestowed by the central government as well as the local government regulators. Following such a web of compliance requires expertise and good knowledge of the processes. Company secretarial services ensure that things do not go haywire.

Many companies also end up flouting the compliance norms on one aspect or the other due to a lack of in-house compliance experts. Thus, it would be good to opt for a secretarial firm's services as they have the knowledge to maneuver or negotiate successfully through the different departments. This process is generally manually intensive and time-consuming.

  • No Resources

Typically companies lack resources. They have only two or three people forming the compliance team. This number dwindles further with the size of the firm. Sometimes, the company secretary is also tasked with the role of compliance management. Doing so distracts their attention from their core task of handling company law resulting in inefficiency.

To handle the Bermuda triangle of compliance, companies can outsource services from corporate secretarial firms. These corporate secretarial services ensure dedicated resources and a focused approach to overcome this issue.

  • Management Unawareness

In many companies, management is not aware of the different compliances related to the industry. Such a situation leads to mismanagement without the proper guidelines and no proper direction to the workforce. Secretarial firm's services help avoid these situations.

Company secretarial services do not allow the overall efficiency and productivity of the organization to get impacted.

  • No Access to Legal Updates

Most companies face this compliance-related challenge. The laws in our country change frequently and quickly. It results in innumerable changes in interest computation, duty structures, dates, penalties, and many such aspects. Since it is not easy to keep a tab on all of these changes with an in-house team, companies should opt for legal and secretarial services.

These legal and secretarial services will help the company be up-to-date with the legal updates or any compliance obligations changes. Company secretarial services are a boon for all the industries in the country.

Outsourced company secretarial services help companies overcome these challenges with these services:

  1. The Assessment of the Current Compliance Status

Corporate secretarial services opt for statutory health check-ups under this service. It includes:

  • Corporate Status check
  • Statutory review
  • Comparison of company and registry records
  • Remedial work to regularize anomalies
  • Preparatory compliance check
  • Setting-up, monitoring, and updating of corporate calendar

 

  1. Corporate Compliance Maintenance

Corporate secretarial firms maintain a routine check on recurring corporate compliance matters like:

  • Convening and holding and drafting of all minutes of boards of directors and general meetings of shareholders
  • Approval of annual accounts
  • Filing of all the necessary documents in relation to annual statutory compliance obligations
  • Maintaining statutory registers and minute books

 

  1. Management During Special Events

Corporate secretarial services ensure continuity of management during periodic changes and one-off events.

  • During constitutional changes like changes of company name, registered offices, business objects, and others
  • The changes in the management structure
  • Organization incorporations and branch establishments
  • The liquidations and deletions of companies and branches
  • Share transfers, share issues and transfers


While these were the scope of services that outsourced corporate secretarial services look into, find below the compliance integration levels of organizations:

  1. Reactive Stage

Company secretarial firms can analyze the stage of compliance of every organization. This stage includes defensive compliance. The focus is on remediation with limited resources and minimal training.

  1. Passive Stage

Secretarial firms believe that the company in this stage is evolving. There are fragmented resources but misalignment of local and global objectives.

  1. Operational Stage

Any company under this stage has simplistic training according to company secretarial services. They believe that the organization's head office provides an adequate process for compliance.

  1. Strategic Stage

The company, at this stage, has embedded compliance. They have advanced training programs and a good system in place with outsourced company secretarial services.

  1. Holistic Stage

The company has a fully integrated compliance system, with compliance being at the forefront of business decisions.

Organizations can opt for company secretary services online for assured convenience and best services.

Find the Ideal Company Secretarial Services

At TRC Corporate Consulting, our company secretarial services offer a wide range of services, including payroll and accounting services. You can read about our company secretary services online and partner with us and depend on our expertise to help with specialist insights. We also offer impartial feedback on business operation enhancement techniques.

We go the extra mile by offering custom made solutions to ensure that your individual requirements are met on time.