Today’s complex financial landscape demands businesses to have efficient internal processes and systems that streamline business operations and ensure compliance with regulatory requirements. And as a company grows, its corporate service requirements change accordingly. To keep up, businesses depend on their in-house team or an outsourced administrator to handle their corporate requirements and other back-office responsibilities.
What are these corporate responsibilities?
Corporate services cover various specialised functions supporting the administrative, legal and regulatory requirements of a business. These services are provided to minimise the burden of non-core business activities, so companies can focus on their objectives and main responsibilities to grow the business.
|Selecting a business structure
Registering the company by filing the necessary documents and paying the fees
Obtaining licenses required to operate
Assisting in establishing the company’s structure and governance framework
Setting up the company’s local bank account
|General administrative support, such as meeting scheduling, project management assistance, travel arrangements and expense management
Legal and regulatory compliance, company filings, annual reports
Recordkeeping of corporate documents and maintenance of statutory registers (directors, members, memoranda, resolutions, etc.)
Shareholder relations, shareholder registry management, shareholder correspondence and support during annual general meetings
Board meeting management, preparation, minutes recording and monitoring of decisions made during the meeting
|Business support & market entry
|Market research and analysis, assistance in identifying market opportunities and consumer behaviour
Regulatory compliance, legal guidance and business setup
Assistance in business plan development, which includes market entry strategies, risk mitigation strategies and financial projections
Connecting the client to the provider’s networks, such as potential business partners, vendors and other distributors
|Financial accounting & reporting
|Financial recordkeeping and utilisation of accounting practices and systems based on the standard of the country where the business operates
Compliance with accounting standards through following relevant regulations
Assistance in the preparation of the business’s financial statements, including balance sheets, cash flow statements, etc.
Integrating technology, leveraging the provider’s existing accounting systems and financial software to streamline the clients’ accounting and reporting processes
What to look for in a corporate solutions provider
Working with the right corporate administration team is crucial to your business’s success, as these professionals handle important matters demand a significant amount of time and attention. As highlighted earlier, their responsibilities cover activities ranging from setting up your company and providing market entry support to regulatory compliance and financial and accounting.
When you’re looking for a corporate administrator, here are the factors you should consider:
- Market expertise and experience. Your corporate administrator must have a proven track record of assisting clients in corporate matters, as they use this experience and connections to help you navigate the market. They should also have a deep understanding of the market dynamics to effectively assist you in risk assessment and propose solutions that perfectly fit your needs.
- Customisation and flexibility. Each business has unique needs, so your corporate solutions provider should be able to tailor their services based on your requirements and goals. In addition, they should also be capable of adjusting their services according to market shifts and changes to your goals.
- Global reach. If you intend to expand your business internationally, look for a corporate administrator with a global reach. This way, you would have existing support in diverse markets, eliminating the need for another corporate service provider in a new jurisdiction.
- Compliance. Compliance is crucial to any business — whether with evolving regulatory requirements, new laws, reporting requirements or sustainability standards. In today’s business climate, it is wise to partner with a corporate administrator who complies with legal and regulatory standards so you can rest assured that they apply the same principles when handling your business requirements.
- Regulatory knowledge. If you are new to the market or the industry, you will need expert guidance in navigating the legal and regulatory landscape of the jurisdiction. Your corporate service provider plays a vital role in this aspect, as they will help you prepare all the necessary documents to start and operate your business and minimise legal risks.
- Technological capacity. By the day, technology is playing a more significant role in businesses, so companies and their partners should leverage the latest tech to enhance productivity and streamline operations.
- Transparent costs. Fees are a significant consideration when choosing any provider. Corporate administrators should provide you with clear information about their pricing and the inclusions in their services. There will be instances where businesses will need additional assistance from corporate administrators, so to avoid surprises, it is a good practice for the provider to be transparent in the packages they offer.
- Effective communication. Successful partnership lies in effective communication. Your corporate solutions provider should be able to give timely and clear updates on the matters they handle for your business and be responsive to your questions related to your accounts.
The demands for corporate services change over time as businesses grow or their goals change. In some cases, an in-house corporate team or a company’s current corporate solutions provider may not have the resources or expertise to meet the company’s changing requirements. When is it time to switch to a new team of corporate administration specialists? Here are some indicators:
- Inefficiency. There needs to be a higher quality of service and support by the corporate administration. Also, ineffective communication or delayed responses disrupt your collaboration with them, possibly affecting your business operations.
- Scalability issues. Your corporate administrator must be ready to grow as your business expands. If they face difficulties in adapting to the changes in your requirements and demands, they may hinder your company’s growth.
- Lack of transparency. Your provider is not transparent with their process, resulting in surprise fees not disclosed during the agreement. This would lead to misunderstandings and eroding trust over time.
- Misaligned strategies. Your corporate administrator’s process and service delivery do not align with yours. You should always work with partners and providers with the same values and vision towards a common goal.
- Limited reach. Your corporate administrator does not have the resources and market knowledge to support your business’ international expansion. This would limit your growth, especially if your goal is to bring your business to the global stage.
Bolder Group as your corporate administrator
We understand the challenges of company formation, especially in foreign markets and amid the changing regulatory landscape. At Bolder Group, we offer comprehensive corporate solutions based on your unique requirements to align with your business goals. Our services range from strategic corporate planning, company formation and SPV structuring, market entry, compliance, risk management, talent and payroll solutions, reporting services and ongoing maintenance for your business’ sustainable growth.
The new year brings new opportunities to realign your strategies based on the current market conditions, as well as your new objectives. Is your corporate support enough to bring you closer to your objectives? If you find that your current corporate service provider is not meeting your needs, reach out to us today, so we can discuss your requirements, goals and the right strategy for you. We are committed to helping you navigate the market — wherever you are, whatever you need, with bespoke and transparent solutions.
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