The Philippines has nowadays become a global destination for expats who would like to invest within the country. Over time, the Philippines saw an FDI of 1 billion USD only in 2019, which makes it one of the most aggressively developing economies in the world. Once you have set up your company in the Philippines and formed a board of directors/shareholders, it is necessary for the company to appoint a Company Secretary/ Company Secretarial firm to take care of all the documentation and proceedings of the company. Here are six reasons why a company should prefer outsourcing Company Secretarial Services in the Philippines
What is the Corporate Secretarial Service?
A company secretary, or more commonly known as corporate secretary is a person who takes care of the administration of the company and ensures that the company is functioning in compliance with the regulations mandated by the government of the Philippines. The company secretary should also ensure that all the decisions taken by the board of directors are appropriately implemented within the company.
6 Reasons to Outsource Corporate Secretarial Service in the Philippines
Hiring a corporate secretarial firm in the Philippines proves to be a huge benefit to the company. Here are the reasons why you need to outsource your corporate secretarial service in the Philippines
1.They will effectively manage an active load of duties and responsibilities
A corporate secretary’s job is one of the Most challenging situations to do in a company. The secretary has to handle a plethora of tasks so that the company can focus more on other needs. These are some of the duties that you can avail by outsourcing Corporate secretarial services;
- Duly note the minutes of Board of Directors meetings
- Attest all the essential documents with the company seal, which can only be done by the Corporate secretarial firm
- Keep supervision on all the notices circulated within the company.
- Note down some fundamental changes that happen in the company, like changes in the corporate name, registered address, increase in profits, capital gains etc.
- Maintain an account book of stocks and transfers
- Prepare Annual GIS sheets and submit them to the Securities and Exchange Commission (SEC)
2.Have Years of Experience in the Field
Outsourcing your corporate services in the Philippines will benefit the company from the expertise and vast experience of the firms. The firms do know the basics of how to manage the business and provide services tailor-made for your company.
3.Perform Duties in the Stipulated Time Without Any Hassle
Time is one of the most crucial aspects of the business world. Without this, you won't stand a chance in such a fast-moving and competitive world. Corporate Secretarial firms have some of the most advanced and time-saving methods to finish the tasks assigned.
4.Hiring a corporate Secretarial service helps save training costs to onboard a permanent member
By outsourcing corporate secretarial services, you can save some money and time in training a new individual to become a secretary, as the company you are outsourcing this job to, already has an immense source of qualified individuals who can do the tasks assigned.
5.Use the latest technologies to provide services
Corporate Secretary firms use the most modern equipment and techniques to evolve your company governance methods. By this, you would also save up some money on maintenance and installation of these systems.
6.Eliminate the Risk Factor
This is a vital part of outsourcing company secretarial services in the Philippines. By outsourcing, you can eliminate and minimize the risk of doing something wrong. The advanced methods and processes used to govern the company, help in reducing financial losses and the risk of paying penalties.
So, here are 6 reasons why you need to outsource Corporate Secretarial Services for your corporation in the Philippines. Majority of the global corporations in the Philippines have outsourced their Corporate Secretarial Service to other firms, to reduce financial load on the company. We at Business setup worldwide do provide your company with corporate secretarial services. Our experienced consultants will help you in finding a Corporate Secretary who can help you and your company in governance and various other tasks. Contact us for more. We guarantee to provide the best of the best services available with us.