The corporate scenario has undergone a tremendous transformation in the recent past. Ongoing modifications in the legal environment have put companies on the scale where their performance is under strict vigilance. The legislation has required companies to implement rigorous internal controls because the government wants efficient management of the legal entities on a global basis.
The management of the company incorporation [click here] and their directors feel an onerous responsibility which is quite a challenging task because the implications of non-performance are severe. The statutory obligations required to be fulfilled by the companies have compelled the company directors and top executives to feel this burden to avoid stern legal implications for the company, its directors and shareholders.
How corporate secretarial services help companies
The problem is big, but the resolution is not impossible. The companies are being supported by the Corporate Secretarial Services to manage these issues effectively to alleviate the risks of corporate non-compliance.
It is easy for the Corporate Secretarial Services to handle these issues because they are professionals and use their professional knowledge and experience coupled with innovative technology, and also help the companies to ease their load of secretarial compliance.
No doubt, the challenges are very big for the company management, but the Corporate Secretarial Services can help them guide through the challenges so that they can retain their prime focus on progressing their business without distracting on other issues.
Packages of secretarial services
Corporate Secretarial Services have designed unique packages for their clients and the latter can select appropriate Secretarial Services package and use them without affecting their performance. They have a modular approach to assisting clients with corporate compliance.
These packages mainly include Assessment of current compliance status, Corporate Compliance maintenance, and Special events. The clients may have benefits of statutory health check; routine, recurring corporate compliance matters; and periodic changes and one-off events through these packages.
Current scenario of the corporate sector
Legal requirements will become more enforceable in the coming time because a global corporate scenario is being tremendously changed. The governments want the more positive contribution of the corporate sector in the country’s economy and the most burden lies on the public companies.
The governments want companies to remain active because a lot of revenues comes from the corporate taxation, but there is no way save a few companies to become dormant after the successful performance for a certain years after their incorporation.
The dormant companies can be active again and that’s why the government keeps them under the scanner.
Dormant company filing requirements and exemptions
One of the issues is filing for dormant company. Though secretarial responsibilities of a dormant company are reduced, yet it is not exempted for filing annual accounts and an Annual Confirmation Statement. They are, however, exempt from preparing financial statements. There are specific exemption criteria for these companies and the dormant company can avail the benefits under the prescribed criteria.
The regulations are not always the same because the changed may occur on a year to year basis. Thus, a company can be guided by the professional corporate services that have updated information on the changes made in the legislation. The company, therefore, buys the secretarial package based on its status and current requirements.