CORPORATE SERVICE PROVIDER
CORPORATE SERVICE PROVIDER
WHO IS A CORPORATE SERVICE PROVIDER?
Businesses must maintain proper and accurate business records and accounts so as to have correct information regarding the position of the Company in the market. It is where a Corporate Service Provider comes into purview. A Corporate Service Provider is a company, which provide certain types of outsourced corporate services. It technically provides business supportive services to other companies and handling their accountings, recording of inventory and sales of the company, preparations of financial statements, agreements, filling of ITR of the company etc.
IMPORTANCE OF COMPANY SERVICE PROVIDER
The importance of a Company Service Provider are as follows:
In big corporate businesses, it becomes difficult to handle the huge pile of business compliances which is mandatorily to be complied with. In that case separate Corporate Service Providers are outsourced to provide with the required services. In this manner the tasks are executed in a more efficient was as a separate skilled body is hired for executing the work. Working with skilled and experienced professionals also helps in bringing the element of assurance in the Business operations.
It is a time saving procedure as for specific tasks a separate body is hired. This will bring efficient outcomes for the company and tasks will be error free. The regulations and compliances are complex tasks and needs professionals to execute the work otherwise there will always be risk for non-compliances of the regulations which may also result in imposition of penalties and result into financial burden on the company.
Complex Work Process
The corporate data analysis and performing its compliances is a very complex task. It is to be performed accurately and thus a professional is required to execute the same.
Internal Control System
Corporate Service providers are professionals and hold in-depth knowledge regarding the field they are handling. With the understanding the loopholes in the policies and working of the Company can also be rectified which will only enhance the performance of the company in the market.
TYPES OF SERVICES PROVIDED BY THE CORPORATE SERVICE PROVIDER
Types of Corporate Services provided by Legallands LLP are as follows:
- Business advisory Service
- Company Incorporation
- Finance and Banking
- Accounting and Tax Services
- Secretarial Service
Business Advisory Services
Business Advisory Services include the service of advising a Company regarding business transactions, business prospects, company risk factors, analyzing company policies and its better implementation with the aim of benefitting and advancement in the Business. Business advises are a very important factor in the development of the Business and its sustenance in the market.
Incorporation of a company refers to the procedure which is involved in formation a company or legal entity. This is a lengthy and complex procedure and involves professional skills in completion of the same.
Finance and Banking
The incorporation of company is only one step towards the intention to run a company. The next step is the handling of Finance and banking. It involves formation of corporate bank accounts, private banking, offshore banking, corporate loan applications etc.
Accounting and Tax Services
The accounting and Tax Services include the services of Tax Registration, filing of Tax Returns, Tax Avoidance (International), maintaining cash flow books, payroll etc.
Secretarial services includes registration services in Intellectual Property, registration of Trademarks, enforcement of Intellectual Property Rights, royalty agreements, due diligence services, secretarial compliances etc.
BENEFITS OF OUTSOURCING CORPORATE SERVICES
The benefits of outsourcing corporate services are as follows:
- Increased Efficiency
- Access to Skilled Resources
- Faster and Better Services
- Time Advantage
- Infrastructural and Technological Benefit
- Focusing on core areas
- Cost Advantages
Outsourcing of Corporate Service Provider increases the proficiency of the functioning system of the company as it incorporates efficient and skilled professionals handling the most complex sector of a company and increases the productivity of the company.
Access to Skilled Resources
Outsourcing of Corporate Service Provider means access to skilled resources have core knowledge in vast area and handling the same with flexibility in difficult decision-making situation. This aides in saving cost involved in recruiting and training of new employees who do not hold skills and experiences in handling complex situations.
Faster and Better Services
Outsourcing of corporate service provider helps in providing faster and better assistance. Allocating specific professionals for performing tasks helps saving of resources and further obtaining better services. This will initiate faster development of ideas into goods and increasing the profit and expanding the company in many other sectors.
The investment of time in hiring new employees and arranging personnel for training the employees is quite hectic and not feasible as compared to hiring of professionals who already have immense experience to execute complex tasks and ultimately saves time.
Further, outsourced Corporate Service provider will provide services to the Company even when the Company is not working on that particular day. For ex: If the Company is closed on Saturday and Sunday and is not working, the services by the corporate service provider can still be provided and the Company didn’t have to wait till Monday to obtain the service.
Infrastructural and Technological benefit
As new employees are not recruited the investment in infrastructure and technology is reduced as resources didn’t need to be specified for that sector. It saves the cost of the company.
Focusing on Core Areas
When experienced service providers will be hired the core areas of the company will be taken into consideration. The statistics of the company will be understood and if any changes are to be made cane be made accordingly. This can take place only when there is experienced professionals who have knowledge to study the market and work accordingly which will not be present in new employees not having experience.
Hiring Corporate Service Provider is less costly than hiring employees in the company as it needs allocation of resources for long term specifically financial resources on the employed personnel.
Legallands provides outsourcing Corporate services by understanding the market in which the Company stands and assisting in taking care of the Organization’s data/information without any hassle. The Services are provided by experienced professionals having years of dealing in and managing corporate matters while likewise guiding the company in decision-making.