Skip to main content
Uncategorized

Outsourcing of Company Secretarial, Compliance and AML and Finance related duties by small regulated entities

By April 9, 2024May 9th, 2024No Comments

Outsourcing Company secretarial, compliance and AML functions offers a multitude of benefits to small Setups. Such benefits include:

  1. Cost-Effectiveness: Employing an in-house team for compliance, company secretarial, and accounting roles can be expensive. Outsourcing allows small companies to access specialised expertise at a fraction of the cost.
  2. Expertise: Outsourcing provides access to the knowledge and experience of professionals who understand the complexities of these tasks. Through servicing other similar setups, they are exposed to various scenarios, preparing them for different outcomes. This can help small companies navigate complex regulatory requirements and financial matters effectively, without wasting time and resources.
  3. Focus on Core Activities: Outsourcing these functions allows small companies to concentrate on their primary business activities. It frees up internal resources to focus on growth strategies, product development, and customer service.
  4. Reduced Risk: Compliance and regulatory requirements are constantly evolving, and errors or oversights can result in fines, penalties, or legal consequences. Outsourcing to professionals who stay abreast of regulatory changes can help mitigate these risks, ensuring that your company remains compliant with applicable laws and regulations.
  5. Access to Technology: Outsourcing firms often utilise advanced software and technology platforms for such functions. By leveraging these tools, small companies can benefit from increased efficiency, accuracy, and automation. This also minimises costs for purchasing new advanced systems and training on their use.
  6. Continuity: Relying on an in-house single person for each function entails dependence on that team member staying with the company. Outsourcing provides the peace of mind of continuity, as the outsourcing entity is responsible for ensuring they always have resources available to assist.

Overall, outsourcing compliance, company secretarial, and accounting duties can enable small companies to streamline operations, reduce costs, and focus on their core business objectives, ultimately enhancing competitiveness and driving long-term success.

At Fexserv we can provide you with the level of guidance and assistance you require, temporarily or on a permanent basis according to your needs as follows:

Compliance and AML related assistance:

  • Guidance in relation to regulatory expectations;
  • Preparation of/ review of regulatory filings;
  • Assistance with AML/KYC obligations; and
  • Attendance of regulatory visits and registered office.

Company Secretary Role / Assistance

  • Acting as Company Secretary for funds or assisting the appointed Company Secretary;
  • Assisting with the preparation for Board Meetings, circulation of agendas, preparation of board documents, resolutions, and drafting of board minutes pursuant to the meetings;
  • Submission of all applicable company forms/returns.

Finance Department Tasks

  • Preparation of management accounts;
  • Presentation of management accounts to the board;
  • Payroll assistance;
  • Regulatory returns;
  • Assistance with VAT returns and payments;
  • Preparation of financial statements and liaising with auditors during the audit process.

Get in touch on queries@fexservfunds.com If you need to discuss any assistance you might require.