The management of businesses in the Philippines requires a corporate secretary as one of the essential elements. All corporations that have registered with the Securities and Exchange Commission (SEC) must acquire this requirement. Hiring a company secretary service enables your organisation to stay compliant while receiving efficient administrative support.
Legal and Compliance Support
All business entities in the Philippines operate under a strict corporate legal framework. Failure to comply with regulations may trigger consequences that include penalties and business suspension. The company secretary will be able to handle general information sheets, annual financial statements, and SEC compliance reports of your organisation.
They will ensure that your company is compliant with the revised corporate code to keep your business legally updated. Likewise, they will help you manage business permits and licences to ensure your business has the required local and national permits.
Corporate Governance and Business Structuring
When there is proper governance, it will ensure smooth decision-making and prevent internal conflicts. A company secretary will help you prepare and organise board meetings. They will also help you maintain company records and provide advice on business expansion.
Foreign Ownership and Investment Compliance
If you own a business and want to expand to the Philippines, you need to follow the investment laws and regulations of the SEC. Thus, hiring a company secretary will help handle the requirements for 100% foreign-owned businesses or those that belong to the Foreign Investment Act.
They will also ensure that you are compliant with the 60-40% rule, which is 60% Filipino ownership for certain industries. They will also provide assistance with registration if you qualify for tax incentives under the Board of Investments or the Philippine Economic Zone Authority.
Tax and Financial Compliance
Non-compliance with the strict tax regulations of the Bureau of Internal Revenue will lead to heavy fines on your part. When you hire company secretary services, you can rest assured that you comply with the timely filing of tax returns. That is because they will coordinate with accountants for income tax, withholding tax, and income tax filings.
They can also manage shareholder transactions, capital increases, and dividends. Moreover, they will prepare compliance documents for SEC and BIR audits of your business.
Risk Management and Business Protection
You must understand that your operations can be threatened if there are business disputes, legal risks, and compliance failures. The most important function of the company secretary is to handle the resolution of disputes by assisting in shareholder disagreements and contract issues.
Furthermore, they can also help you with trademark registration and ensure that you are compliant with the Data Privacy Act. More importantly, when your business requires liquidation or changes in ownership, the company secretary can provide advice on business continuity and exit strategies.
It is important that you focus on growing your business instead of stressing yourself about paperwork and legal risks. Staying compliant with BIR, SEC, and investment laws in the Philippines can be handled by company secretary services.
Allow our experts to help you stay compliant and file any company updates more efficiently. You can request a quote that will suit your needs. So give us a visit today for more details!
