It is a challenge to find a single supplier with Company Secretarial expertise in every jurisdiction.
Company secretarial duties are different in every country with subtle differences in statutory requirements and dramatic differences in the consequences of non-compliance. We have researched these challenges extensively.
The result is a consistent and centrally coordinated service that reduces the risks of non-compliance, increases the economy of scale and eradicates the burdens of performing your own secretarial duties.
Activities in company secretarial services:
- We shall prepare all periodical statutory returns under the Companies Ordinance, 1984 (Ordinance) and in accordance with the requirements, as and when necessary, on the basis of information provided to us well within the time frame stipulated in the law and/or the Articles of Association. We shall file these returns online or submit them to the Company for signatures and file the same physically with the Joint Registrar of Companies, Securities & Exchange Commission of Pakistan, (Registrar).
- We shall maintain statutory books on your behalf and shall prepare and submit the drafts of the following for your approval and when in the next meeting the minutes are duly confirmed we shall paste them in relevant Minutes Books:
- Notices and Minutes of the Meetings of the Board of Directors.
- Notices and Minutes of the General Meetings and other relevant documents.
- We shall represent you, if so desired and authorised by you, in cases brought up by the Registrar in respect of late or non-filing of any statutory return.
Trust Account Services
BDO provide trust account services, which will include:
- Arrangements for opening a trust account with a Bank designated to client in the name of BDO to be operated by BDO Pakistan to hold client funds.
- Arrangements to deposit funds received from client in the trust account.
- Prepare payment orders/cheques as per instructions received from client.
- Dispatch payments to designated addresses/individuals
- Obtain acknowledgement of receipt/acknowledgement of payment from payee
- Preparation of monthly statement of receipts and payments.
- Preparation of reconciliation of balance in Bank trust account
- Correspondence as necessary to seek confirmation of instructions/advice from client.
- Visits/correspondence with local authorities including the Bank in connection with the smooth operation of the trust account.
- Any other miscellaneous work with respect to operation of the trust account.
Top 10 reasons for outsourcing
- Save time Once the routine finance and accounting work is off your hands, you have the time and resources to focus on core activities.
- More efficient use of resources Resources which had been tied up are freed for business building, providing you with a competitive edge.
- Focus on core activities Outsourcing non-core/fringe activities increases the reliability of your own service provision.
- Quality assurance Professional service provision is guaranteed – and you gain access to global expertise and resources.
- Cut labor Costs Eliminate the hassle of finding, training and supervising accounting staff.
- Reduce risk Ensure compliance with deadlines, eliminating the risk of fines.
- Eliminate waste Buy only what you need. Outsourcers bear the cost of accountants, payroll staff and expensive accounting systems and hardware equipment.
- Data security Ring-fence confidential information, especially information on salaries.
- A close, constructive relationship with the authorities It helps to have personal contacts at the authorities. Give our expert a power of attorney, or use a data box. BDO ensures the accuracy of all documents and when an inspector calls, we can represent you at any institution and inspections.
- Outsource the risk Spread the risk that accompanies accounting and payroll - share it with BDO.
What other benefits do you get?
We can help you reduce the cost of your accounts department:
- Direct costs such as salaries, incentives, holiday pay, sick pay and social and health insurance deductions.
- Indirect costs such as office space, computers, printers, software, hardware and software maintenance and upgrades, rent, electricity, cleaning services, etc.
- The hidden costs of employment - hiring & firing, initial training and refresher courses, managerial supervision of bookkeeping and much, much more.
WHY OUTSOURCING LOCAL COMPLIANCE SERVICES MAKES BOTTOM-LINE SENSE DIRECT COST SAVINGS
INDIRECT COST SAVINGS
Reduction of finance headcount involved in compliance activities
- Consolidation of fees to external providers for local statutory audits, tax compliance, payroll etc
- More efficient audit leads to reduced base fees and overruns for external audit
- Reduction of penalties and interest for late filings
- Airfares and associated expenses in selecting and communicating with local providers and sorting out local finance issues.
Finance people can focus on higher value work – the saving is the value of the projects taken up
- Distraction of management time in resolving issues
- Improved management information
- Central repository for all filings and legal documents
- Value-adding ideas, management letter points and tax savings.
Strong central control
- Knowledge and comfort of knowing the state of filings around the world
- Single contract
- Dealing with a single point of contact
- Rapid access to local expertise at reduced rates
- Personal sense of achievement when the overall business benefits of your finance transformation project are recognised.