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Once the company incorporation is completed, you must be aware of the ongoing administration requirements to ensure compliance with the applicable local legislation.
Besides the commonly known recurring obligations in most countries, such as submitting Financial Statements or Annual Returns, companies may also have requirements about ongoing compliance related duties linked to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations. This may be in the form of transaction monitoring, due diligence, ongoing reporting, or other requirements with which we can assist.
We can ensure you comply with the ongoing requirements regarding:
One of the ongoing financial requirements in almost every jurisdiction is for the company to perform accounting on all incoming and outgoing transactions while ensuring that every payment is linked to an invoice or/and an agreement and that these payments are justified considering the company’s activities. We have inhouse accountants who can handle such bookkeeping throughout the year to ensure the company is financially monitored.
Most countries require companies to be local tax registered and to submit tax returns. Within the EU, companies operating an active business must also apply for VAT (Value Added Tax) and submit quarterly VAT returns. We assist with this - usually together with the bookkeeping of the company.
Finally, most jurisdictions require companies to submit yearly Financial Statements, which must be audited by an auditor independent from the company and its management. In some instances, specifically if the company is licensed, one may also need to submit monthly or quarterly management accounts and reports to the licensing authority.
On another note, if your company has employees, you may want us to handle your payroll management and payment of your employees’ salaries to ensure you are in line with all local requirements for social security and tax payment purposes. Most of our clients also prefer to delegate payroll matters to keep handling their employee’s confidential information and salaries outside of their own staff locally.
From a corporate perspective, a company may need to perform ongoing tasks to align with the local requirements. In some countries, the company must submit an Annual Return to confirm the corporate information, which may include information on directors, company secretaries and shareholders and Beneficial Owners, as well as their documents/residence information. As a licensed Corporate Service Provider, we are also bound to keep updated records of our client’s documents on file and conduct regular checks on the Beneficial Owners.
To ensure proper legal administration, we assist clients with the drafting or reviewing agreements, policies or any other documents whenever necessary. We have lawyers in all jurisdictions who can guide our clients when signing an agreement and ensure that these align with the local regulations, as applicable. In addition, we will ensure that all your companies’ business transactions, resolutions and license administration are legally valid and in compliance with the relevant statutory guidelines.
Tied with the financial and accounting administration of a company, we can also assist with organizing statutory meetings, such as Annual General Meetings (AGMs) and Extraordinary General Meetings (EGMs), which are required by the applicable laws, most commonly for the approval of the financial statements of the company, amongst others. We guide you through the steps to set up such meetings, drafting the necessary resolutions and minutes, and fulfilling the requirements for the company to be kept in good standing in line with the applicable laws.
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CORPORATE FINANCE AND ACCOUNTING: UNDERSTANDING THE BASICS
Corporate finance and accounting are essential components of running a successful business. These disciplines encompass various areas that help a business function smoothly and comply with legal obligations. Understanding these aspects is crucial for entrepreneurs and corporate executives seeking to build and manage successful ventures. Companies can make informed financial decisions, meet legal duties, and maintain a solid financial position. Seeking expert guidance and support from experienced professionals can help companies navigate the complexities of corporate finance and accounting, ensuring long-term success and sustainability.
WHAT IS CORPORATE FINANCE?
Corporate finance involves managing a company's financial resources to achieve its goals. It focuses on financial planning, investment decisions, and capital structure. The ultimate purpose of corporate finance is to ensure the long-term financial health of the business. The three main areas of corporate finance are financial planning, investment decisions, and capital structure.
1. Financial planning:
Financial planning is a crucial part of corporate finance. It involves creating a roadmap for the company's financial future, setting specific targets, and devising strategies to achieve those goals. This process requires budgeting, forecasting, and analyzing financial data to make informed decisions. A well-executed financial plan allows the business to allocate resources effectively, ensuring its continued growth and success.
2. Investment decisions:
Investment decisions revolve around identifying opportunities for the company to invest its funds wisely. This process entails evaluating potential projects or ventures and determining their potential returns and risks. Making sound investment decisions is essential to ensure the company's assets are utilized optimally and generate the highest possible return on investment (ROI).
3. Capital structure:
Capital structure refers to a company's mix of debt and equity to finance its operations. Deciding on the appropriate capital structure is critical because it impacts the company's cost of capital, financial stability, and overall risk profile. Striking the right balance between debt and equity financing ensures the company can fund its operations efficiently while maintaining an acceptable level of risk.
WHAT IS CORPORATE ACCOUNTING?
Corporate accounting involves recording and reporting a company's financial transactions, preparing financial statements, and ensuring compliance with accounting principles and regulations. Accurate and transparent accounting is essential for businesses to make informed decisions, attract investors, and meet legal obligations. The five crucial corporate finance functions encompass financial recording, reporting, auditing, tax compliance, and payroll management.
Financial recording involves accurately documenting all financial transactions of a business. This process includes recording income, expenses, assets, liabilities, and equity using standardized accounting principles. Keeping detailed and organized financial records is crucial for understanding the company's financial health and facilitating informed decision-making.
2. Financial reporting:
Financial reporting summarizes and presents the company's financial data to various stakeholders, such as investors, creditors, and regulators. The financial statements include the balance sheet, income, and cash flow statement. Transparent and timely financial reporting builds trust and confidence among stakeholders and helps them assess the company's performance and financial position.
Auditing involves independently examining the company's financial statements to ensure accuracy, completeness, and compliance with accounting standards. External auditors review the financial records and objectively assess the company's financial health. Audits play a crucial role in maintaining the integrity of financial reporting and assuring stakeholders that the company's financial information is reliable.
4. Tax compliance:
Corporate entities are subject to various tax laws and regulations. Corporate accounting includes ensuring the company complies with all tax requirements and accurately calculates and files its taxes on time. This function helps the company avoid penalties and legal issues related to tax non-compliance.
Payroll management is a critical aspect of corporate accounting for companies with employees. This function involves accurately and timely processing employee salaries, benefits, and tax withholdings. Proper payroll management ensures compliance with labor laws and keeps employees satisfied and motivated.
UNDERSTANDING LEGAL OBLIGATIONS FOR CORPORATIONS
Corporations operate within a complex legal framework, and fulfilling legal obligations is vital for their smooth functioning and long-term success. Directors, shareholders, and other stakeholders must proactively seek expert advice and assistance to navigate the intricacies of legal compliance and ensure the corporation's continued profitability and growth.
Directors are responsible for making crucial decisions that impact the corporation's operation and future. They must act in the company's and its shareholders' best interest, ensuring transparency and accountability. Shareholders, on the other hand, have a vested interest in the corporation's profitability and success. They expect fair returns on their investments and have the right to vote on significant matters concerning the company.
Corporations regularly contract with various parties, such as suppliers, customers, and employees. These legally binding contracts should be carefully reviewed and approved to avoid future disputes. Additionally, any significant transactions, such as the sale of company assets or acquisitions, should be adequately documented and reported.
Corporations must prepare and file accurate financial statements reflecting the company's financial position, profitability, and cash flow. Compliance with accounting standards and tax regulations is essential to avoid penalties and legal complications. Financial reports should be transparent and prepared following applicable laws and regulations.
Corporations must regularly file various documents with government authorities and pay associated fees. These filings include annual reports, tax returns, and compliance forms. Timely and accurate filing is crucial to maintaining good standing with regulatory bodies and avoiding unnecessary expenses and penalties.
In unfortunate circumstances, a corporation may face liquidation or insolvency. Directors have a legal obligation to act in the best interest of creditors when the company is facing financial difficulties. In such cases, proper procedures must be followed to ensure the equitable distribution of assets and debts.
IF YOU ARE A BUSINESS OWNER FACING ONGOING ADMINISTRATION CHALLENGES OR SEEKING RELIABLE SUPPORT TO COMPLY WITH FINANCIAL, LEGAL, AND CORPORATE REQUIREMENTS, PLEASE GET IN TOUCH WITH US. OUR TEAM OF EXPERTS IS HERE TO HELP YOU NAVIGATE THE COMPLEX WORLD OF CORPORATE FINANCE AND ACCOUNTING, TAILORED TO YOUR SPECIFIC BUSINESS NEEDS.