What Are Corporate Services And How Effective Are They?

Business people shaking hands

Corporate services refer to services, that are used across an enterprise, based on special knowledge and skill. These services can be used for external as well as internal arrangements of the firm. Corporate services are a vital part of outsourcing. These serviced are not restricted to any one arena, but rather can be diversified according to the needs of the firm that is hiring. A corporate service can be of very many types, such as a business advisory service, an accounting and consultancy service, an auditory service etc. Keep reading this article to know in detail about the types of services.

What are some examples of corporate services?

  • Business advisory service – This service helps determine a company’s future with a possible future client. This might seem like a futile service, but is very profitable since it helps companies determine which clients are worth the time spent on them and which are not.
  • Company Incorporation- This service is used by companies who wish to incorporate their companies in places which are official to their residents. For example -A malaysia company setup which wishes to get registered in Indonesia would have to avail this service.

Corporate services

  • Registered agent – This refers to a person or a party that is supposed to receive business opportunities on behalf of a firm, whenever the said firm is in the middle of a legal dispute. Depending on the severity of the legal action, this person becomes responsible for important procedures such as filing reports, audits, receiving budget reports etc.
  • Finance and banking – These are pretty simple to explain. Most companies who do not specialise in the finance sector also need constant updates on their revenue and how to regulate it. In order to relieve pressure, most companies outsource their baking and finance needs. The companies that these needs are outsourced to provide specialists and experts that advise the company on how to maximize revenue.

Outsourcing is the process of hiring individuals outside of a particularly company to perform tasks and actions that individuals of the firm are not well versed in. The rise of this phenomenon is what gave birth to company services. Over time companies and firms have aimed to specialise themselves in one arena and in order to focus on that particular field they tend to outsource other tasks to firms that specialise in those. This forms a highly sophisticated and interconnected network and maximises efficiency.

July 2024