Corporate services or business services are activities which combine or consolidate certain
enterprise
Enterprise (or the archaic spelling Enterprize) may refer to:
Business and economics
Brands and enterprises
* Enterprise GP Holdings, an energy holding company
* Enterprise plc, a UK civil engineering and maintenance company
* Enterpris ...
-wide needed support services, provided based on specialized knowledge,
best practices
A best practice is a method or technique that has been generally accepted as superior to other known alternatives because it often produces results that are superior to those achieved by other means or because it has become a standard way of doing ...
, and technology to serve internal (and sometimes external) customers and business partners. The term corporate services providers (CSPs) is also used.
In the United Kingdom, the public audit agencies produced a report in May 2007 called "Value for Money in public sector corporate services". This provides performance indicators in five categories: Finance, Human Resources, Information & Communication Technology, Procurement, and Estates Management.
Examples of Corporate Services
Business Advisory Service
Business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for pr ...
advisory service advises current and future businesses prospects of a
client
Client(s) or The Client may refer to:
* Client (business)
* Client (computing), hardware or software that accesses a remote service on another computer
* Customer or client, a recipient of goods or services in return for monetary or other valuabl ...
, with the aim of advancing their
business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for pr ...
or
company
A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common p ...
. This service is used by all types of businesses and would involve examining the legal, tax, finance, market and risks factors involved to start up a
business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for pr ...
or making new changes to the
business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for pr ...
. Business advisory services are given by organisations with experience in
company formation
Company formation is the term for the process of incorporation of a business in the UK. It is also sometimes referred to as company registration. These terms are both also used when incorporating a business in the Republic of Ireland. Under UK c ...
.
Company Incorporation
Company incorporation is the process of forming a company
corporation
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...
officially in the country of residence. It is also possible non-residents to set up a company: see
offshore company
The term "offshore company" or “offshore corporation” is used in at least two distinct and different ways. An offshore company may be a reference to:
* a company, group or sometimes a division thereof, which engages in offshoring business pr ...
. However, laws vary in all countries. International corporate service
consultants
A consultant (from la, consultare "to deliberate") is a professional (also known as ''expert'', ''specialist'', see variations of meaning below) who provides advice and other purposeful activities in an area of specialization.
Consulting servic ...
specialise in dealing with incorporation in the country in question. Once application is successful, the company will receive a
certificate of incorporation. Which provides valid existence of the company under the registered name given.
Registered Agent
A registered
agent
Agent may refer to:
Espionage, investigation, and law
*, spies or intelligence officers
* Law of agency, laws involving a person authorized to act on behalf of another
** Agent of record, a person with a contractual agreement with an insuranc ...
, also known as a resident agent or statutory agent,
[''E.g.'', ]Ohio Revised Code
The ''Ohio Revised Code'' contains all current statutes of the Ohio General Assembly of a permanent and general nature, consolidated into provisions, titles, chapters and sections. However, the only official publication of the enactments of the G ...
br>§ 1701.07
is a business or individual designated to receive
service of process (SOP) when a
business entity
In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...
is a party in a
legal action
In legal terminology, a complaint is any formal legal document that sets out the facts and legal reasons (see: cause of action) that the filing party or parties (the plaintiff(s)) believes are sufficient to support a claim against the party ...
such as a lawsuit or summons.
Some examples of related services include:
* Compliance services
*
Business licensing
Business licenses are permits issued by government agencies that allow individuals or companies to conduct business within the government's geographical jurisdiction. It is the authorization to start a business issued by the local government.
A ...
*
DBA Doing Business As filings.
* Preparation and filing of reports that must be filed from time to time (Annual, Biennial, etc.)
Finance and Banking
Corporate services such as finance and banking were first introduced to remove pressure from the client's organisation when dealing with complex banking and finance issues. Specialist information and tips are provided by the consultancy to manage finances appropriately, and some can set up a corporate bank account for clients. Some examples of tailored services include:
* Corporate
bank account
A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type o ...
s
*
Offshore bank
An offshore bank is a bank regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and ...
accounts
* Multi-currency accounts
*
Brokerage
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be con ...
accounts
*
Private banking
Private banking is banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs)—defined as those with very high levels of income or sizable assets. A bank that ...
* Corporate
loan
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that d ...
applications
Accounting and Tax Services
Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...
and
tax services A tax advisor or tax consultant is a person with advanced training and knowledge of tax law. The services of a tax advisor are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations. ...
are useful for companies wanting to
outsource
Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity which otherwise is or could be carried out internally, i.e. in-house, and sometimes involves transferring employees and ...
their basic work. The services involve preparing and submitting obligatory documents required by authorities associated with business practice. Some basic services include:
*
Payroll
A payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks pe ...
* Maintaining
cash flow books
* Tax registration
*
Tax returns
A tax return is the completion of documentation that calculates an entity or individual's income earned and the amount of taxes to be paid to the government or government organizations or, potentially, back to the taxpayer.
Taxation is one of ...
*
Corporation tax
A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed a ...
*
Tax avoidance
Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdict ...
(international)
Investment and Stock Exchange
Market research for investment along with risk evaluation is another corporate service designed to help clients make financial decisions.
Intellectual property
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, cop ...
protection is seen as an investment, this is a service some consultancies may also advise on. Similarly,
stock exchange
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
services can bring about specialist reports on past, current and forecasted
stock exchange
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
trends, with a personalised analysis.
Offshore Bundled Services
Where local Corporate Service Providers (CSPs) offer bundled basic services to support
tax residency tests such as "central management and control" type tests (typical in UK law) of a
brass plate company
A brass plate company or brass plate trust is a legally constituted company lacking meaningful connection with the location of incorporation. The name is based on a company whose only tangible existence in its jurisdiction of incorporation is th ...
,
shell company or other
special-purpose vehicle
A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limite ...
that has been set up in the jurisdiction. Usually located in either
offshore financial centres
An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy."
"Offshore" does not refer ...
or in
onshore financial centres. Typical services include:
* Maintain books and records
* Compiling annual accounts
* Conducting annual audits
* Filing tax returns
* Providing local Directors
* Providing
registered office
A registered office is the official address of an incorporated company, association or any other legal entity. Generally it will form part of the public record and is required in most countries where the registered organization or legal entity ...
address
* Providing meeting rooms for Board meetings
See also
*
Financial adviser
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory ...
References
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Service industries