Understand and navigate compliance complexities. Learn how CSC partners with businesses to ensure best practice compliance, good standing, and risk mitigation.
The global business landscape is brimming with opportunity. But to unlock its full potential, businesses need to successfully navigate the ever-evolving and increasingly complex world of compliance.
While regulations can seem intricate at times, with the right partner, companies can be confident they’ve done all they can to minimize risk and stay compliant, and that they’re operating as healthy businesses from a legal and regulatory perspective, allowing them to focus on their core strengths and business growth.
Identifying compliance events
Knowing what constitutes a compliance event is crucial. This could involve changes in ownership structure, crossing revenue thresholds, or expanding operations into new jurisdictions. Proactive identification and response to these events help businesses mitigate risk, allowing them to navigate periods of change seamlessly. Importantly, it can also save companies significant time, resources, and reputation damage.
Maintaining good standing
Maintaining good standing is crucial for any business—a business that’s not in good standing cannot conduct transactions, obtain financing, or renew licenses or permits. Depending on the jurisdiction, a certificate of good standing confirms (among other things) that a business:
- It is up-to-date on jurisdiction fee payments
- Has filed an annual report
- Has paid franchise taxes
But meeting the essential requirements to maintain good standing is more complex than it might first appear. Take annual reporting. There are significant differences between, and even within, states in annual report filing requirements and due dates. For example, in Delaware, annual report filing dates differ by entity type, e.g., corporation annual reports are due by March 1 and limited liability company (LLC) reports are due by June 1. And when doing business in multiple jurisdictions, managing the deadlines for annual reports alone becomes a tangle of different dates and required reporting information.
Should a business lose its good standing, CSC can help with all aspects of helping to regain it, including diagnosing the cause(s) of losing it, filing the reinstatement and any missed annual reports to recover good standing, and navigating multiple state agencies. CSC can also help track the good standing of a business’ entities via automated updates received from secretary of state offices.
For more on our Annual Report services please visit cscglobal.com/service/business-administration/annual-report-filing/.
Navigating multi-jurisdiction compliance
Maintaining good standing can be particularly challenging when operating in multiple jurisdictions. Operating domestically across different states, or internationally across multiple countries, introduces a further layer of regulatory complexity for businesses. Each jurisdiction has its own set of regulations regarding entity management, corporate filings, and service of process.
These intricacies can increase risk for businesses, as has been publicly demonstrated by the multi-million dollar fines handed to international organizations for inadequate oversight of compliance risks at subsidiary level.
Building a culture of compliance
By partnering with an expert such as CSC, businesses can navigate the complexities of the modern business landscape and build a sustained culture of compliance. We understand the unique needs of businesses of all sizes. Our comprehensive, centralized compliance solutions help our clients run their businesses in a more streamlined way. Whether you’re looking to establish an in-house function or outsource compliance tasks entirely, we can act as a partner to ensure you stay on top of regulation. In particular, we offer:
- Global expertise: As a preeminent provider of global corporate governance solutions for 125 years, CSC offers a wealth of experience, resources, and capabilities across more than 140 jurisdictions in the U.S. and globally.
- Technology solutions: The benefits of CSC’s industry-leading technology include optimizing and scaling business operations, managing compliance portfolios (particularly when understaffed), the retention of institutional knowledge, and risk reduction, all of which frees up valuable time and resources for companies to focus on their core business activities.
At CSC, we understand the complexities of regulatory compliance across the globe and can help your business navigate these challenges throughout its entire life cycle. By partnering with CSC, you gain peace of mind, knowing your compliance needs are in expert hands. CSC acts as an extension of your team, allowing you to focus on what matters most—growing your business and achieving your strategic goals.
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