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There are many factors that can put your business at risk of losing money. The most common one that is often overlooked is the penalties from the government. The best way to avoid that is to get your business a team of legal advisors.
Legal advisors are a type of lawyers who provide legal counsel to organizations. They can be an in-house staff, or be hired via corporate services providers. Their clients range from small businesses to large corporations and government agencies.
For each type of client they will provide different legal advisory services. As a business owner, here are some areas of services that you should consider:
Legal advisors must deal with transforming legal processes, data, technology, and sourcing strategies, creating innovative and cost-effective operating models for the company’s legal function. Depending on their legal specialization and company, their job duties can vary, typically include the following:
Corporate compliance is the design, implementation, and oversight of policies, programs, procedures, and practices. It mainly focuses on compliance with legal and regulatory requirements that are relevant to a company's business activities, as well as the checking for potential violations by the company's employees and other representatives. Corporate compliance also includes internal policies and practices to ensure moral behavior and proper conduct on the part of the company's employees and other representatives, therefore reducing risks to the company from the inside.
Complying with both local and international corporate laws is never an easy task for any businesses, especially multinational ones. Failure to do so can result in fines and penalties, or even legal proceedings. In order to ensure the success of the business and avoid any violations, it is necessary for companies operating in a globalized economy to work with legal advisors.
Here are some corporate legal matters that legal advisory services usually provide support:
Legal advisors will collaborate with you to evaluate your existing level of compliance and take appropriate corrective action. Advisory services for corporate compliance commonly consist of:
Businesses are constantly in need of cost control while managing operating expenses and tax obligations. Legal advisors can support the achievement of these objectives through corporate restructure. They are able to deliver multidisciplinary restructuring solutions that can help adapt with today’s evolving commercial, economic, and regulatory environment.
In light of the rising transparency demands, failure to follow corporate governance and sustainability rules can directly affect your business. Compliance violations may also have a detrimental long-term effect on the success of the company. Legal advisors can solve these issues through their services, in relation to: (non) listed organizations; social environmental governance (ESG); supply chain due diligence and sustainability reporting; directors’ liability; and many more.
Legal advisory is almost a must if you want to expand your business beyond borders. You need to learn a wide range of issues when entering new markets, including company setup requirements, trading activities, expansion efforts, or general legal matters on day-to-day operational activities.
If you hire a legal advisor, he/she will make sure your company is aware of and complies with international corporate and commercial law of every jurisdiction where you conduct business. Particularly, a legal advisor will offer functional advice on issues like the size and location of production facilities, personnel hiring, and advertising, ensuring your contractual interests are protected during contract negotiations and all clauses are legal in the contractual jurisdiction.
In addition to common corporate compliance law, legal advisors usually provide services on Intellectual Property Law, Tech Law, Mergers & Acquisitions, Managing workplace conflict, etc.
One IBC has more than 10 years of experience in delivering efficient and transparent solutions for businesses around the world. Our professionals offer cross-border insights, strategies, and guidance to create a legal function that best suits your company's goal.
Our services range from incorporation solutions, legal and compliance advisory, tax and financial consulting, to private wealth management. We operate seamlessly with 5 branch offices and 32 representatives offices, ready to assist you anywhere at any time. Contact us now to get started.