A NEW DIRECTION FOR OVERSEAS BUSINESS IN AUSTRALIA
On 1 August 2016, CoSec Consulting became one of the first Australian compliance service providers to offer foreign domiciled clients the ‘inside knowledge’ of a local director with lifelong expertise in their trade.
Through a new company called CoSec Directors, the Melbourne-based consultancy has assembled a distinguished team of business professionals who will act as Resident Directors for locally registered companies with their sole shareholder based overseas.
These experienced executives have been handpicked for their strong corporate credentials, their compliance expertise, and – in particular – their knowledge of the biotech, IT, innovation and life science sectors in which CoSec has established a strong market position.
NO ADDITIONAL COSTS
The CoSec Directors service is available to all foreign domiciled companies that have established (or are planning to establish) subsidiaries or branch offices in Australia, for no additional fee beyond the competitive compliance charges levied by CoSec Consulting.
Clients that sign up to this service will be offered a shortlist of candidates with significant expertise in their specific industries, from which to select a director to represent their Australian business interests.
ROBUST RISK MANAGEMENT
As part of CoSec Directors, CoSec is also introducing a comprehensive new Risk Management Framework to provide further security and protection for our clients’ Australian businesses. This includes a detailed quarterly appraisal of clients’ financial and administrative operations, including a personalised questionnaire and follow-up interviews to identify any outstanding compliance or governance issues that may affect your company.
As part of our risk management process, your CoSec Director will be granted access to the full due diligence report undertaken at the start of your engagement with us. Their oversight will include quarterly reviews of your management accounts and financial reports, corporate registers, insurance policies, and any other documentation required to ensure your company is meeting all its regulatory and compliance obligations.
As well as providing core guidance on all governance and compliance matters, your CoSec Director will be able to offer a wide range of professional and advisory services, including:
- Acting as the appointed director on record with ASIC
- Liaising with regulatory authorities
- Acting as the shareholder’s representative to ensure adherence with all compliance protocols
- Signing documents for lodgement with ASIC, ASX and financial institutions
- Signing directors’ circulating resolutions
- Providing strategic advice as required on all your business plans and Australian projects, and trouble-shooting on any other relevant areas of your business.
CoSec Directors represents a new departure for Australian corporate services: a platform dedicated to providing authoritative, highly qualified directors who will create a solid foundation for high-potential foreign-owned companies in Australia.