This article is written by Arya Mittal from Hidayatullah National Law University. The article tries to elucidate some additional sources of income for a company secretary.
Disclaimer : The figures mentioned in the article have been deduced and analyzed through opportunities mentioned on famous freelancing platforms such as Fiverr and Upwork.
Table of Contents
Introduction
A Company Secretary (CS) goes through years of hard work with such a well-structured curriculum, which helps in his/her holistic building and development. Certain modules relating to corporate laws of different countries (which seemed irrelevant in the first place) might come to your rescue now. Are you someone who wishes to make an international presence? Are you someone who wishes to continue working from home even after the pandemic subsides? Are you someone who is tired of a 9-5 job, which sometimes goes way beyond 5? Are you a fresher who is struggling to set up your own practice? If it is a yes for any of these questions, then do read further.
Opportunities for CS in the international arena
There are a plethora of opportunities for a CS in the international market since even the companies are eager to get their tasks done efficiently but for lesser professional fees. Below are some opportunities for a CS which one might get started with. Also, it is important to remember that these tasks are not exhaustive and there are much more lucrative opportunities available.
Advisory role
A Company Secretary has a fair knowledge of financial statements as well as the legal compliance which needs to be taken care of in a company. Therefore, advising is one of the most important functions of a CS. A CS has a comprehensive understanding of company law, securities law and other commercial and corporate laws. If you are a CS, you can take up the task of advising foreign startups and small-sized corporations with their financial and legal matters.
Compliance
Yet another important task of a CS is to ensure compliance with different laws. One can study the laws of a foreign jurisdiction and help different organisations with their legal compliances. In the US, every state has its own laws and having a grasp on the laws of just one or two states can be very beneficial. For instance, Delaware is among the most popular states where corporations always tend to incorporate their business. Thus, if a professional has a decent knowledge of the corporate laws of Delaware and compliances therein, it is possible for such a person to build a successful profile and clientele.
Filings
Filing assignments might not sound too good as it is usually the interns who are made to do annual filings in India. But, it is not the same outside. Filing a DBA (Doing Business As) i.e. trade name can sometimes be extremely tedious for companies, and they tend to outsource this work to professionals. The best part is, such a professional need not be a certified professional, and anyone can do it. Let us take an example of a startup in California that recently came into existence. It is trying to approach a professional who can register their trade name, but is reluctant to do it on its own to escape the hassles. You can be the person to do this for them you can charge a fee between USD 15 to USD 50 for the same.
Registration
Certain registrations can be done even without a certified US professional, and this can be the moment for you to grab such opportunities. You can help a corporation with its foreign qualification i.e. registration required to operate in states other than the home state. Further, you can even help a corporation with the issue of shares or a public offer. You can easily charge between USD 25 to USD 200 for the same, depending on the task.
Opportunities for LLB+CS in the international arena
If you are a CS+LLB, then the horizon expands for you. Apart from the aforementioned tasks, one might also indulge in assignments as stipulated hereafter.
Contract drafting
A CS, who is also a lawyer, can very well understand the legal and financial implications of any agreement between the parties. A professional who is skilled in contract drafting can earn lakhs. Corporations are ready to pay fees as high as USD 300 (lowest being USD 10-15) or sometimes even more for drafting agreements.
Content writing
One can also work as a content writer and can easily charge USD 10-50 for each article. He/she can write articles on financial and legal topics and even this area has immense growth, both in terms of money and career.
Why should you go for it?
Are you still wondering what is so special and different about working abroad? Here is the secret.
Be your own boss
Since you are working as a freelancer, you get all the privileges of being your own boss. You get to choose the kind of assignment which you would like to work on, which might not always be true for a person engaged in a job. Moreover, you will not be time-doctored anymore and will never be late for work since you are working for your own self. Also, this works well even if you are a fresher since you are able to secure a clientele, that too, internationally.
Earn in US Dollars
Everyone needs financial security and this route might help you to achieve one. It is not hidden that Indians often go and settle abroad in order to earn more income. However, in our case, this opportunity comes handy as one will be working for an international client from the comfort of his/her home. Therefore, even from a layman’s perspective, you will be earning a lot better but would not have to incur a proportionate expenditure as you will be working from home. Thus, you earn and even save a lot.
Need not change your biological clock
Since you are working for an international client on a freelancing basis, you need not change your biological clock. A person engaged in a job has to devote time as per the conditions of the employer, even if that’s not the time when he/she is most productive. However, the same is not true when you are working as a freelancer. You can choose to work at midnight or in the early morning, whenever you think is the most productive time of your day.
Work environment
Undoubtedly, some organisations do provide for a really good work environment, but it is also not possible to ignore the ones that do not. The work environment is directly proportional to the output of the environment. To simplify, the work environment plays a crucial role in the outcome that a professional gives in relation to any task or assignment. Working from home can help you escape a toxic work culture if you are in one. Moreover, there are no hassles of missing the locals or travelling in an overcrowded metro and getting a ‘half-day’. As mentioned earlier, you can work from the comfort of your home. If you are a wanderlust, you can even choose to work from your favourite destination in the world since you will be saving so much.
Flexibility in all aspects
It is obvious that when you are working for yourself, you get a lot of flexibility. You no longer need to miss family gatherings or burn the midnight oil on your birthdays. You can choose to work less or more as per your convenience since there is no commitment to any other person apart from your clients.
Exposure and growth
At this stage, it cannot be disputed how much exposure a person will get while working internationally. You can have the liberty of taking the kind of assignments you always wished to, which might not have been possible in a job or in your practice area, due to a large number of competitors and fewer clients. However, your scope for work gets largely multiplied since now you are flexible enough to work for a client from some other country. This can immensely boost your profile and you still have the liberty of doing a job at a later point in time, but now with more experience and skills.
Conclusion
To conclude, there are sufficient opportunities available for a CS and the same gets multiplied when such a person is a lawyer too. It is not possible to ignore the advantages that the international market offers. The opportunities can be accessed by a fresher looking to get new clients or an experienced professional looking for a change.
In order to understand how you can exactly grab and utilise such opportunities, register for the free 3-day Bootcamp being conducted by LawSikho on International Opportunities for Chartered Accountants / Company Secretaries in US Corporate Law from October 09 -11, 6-9 pm.
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