Corporate Secretarial Services Market Size, Share, Growth, and Industry Analysis by Type (Company Formations, Company Law Compliance Services, and Corporate Governance Services) By Application (Listed Companies, Non-listed PLCs, Charity Companies, and Academy Schools) Regional Forecast By 2031

Updated On: 01 April 2024

Corporate Secretarial Services Market Report Overview

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The global corporate secretarial services market size is expected to be worth USD 877.4 million in 2020, as per our research, the market is projected to touch USD 1,772.82 million by 2031, exhibiting a CAGR of 2.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the corporate secretarial services market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Services provided to guarantee the company's compliance with statutory and regulatory requirements are included in corporate secretarial services. The service provider manages the client company's share transactions, serves as the business's advisor, and puts the board of directors' decisions into practise. The drafting of business documents, such as the memorandum of association, articles of association, agreements, allotment letter, and others, is also included in this service. In order to manage and reduce the risks of corporate non-compliance, Corporate Secretarial Services works with its clients. Crossing functional and geographic boundaries, innovative techniques combined with years of professional experience help reduce administrative burdens.

Applications of these services includes in listed companies, non-listed PLCs, charity companies, and academy schools. Various services provided is one among the many driving factors of the market which will be further discussing elaborately in the report.

COVID-19 Impact: Halt on Services to Restrain Market Growth 

There is no industry that has been untouched by the COVID-19 epidemic's severe impact on the global economy. Due to the lockdown, markets were closed, and many people remained inside. The services sector's closure had an effect on the market as a whole. Surface mount technologies lost their usefulness as those markets collapsed because there was no longer a demand for the product. Organizations were forced to redesign their entire operational structures as a result of the pandemic in order to maintain stability amidst the disruptions. The main element that distorted the entire market was the financial imbalance brought on by the closure of numerous stores and significant industries. Additionally, the outbreak has a detrimental effect on the way the businesses operate, which affects the services market as a whole. This has had some effect on the market for corporate secretarial services.

Latest Trends

"Increasing Adoption of Corporate Secretarial Services to Drive Market"

Businesses are ensuring their digital presence and effectively utilising digital technology to survive in the market as a result of the escalating global competition. Today's organisations, regardless of size, make use of secretarial services to operate efficiently. However, many SMEs are still hesitant to adopt it right now. The low adoption rate may be due to a number of factors, including costs incurred, a lack of proper understanding, and fear of risks. The world does, however, offer many untapped opportunities for SMEs. They can assist SMEs in effectively competing with larger businesses due to technology's high degree of scalability and flexibility.

Corporate Secretarial Services Market Segmentations

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• By Type

The market is classified into company formations, company law compliance services, and corporate governance services based on type. The company formations segment will lead the corporate secretarial services market share throughout the forecast period.

• By Application

The market is classified into listed companies, non-listed PLCs, charity companies, and academy schools on the basis of application. The listed companies segment will lead the corporate secretarial services market share throughout the forecast period.

Driving Factors

"Rapid Rise and the Influence of Competence Across Business Sectors to Drive the Market"

Due to the dynamic nature of businesses, there is fierce competition in industries that use ground-breaking innovations and technological advancements. Without adapting to the constantly shifting dynamics, there is no guarantee that a large business firm will maintain its position as the market leader for an extended period of time. Smaller companies that introduce disruptive innovations have earned the name "market disruptors" because they present problems for the operations of larger companies. Simply put, today's business environment is characterised by fierce competition. Today's businesses put a lot of effort into surviving and gaining a competitive edge over their rivals. Additionally, changes in how business is conducted are driven by shifting economic conditions, shifting trade alliances, and shifting political climates in a given area. The advantage of having a head start on the shifting market dynamics goes to the organisations, and this is accomplished by utilising the personnel's expertise.

"Wide Range of Secretarial Services Provided by Firms to Drive the Market"

Corporate secretarial service providers provide a wide range of secretarial services to ensure that businesses can meet all compliance and reporting requirements. They can help you keep your statutory registers up to date, file documents with the Accounting and Corporate Regulatory Authority (ACRA), and file updates. Additionally, they can offer you other services that will help you manage your business more efficiently, like aiding you in legal and financial transactions and giving you guidance on bookkeeping or your tax issues.

Restraining Factors

"Confidentiality Concerns to Restrain the Market"

The majority of businesses, especially the more established ones, are reluctant to entrust all of their paperwork to a company or corporate secretarial service. This makes sense, especially if private information like tax returns or confidential documents is involved. Thus we can say that the confidentiality issues is  one of the major restraining factors of the corporate secretarial services market growth.

Corporate Secretarial Services Market Regional Insights

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"North America to Hold the Largest Market Share Owing to Region’s Expanding Industrial Development"

During the forecast period, North America is expected to hold the largest corporate secretarial services market share. As this region is the largest consumer of the product, the market for corporate secretarial services in North America has benefited from the region's expanding industrial development and various driving factors that have increased the potential sectors. The primary factor fueling the expansion of the corporate assessment services market share is the rising product demand for frontline workers, managers, and internal assessment and promotion, which is one of the key factors driving the market. Rapid urbanisation trends will further strengthen the market as a whole.

After North America, Asia Pacific holds the majority of the corporate secretarial services market. The market in this region is being driven by the rising number of people and clients seeking for assistance as well as the presence of market players in the region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage  "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• TMF Group (Netherlands)
• PwC (U.K.)
• Deloitte (England)
• Vistra (Hong Kong)
• Mazars Group (France)
• KPMG (Netherlands)
• ECOVIS (U.A.E.)
• MSP Secretaries (U.K.)
• Elemental CoSec (U.K.)
• Luther Corporate Services (India)
• A.1 Business (Singapore)
• Rodl & Partner (Germany)
• EnterpriseBizpal (Singapore)
• Conpak (Hong Kong)
• BDO International (Belgium)
• J&T Bank and Trust (Cyprus)
• Eversheds Sutherland (U.K.)
• Grant Thornton (U.S.)
• Equiniti (U.K.)
• French Duncan (U.K.)
• PKF (U.K.)
• Dillon Eustace (Ireland)
• RSM International (U.K.)
• Company Bureau (Ireland)
• Exceed (Greece)
• UHY Hacker Young (U.K.)
• DP Information Network (Singapore)
• COGENCY GLOBAL (U.S.)
• Adams & Adams (South Africa)
• Link Market Services(Australia)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.