Five things to bear in mind when appointing a Process Agent

by Elemental CoSec on January 17, 2013

  • SumoMe

Appointing a process agent is not something you do every day, so we’ve put together a list of the top five things we feel you should bear in mind when appointing a process agent. You may disagree, but these are the things that we see our clients forgetting more often than they should.

1. Do it early

Appointing  a process agent is often done at the end of a deal when everything else is rushed as well. It leads to stress and headaches. You can generally set up the appointment with the process agent well in advance and then confirming the appointment is the matter of an email; saving you a lot of last minute trouble.

2. Choose a Process Agent that knows the business

There’s nothing worse than having to tell a supplier how to do their job. Find a process agent that understand how it all works and what is required.

3. Understand all the documents that are relevant

Often the process agent needs to be appointed in relation to multiple documents and for a lengthy period. Adding extra documents to the appointment at the last minute can cause delays and issues, so try and avoid this.

4. Make sure all the fees are included upfront

Though you can appoint a process agent on an annual fee, the counter party (often the bank) may have an issue with this. If the appointor doesn’t pay the fee, then will the process agent appointment still be valid? A single upfront fee is almost always preferable.

5. Know who requires an appointment letter

If there are multiple counter-parties, you may need more than one appointment letter to be completed. As with getting the right documents, last minute requests can delay matters and should always be managed in advance.

Elemental CoSec provide a professional process agent service. Please get in touch with them if you would like more information.

Elemental CoSec
Elemental CoSec is one of the top company secretarial firms in the UK, providing company secretarial services, administrative services and corporate services to a range of companies from small start-ups through to listed PLCs.

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