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.
Latest posts by Elemental CoSec (see all)
- Five things to bear in mind when appointing a Process Agent - January 17, 2013
- How to avoid your company going into deadlock? - October 31, 2012
- What are the requirements for the company’s registered office? - September 9, 2012
