The role of the corporate secretarial service has evolved, and with it, the services provided ensure that companies meet their compliance requirements and are a key area of focus.
The function of corporate secretarial services is not only about compliance but also about providing advice for correct governance and business practices.
Our blog will help you understand everything you need about company secretarial services.
What Does a Secretary Do?
Company Secretaries are a critical part of any successful business. They help ensure smooth running and the effective use of resources and provide advice on enterprise issues. They also oversee the day-to-day operations of a business and ensure that it complies with legislation. Their role ensures that companies have good corporate governance, efficient administration and adherence to industry and labour laws.
What Does a Secretary Do?
Although the Companies Act of 2006 does not specify the official obligations of a company secretary, typical duties include but are not limited to:
The secretary of a corporation is typically authorised to sign legal papers on behalf of the firm’s directors.
Keeping the Statutory Books Up to Date
Keeping the company’s needed records is a time-consuming process. Executives must keep accurate statutory records by law; non-compliance is a crime. This conduct might cost the company and its executives financial penalties and cause unfavourable publicity.
The secretary is the first point of contact for shareholders within the organisation. They are responsible for distributing corporate communications such as letters on dividends, share registration, share transfers, and other shareholder-related matters.
The company secretary organises board meetings, which involve writing the agenda, distributing supporting documents, and taking meeting minutes. They guarantee compliance with board meeting regulations.
Legal, Financial, and Legislative Compliance
The company secretary should be well-versed in the firm’s bylaws. They are responsible for ensuring the firm complies with the Companies Act of 2006 and any other applicable laws. A competent secretary understands the need to stay updated on new laws and regulations that might impact the business.
Why You Need Corporate Secretarial Services
Under the Companies Act 2006, all publicly traded businesses must employ a Company Secretary. However, this is not the case for privately held businesses as of 2008. They get to decide whether having one would be beneficial (if their company articles allow it).
Whether you employ a Company Secretary or not, your organisation still has the same governance responsibilities. You must ensure that your yearly reports and other documents are submitted to the Companies House to maintain your business in good standing.
Therefore, there are several apparent benefits to having a single person control these tasks. Because of this system’s transparent accountability log, there will be no misplacement of vital documentation or other ‘accidental’ hiccups in the chain of command. Company secretarial duties include a wide range of legal obligations.
Businesses have the final say on whether to employ a Company Secretary. Everything depends on the available funds and how you want to use them.
The Bottom Line
Compliance is essential to the everyday function of any business, and it can put the business at risk if a company’s directors and executives are unaware of their obligations and requirements. Therefore, Company Secretarial Services are essential: they ensure you stay ahead by fulfilling all requirements, filing paperwork on time, etc.
Murphy Thompson Moore is the leading company for Company Formation and Secretarial Services. Explore the exceptional range of services we offer on our website today. Don’t hesitate to contact us should you have any questions or wish to discuss your needs with one of our experts.