Company secretarial services are not the traditional work of a secretary, as the name might suggest, but rather it refers to the level of administrative function within a business that ensures good corporate governance, effective administration and compliance with legislation, laws and regulations that govern business and industry.
Managing corporate governance is essential for businesses. Your company must adhere to the Companies Act 2006, comply with the law and legislation that governs their business and stringently maintain records, such as the holding of meetings, conduct of board members, any interactions with shareholders and stakeholders and any engagement with government authorities.
Here’s an in-depth look at why company secretarial services are important, and why outsourcing these services can be a smart move for your business.
The Importance of a Company Secretary
In theory, a company secretary’s duties include all necessary administrative tasks within a company. But broadly, their role consists of three areas: the board, the private company and the shareholders.
They must ensure that the necessary paperwork is provided to the board members ahead of meetings and that board procedures are abided by. The secretary is responsible for ensuring compliance of legislation and proper conduct within company activity. They will be the point of contact for shareholders on matters regarding corporate legalities.
As they are responsible for ensuring the company adheres to the legal requirements, they must be knowledgeable regarding company law, update and maintain the registers in case of inspection, and prepare director reports and accounts.
The secretary will correspond with shareholders, dealing with the transfers of shares and any concerns they may have. They would handle any preparation and paperwork arising before and after board meetings, such as informing all directors of the time, date and location of the meeting, producing agendas, taking minutes and producing a document at the end of the meeting and informing the appropriate people of any decisions made during the meeting, such as informing the regulatory information service if a decision was made regarding the payment of a dividend.
Why You Should Outsource Your Company Secretarial Duties
Hiring a company to perform company secretarial duties on your behalf can offer considerable benefits to your business. Consider the following advantages:
- They will effectively manage your duties and responsibilities.
A company secretary handles a momentous amount of admin such as attesting all the essential documentation, noting down changes in the company and maintaining an account book of stocks and transfers. By outsourcing these responsibilities to a professional, you can ensure that you are not only following sound business practices but are fulfilling your legal requirements.
- They are experienced professionals.
You will benefit from the knowledge and experience of the company. They will know all the ins and outs of the processes but will also be able to provide a tailor-made service for your company.
- Perform duties in a stated time without trouble.
Time is one of the most valuable commodities in the business world, and deadlines can’t be shifted. With a professional company behind you who have the most advanced and time-saving methods available to them to complete their tasks, you will never be waiting around for something to be completed.
- Save on training costs.
By outsourcing your company secretarial services, you won’t need to spend money or time training a new recruit to become a secretary, as your outsourced professional will already have all the knowledge and qualifications necessary to complete the assigned tasks.
- Take advantage of the latest technology.
Company secretarial firms will have the most up-to-date technology available to them to use for your company. You will benefit from this technology without having to spend money installing and maintaining these systems.
- Eliminate risk.
Ensuring you adhere to all the legal requirements is essential to avoid fines or even criminal proceedings. By outsourcing your company secretarial services to a professional company, you can rest assured that they will be performing their duties effectively and accurately, so you don’t have to worry that you’re doing anything wrong, reducing the risk of financial penalties.
At Company Registrations Online, we offer CompanyView, a managed company secretarial service with your very own fully staffed secretarial department. Our company secretarial services will improve your business efficiency overall by freeing up your staff to concentrate on their roles.
All the paperwork will be provided to you by our experienced team, saving you time and improving your efficiency. We offer both managed cosec services and direct cosec services for individual companies and professional clients. If you’re looking for full company formation packages, contact Company Registrations Online today.