What are the benefits of using a company secretarial service?
Corporate secretarial services refer to the level of administrative activity within a corporation that ensures good corporate governance, efficient management, and compliance with legislation, rules, and regulations that regulate business and industry, rather than the conventional role of a secretary, as the name suggests.
Corporate governance management is important for companies. Your business must follow the Companies Act of 2006, comply with all applicable laws and regulations, and keep meticulous records of all meetings, board member behavior, interactions with shareholders and stakeholders, and interactions with government authorities.
Here’s a closer look at why corporate secretarial services are relevant and why outsourcing them might be a good idea for your company.
A Corporate Secretary’s Importance
A company secretary’s responsibilities, in principle, include all required administrative tasks within the company. Their position, however, is divided into three areas: the board, the private sector, and the shareholders.
They must ensure that the appropriate documentation is distributed to board members before meetings and that board protocols are followed. The secretary is in charge of ensuring that the law conducts company operation. They’ll be the point of touch for shareholders with questions about corporate law.
They must be informed about company law, update and maintain registers in case of inspection, and prepare director reports and accounts because they are responsible for ensuring the company adheres to legal requirements.
The secretary will communicate with shareholders about share transactions and any questions they may have. They would be in charge of all pre-and post-board meeting preparation and paperwork, such as informing all directors of the meeting’s time, date, and location, 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 that required regulatory approval.
Why Should You Hire Someone to Do Your Company’s Secretarial Work?
Hiring a company to do company secretarial duties on your behalf can have many advantages for your company. Take into account the following benefits:
- They can easily handle your roles and duties: A company secretary is responsible for a large amount of paperwork, including attesting to all necessary documents, keeping track of company changes, and maintaining a stock and transition account book. You will ensure that you practice good business standards and meet your legal obligations by delegating these duties to a specialist.
- They have a lot of experience: You will benefit from the company’s expertise and experience. They will not only know the ins and outs of the systems, but they will also be able to deliver a service that is tailored to your company’s needs.
- Carry out responsibilities promptly: In the business world, time is one of the most important resources, and deadlines cannot be changed. You would never have to wait for anything to be done if you have a competent company by your side that uses the most innovative and time-saving techniques to complete its tasks.
- Spend less on training: You won’t have to spend money or time training a recruit to become a secretary if you outsource your company’s secretarial services because your outsourced professional would already have all of the requisite skills experience to complete the assigned tasks.
- Make use of the most up-to-date technologies: Company secretarial firms will have access to the most up-to-date technologies to use for your company. You will reap the benefits of this technology without having to spend money on installation and maintenance.
- Reduce the risk: To escape fines or even criminal charges, you must ensure that you follow all legal requirements. You can be assured that if you outsource your company’s secretarial services to a reputable firm, they can conduct their duties professionally and accurately, and you won’t have to worry about anything going wrong, lowering the risk of financial penalties.