These days almost every form of business including companies, partnerships, and sole proprietorships needs to observe the rules of the Accounting and Corporate Regulatory Authority. The ACRA has modified the rules and extended especially those who pertain to the organization’s filing needs and also director’s responsibilities. Such requirements are not easy because it requires in-depth attention in all aspects; no wonder the majority of the companies look for a company secretary who can help them. Considering the strict rules of the ACRA every company considers specific factors while hiring the services of a company secretary.
Tips to Consider
While hiring a company secretary, you need to consider a few points.
Extensive Understanding, Knowledge, and Experience– First and foremost, you need to hire a company secretary who has a thorough understanding, knowledge, and experience of the most recent compliance needs and statutory corporate governance. Always ensure to choose a secretary who can provide the specialized, effective and efficient care of routine and extraordinary company matters including liquidation, dissolution, corporate governance, company secretarial advice, ongoing maintenance, restructuring, and incorporation.
Full Advice- Always choose a company secretary who can help your company in submitting applications when it comes to its name approval online with the help of BizFile. Besides they should be capable of giving advice and assisting you to transfer a partnership/sole proprietor business to private limited companies. They should also be capable of helping your company to file and prepare documents required for registering your branch online with the help of BizFile.
Act as an Agent- Choose a company secretary who will act as a secretarial agent that will perform tasks associated to the compliance obligation of your companies’ branch, cessation of branches, liquidation of branches and yearly accounts filing. For best results get in touch with a company that offers professional secretarial services such as Acrafile.
Handle Yearly Compliance Matters- While hiring the services of a company secretary; it is quite likely that you will expect the secretary to act as a professional corporate secretarial agent who can help your company in the yearly compliance matters and also non-routine corporate matters. So, when you hire a company secretary to ensure that he offers the following services namely,
1.Attend and record the minutes both of the board meetings and shareholders
2.Prepare shareholders resolutions and board resolutions
3.Update and advice your company regarding compliance with Companies Act & also list the requirement mandated via the respective Exchanges.
4.File annual returns & audited accounts
5.Maintain the statutory records of your company
6.Amends of the structure of the share capital
7.Transfer of shares
8.Change of auditors, company secretaries, directors, and managers
9.Change of company office’s registered address
10.The opening of bank accounts & change of bank signatories
11.Change of the company name
12.Modify the Articles of Association and Memorandum
Other Services- Apart from those mentioned above, a company secretary should also help you with other services as well. He or she should help your company to prepare and file documents for registering a business name or LLP, appointing the manager, change registered particulars, terminate registration, renew the Certification of Registration when it comes to your business name, yearly declaration and accounts for LLP. Besides, the secretary should also help your company to prepare and file documents for setting up the Representative Office that also includes renewal of registration. Not only this but a company secretary’s service list should also include to help your company to prepare and file documents for applying for the company name in getting removed from the Register should your company meets specific criteria.
Most importantly the secretary should be capable of helping your company to file and prepare documents for winding up the business with the help of Members’ Voluntary Liquidation. He should be capable of receiving emails on behalf of your company when your company uses its address as that of the registered office address of your company. A company secretary should also be capable of offering a nominee director to your company. On behalf of your company, he should be capable of procuring information required from the ACRA as well as commercial agencies such as business activities, credit rating, shareholders, directors and credit bureaus.
The Real Problem Solver
It will not be wrong in tagging a corporate secretary as a “problem solver.” After all, he will be given the task to help your company to comply with pertinent regulation like Future Ordinance, Security, Listing Rules, and Compliance Ordinance amid others. Often a company may introduce a new product or service or change the direction of the business which may be impacted by such ever-changing regulations. It is the responsibility of a company secretary in ensuring that the organization remains compliant. Regurgitating all the laws and rules at a board meeting is not enough. A director will need commercially sound solutions and advice. Besides, in this ever-growing corporate governance, the phrase prevention is better than cure very well fits here. A company secretary must devise risk-management solutions, strategies, and protocols in ensuring the business operate under the standard procedure.
A Brief on the Duties
Take a look at some of the vital duties that a company secretary offers,
Offer general advice related to the secretarial practice of a company
Prepare the Articles of Association and Memorandum of the company
Maintain and update the Statutory Registers and Minute Books
Annual Return Filing
File changes in shareholders, capital, and share directors
Provision for registered office address
Striking off or de-registration of a company
Prepare a meeting agenda or other vital documents as per the instruction of the client
No matter your company is a start-up or an established one, hiring the service of a company secretary will help you a great deal. So, feel free to contact a professional company secretary at the earliest. The role of a company secretary is exceptionally crucial as failure to abide by laws, and regulatory needs can take a toll on your company. The truth is there are administrative and statutory duties associated with being a company secretary. Given that you being a business owner will require energy and time to pay attention to the core business activities it is best to relegate such duties in being taken care of by a company secretary.