A company secretary is entrusted with general company administration and managing the affairs of the board. We continue witnessing an increase in the responsibilities of the board, this increase comes with a proportional increase in the scope of work and skills of a company secretary service. The company relies on the secretary to provide governance and advice. Most companies prefer hiring professional companies to manage the affairs of a company secretary than employing a full-time secretary.
Advantages of outsourcing company secretarial services
One of the most significant benefits of outsourcing a company secretary service is that you are sure of meeting deadlines because the professional usually undergo proper training. A professional secretary knows when there is a change in legislation and protects the business from litigation.
Offering tailored experience for every client
The business operates differently, and operations of the company require an experienced person to handle them. A company can obtain a tailor-made company secretary service from a professional secretary since they deal with many firms, which gives them a lot of exposure.
Providing a host of services
Outsourcing a secretary can help you with other services like company registration and filing your annual returns.
The following are the duties of a company secretary and business cannot risk operating without the company secretary service.
The company secretary ensures compliance with the firm’s memorandum and articles of association, which are the governing documents. The secretary is also the company advisor on all statutory and compliance matters.
2.Management of share registry
The secretary ensures that
all matters relating to share capital adhere to the company articles of association and also the company act. The company secretary is responsible for the issuance of share certificate.
3.Filing annual returns
The secretary is responsible for the filing of the company’s yearly returns to the registrar of companies offices.
4.Documenting other company changes
The company secretary documents on a timely basis any changes in the company apart from share capital changes. The changes that the secretary documents include hiring or removing directors, changes in physical location or address of the company registered office, and change company auditors or secretary where applicable.
5.Custodian of company seal and secretarial documents
The secretary acts as the custodian of the company seal and ensures the seal only executes company transactions in line with the articles of association. The secretary is also the custodian of secretarial documents.
6.Maintenance and preparation of statutory registers
The secretary maintains the following logs on behalf of the company;
- The board of directors register
- The register of members of the company
- The share certificate register
- The share transfer register
- The share
- . allotment register
The secretary is the chief planner of the annual general meeting according to the company articles of association and in compliance with the company act. The secretary takes minutes during the annual public meeting and prepares the agenda for discussion during the session.
8.Board recruitment, placement, and induction
The company secretary service comes in handy when recruiting a new director. The secretary identifies the criteria applicable during the hiring of a new director. The secretary, in collaboration with the board of directors, shortlists and appoints a new director to fill a vacant position. The duties of a company secretary are not complete without performing induction to a newly appointed director