News, Culture & Society

What are Corporate Secretarial Services?

Corporate secretarial services are not just about filing and correspondence anymore. They have evolved to include statutory issues and legal requirements that form the basis of any company. These services marry geographical and administrative aspects of your company to ensure adherence to statutory rules and regulations.

These secretarial services make up the framework behind compliance no matter the type of company you are running. Are you looking to outsource corporate secretarial services for your company? Here are a few benefits you can derive from our top-notch solutions.

Company Law

There are statutory requirements that place certain obligations on different companies, their directors, and all shareholders. Every company is required to abide by these mandatory obligations irrespective of whether you are a public or private company. Failure to adhere to these statutory requirements can lead to hefty amounts paid towards fines.

Modernized secretarial services include cloud-based legal solutions that are remotely accessible and very secure. This way, you can get custom-made solutions that fit your company’s requirements. Different decisions such as issuing new shares and declaring dividends also require the direction of a professional with legal experience. Lack of proper guidance can render certain decisions by the directors invalid or, worse still, illegal.

Ownership

The register of members is the only valid record of the individuals who own a company and their respective share percentages. Reliable secretarial services ensure that your register of members is properly formulated with the following information:

  • Names of each member or shareholder
  • Their contact addresses
  • Different types of shares and the number held by each shareholder
  • The agreed amount to be paid on every share
  • Specific dates when each shareholder joined the company
  • Specific dates when each shareholder terminated company membership

Since some shareholders insist on inspecting members’ registers, you want to ensure it is as professional as possible. Inaccuracies or blatant errors could turn away shareholders or demean the management of your company.

Company Records

Maintaining records about your company and how it is managed is essential for compliance and transparency. These include the company’s share register, financial records, and meetings, among others. Other vital company records include:

  • Records of the company’s assets and liabilities
  • Financial statement copies
  • Records of certificates issued by the directors
  • Company resolutions
  • Written communications and emails with shareholders
  • Minutes of committee and board meetings

If you want to draft a constitution for your company, secretarial services are an excellent way to do it professionally. It is also essential to keep a copy of the constitution at your company’s office for whoever needs to look through it.

Corporate Governance

Corporate governance represents the processes, practices, and rules that determine your company’s management. It involves aligning the interests of the shareholders, customers, management, financiers, suppliers, community, and the government. Secretarial services facilitate healthy corporate governance practices, ensuring a good company reputation. A company secretary streamlines the following aspects:

  • Ensure the board of directors is constituted properly with women and youth representation
  • Make sure the board of directors’ code of conduct is disclosed in the company’s annual report.
  • Act as the secretary for the audit, stakeholders’ grievances, risk management, remuneration, and any such committees
  • Ensure that the company complies with the statutory and listing regulations

Advisory Responsibility

Secretarial services offer necessary advice to the company on compliance or ways to improve the company’s functionality. They also come in handy when choosing experienced talent to incorporate into the company’s workforce.

Reliable Services

A company worth its name ought to seek professional secretarial services to handle all their administrative needs. This way, you can rest assured that all documents are accurately filed and according to the law. Compliance problems often affect new and growing companies, derailing their progress with massive fines and sanctions. You can avoid such inconveniences by hiring a dedicated company secretary.

Additional Secretarial Services

  • Preparing Annual General Meeting (AGM) documents and filing annual returns with the necessary authorities
  • Assisting auditors to review the company’s secretarial records annually
  • Share registration
  • Addressing requests and queries on matters affecting company shareholders
  • Preparing and maintaining records for shareholders and directors’ meetings
  • Organizing the publication and distribution of accounts, interim statements, and the company’s annual report
  • Payment of dividends and interest

Company secretaries are trained and experienced in ensuring that a company runs smoothly. Whether you need professional advice on how to go about certain decisions or help to comply with statutory regulations, you can count on them to deliver. Secretarial services are also an excellent way to improve your company.