In the contemporary corporate world, the role of a company secretary has evolved. They are not merely responsible for administrative tasks at a company but play a crucial role in keeping it compliant with the frequently changing regulations. Choosing the right company secretarial services provider can help save a lot of money for businesses, regardless of the industry. Effective corporate governance is a prerequisite for conducting business activities smoothly. However, the growing complexities demand professional guidance on critical matters. Read on to learn more about how company secretaries play a crucial role in the success of any business.
Responsibilities of a company secretary
A company secretary wears many hats, depending on the capacity they are working at. The primary responsibility of all company secretaries is to handle vital administrative functions such as preparation and filing of annual returns, filing statutory returns with local authorities, ensure compliance with all applicable laws and regulations. Company secretarial services also help in the formation of the right corporate structure. Other duties of a company secretary include offering guidance and suggestions to company directors on critical matters, representing the organisation before different regulators in meetings, assisting the board members in company affairs, etc.
How to choose the right service provider?
Choosing the right company secretarial service provider is not an easy task. It requires thoughtful deliberation over crucial factors affecting a company’s functioning. Here are some essential tips to follow while choosing company secretarial services for your business.Â
- Registered service provider
When choosing a company secretarial service provider, the first thing to look for is their license and qualifications. Are they legally eligible to offer company secretarial services? It is an important question to ask while choosing a service provider. You must check their license and records to find if they are registered with the authorities.
- Who will be handling your case?
Large company secretary service providers employ numerous professionals to handle their client’s work. It is essential to know who will be handling the work for your company. It is essential to discuss the needs of your business and ensure that they are qualified to handle the case. You must clearly specify their roles and responsibilities to avoid confusion and objections later!
- Punctuality
Compliance related matters are highly time-sensitive, and you must be mindful of this factor before hiring a service provider. The company secretary is responsible for monitoring necessary filing due dates. They are also responsible for making the filing on behalf of your company. Not abiding by the due dates provided by authorities can lead to severe legal and financial penalties. Therefore, it is crucial to hire a reliable service provider that can guarantee timeliness.
- Services offered
Always choose an experienced service provider that can offer a wide range of company secretarial services. You will have the flexibility to opt for additional services as the business operations expand. On the contrary, you might have to change the service provider in case they don’t offer other services needed.
- Service charges
It is one of the most crucial considerations, especially for new businesses with limited funds. You must aim to find a service provider that fits the company’s budget. However, it should not be the only consideration for choosing a company secretary. It is wise to compare the benefits of the offered services against the cost to make the right decision.
Benefits of company secretarial services
Corporate governance is vital to succeed and prosper in the contemporary corporate scenario. Choosing the right company secretarial services has tons of benefits and can save a lot of resources for a business. Let’s take a quick look into some major benefits company secretarial services offer.
- Choosing the right business structure
There are different types of business structures, and all have their pros and cons. Choosing the right business structure requires vividly understanding the needs and objectives of an organisation. A company secretary has a comprehensive understanding of the benefits and drawbacks of different structures. As a result, they can easily offer the right guidance, which can help advance the objectives of a business.
- Effective compliance
The growing complexities in the compliance world make it harder to do business. A company secretary possesses the right skills and knowledge to help a business navigate through the complexities. They ensure that the company complies with all applicable laws and regulations.
