We all understand that running a private limited company all by yourself can be exciting, but it also comes with a fair share of administrative burdens and management stress. While certain tasks, like filing annual accounts, cannot be ignored, you don’t have to work all alone on it. This is exactly where a company secretary can be a game-changer to give you a little breathing space in your flourishing business.
Why You Must Consider Hiring a Company Secretary?
The new company secretary won’t be any less than a personal guide of good corporate governance for your firm. There are no legal benefits you get to reap, but the benefits they bring are something to consider. At first, these candidates are legal and financial pro. Company secretaries have a broad knowledge of numerous company law, finance, as well as their best practices. This means ensuring your business stays in compliance with all the rules and regulations while dodging any legal hurdles like a pro.
Next, no one can beat a professional secretary in keeping and maintaining long records. Certificates, articles of association, and share certificates are among the important regulatory records that private businesses must keep track of. Maintaining these records is heavily time consuming for directors on board. A business secretary can be extremely helpful by taking the burden off your shoulders and helping by maintaining these records as well as easily accessible for a review when needed.
However, their skills and work management extend beyond just papers. Company secretaries commonly serve as a sounding board for directors, which offers very vital advice and navigating through all the work challenges for company growth. They are even capable enough to take on some part of the director’s responsibilities, which helps them to focus on significant company duties.
What does a company secretary do?
While there is no legally mentioned set of duties for a company secretary in a private business, however, several significant roles are mentioned below, so keep reading.
An Excellent Record Keeper.
They work to keep all vital records up to date and correctly stored, maintaining the registered office address in a good, working, and organised manner, which ensures that everything is always ready for public inspection if necessary.
Filing Pro.
Submitting important documents to Companies House, such as annual reports and confirmation statements. They also become responsible to reporting any changes takes place within the company, such as director appointments or modifications to the articles of association, and so on.
Organising Meetings.
Organising board meetings, circulating agendas ahead of time, taking careful minutes during meetings, and ensuring that everything runs smoothly and in accordance with all the set regulations. This may also apply to annual general meetings happening in the company.
Additional support.
It applies specifically to small business as those company secretaries frequently juggle multiple responsibilities. They may manage payroll, VAT registration (if relevant), insurance, pensions, and even health and safety issues in the company. They have ability to wear multiple hats in one go to keep things running smoothly.
The most important skills for a company secretary.
So you’ve understood that having a corporate secretary is a smart idea. Now, what skills should you look for in this very responsible position? Here are some important skills that you should keenly check for.
Expertise In Legal Matters.
A thorough understanding of company law is very essential to manage the difficulty of corporate governance.
Financially Skilled.
Financial compliance is important. Your secretary needs to understand financial regulations and reporting standards as per the company.
Good At Communication.
This is very basic yet crucial. Clear and absolute communication is so important for efficient operations at a workplace. Your new professional secretary should be able to convey things clearly to the staff and clients.
Final Takeaway. Hiring a company secretary has to be one of the wise moves for your private limited company, especially when your growth is at its peak. They can be your legal guide, angel, record keeper, administrative expert, or even a business partner, and whatnot. Their presence by your side will help you focus on what is most important, i.e. running a successful business by lifting the burden off your shoulders. If you are thinking about hiring a secretary, invest in professional development. Look for reliable secretary courses, such as those offered by LBTC.
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