Using a company secretarial service can put businesses of all sizes at a distinct advantage. Not only do they save on time but they also provide expertise when it’s needed most and can advise on all aspects of business management. So what are the top tips on using them?
- Firstly, a company secretarial service can provide valuable guidance to a company’s chairman and/or board of directors as regards their legal and statutory responsibilities under the Companies Act 2006. They should also be able to ensure that all board meetings are properly conducted and correctly documented, ensuring further follow-up’s as required.
- A good service will also ensure that all company communications are properly managed (whether internal or external). This might include, for example, the effective distribution of minutes and agendas, or other essential news such as company updates, current or future legislative changes and internal staff movement.
- Since shareholders are fundamental to any business, you should expect the service to maintain active contact with them and feedback any views or feedback in a timely and professional manner. Every business needs to be informed on their shareholder activity and this particular function should never be underestimated.
- All legal and statutory requirements should also be kept up-to-date – ideally acting on more of a ‘proactive’ than ‘reactive’ basis. This type of information is crucial for directors and/or the company secretary to keep abreast of pending developments and, where necessary, develop policies and strategies to properly embrace or adopt them.
- From a more administrative point of view, a good service will also manage the day-to-day running of the company – whether that be maintaining updated contact details, taking minutes, arranging meetings or prompting associated follow ups.
- In some cases, company secretarial services will also extend their remit to cover issues such as human resources, insurance policies, pension administration and even facility management. This might include, for example, dealing with any rent reviews or negotiating new leases.
- Always be sure that the company secretarial service are fully committed to compliance! This might include, for example, the maintenance of company registers and filing of documents with Companies House. Where possible, they should also deal with the company’s accountant to ensure that financial affairs are properly conducted and that any issues are identified prior to any statutory deadlines.
- A good support company should also be able to manage any special projects such as reorganisations, restructures, amendments to Articles of Association, reduction of share capital, re-designation, consolidation and redemption of shares, allotment of shares, purchase of own shares and subdivision etc.
Of course, when it comes to secretarial requirements each business is quite unique and will have very different needs which will depend on various factors such as size, budget and expertise etc. The crucial thing to remember when choosing a company secretarial service is whether they can grow with the business, provide continued support and above all else, deliver on time. Given the right partnership businesses can concentrate on what they do best and simply leave the administration side to the specialists.