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A company secretary is an officer appointed by the directors of a company whose company secretarial services ensure that the firm’s legal obligations under corporate legislation are complied with. The company secretary has a key role to play in ensuring that board procedures are both followed and regularly reviewed. A company secretary is mainly responsible for the efficient administration of a company. The responsibilities of a company secretary can encompass all areas of a company’s activities. There activities are usually divided into three main categories: • Board – The company secretary should ensure that proper board procedures are in place. This includes providing practical support and guidance as well as monitoring and making improvements to the company’s corporate governance polices. • Company – The company secretary should ensure that the company is compliant with relevant legislation and codes of conduct specific to the business activities of the company and provide the necessary information and data to the board and senior executives. • Shareholders – The company secretary is usually the primary point of contact for shareholders. The company secretary will usually arrange and distribute the notice for meetings to shareholder, as well. There are a number of benefits of appointing a company secretary while registering a company. Since the company secretary is usually the primary point of contact for shareholders and other external stakeholders, they generally tend to have a range of useful contacts. As a result, they will be able to contact experienced and efficient Tax Accountants and Chartered Accountants when technical assistance in these areas is required. They can even provide managerial advice to the directors on various tax and accounts matters. It is usually necessary to establish a relationship with a business accountant during the company formation process because the new company will have to consider a number of important matters to ensure that it complies with administrative requirements, legal and practical issues and obligations. The company secretary usually helps the director find the right business accountant and consultant. As the secretary is an officer of the company, they are usually liable for defaults committed by the company. It is possible to remove or resign from being a company secretary whilst the employment of the individual continues with the company. However, in most cases both roles are terminated together. In a private limited company sometimes the director takes up the responsibility of the company secretary if he is confident enough to undertake the duty or the director appoints a company secretary only for secretarial services. In a public limited company it is mandatory under the Companies Act 2006 that a suitably qualified company secretary is appointed. Although it is not necessary to have a company secretary in a private company, it is usually advisable to appoint one to ensure that all company secretarial matters are dealt with correctly. Some companies may wish to appoint one or more joint company secretaries. Various companies in London provide company secretarial services. Wisteria Chartered Accountants, Tax and Business Advisers provide a variety of services for companies and individuals. For company secretarial services, accounts or tax advice, information on our services or details on setting up a company if you are a non-UK resident, please contact us on 0208 952 0140 or email [email protected].
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