Company Secretary Services in the United Kingdom
3E Accounting offers a quick read on company secretary services in the UK and why your business needs this role filled.
A huge concern for most companies in the United Kingdom is complying with regulations and carrying out all essential administrative duties. Section 270 of the Companies Act 2006 specifically requires a director or authorised person to carry out these tasks. However, directors already have their hands full with the daily management and operations of a business. The next best solution is to assign or outsource these tasks. One of the best ways to ensure that your company adheres to compliance is to engage company secretary services in the UK.
An Officer of the Company
Corporate governance is the cornerstone of good business practice as it regulates and reduces improprieties in the commercial arena. As your business grows larger, so too do the complexities of running and managing it.
Company secretaries are considered officers of a company. They perform the crucial function of ensuring that the administration of a company runs smoothly. Company secretaries are usually engaged to assist directors, especially with corporate governance and compliance matters, including maintaining statutory accounts.
A company secretary can be hired by the company as soon as it is incorporated. Details of the company secretary must be registered with the Companies House and are made publicly available. Any changes, such as subsequent appointments and removals, must also be updated in the statutory register of secretaries.
Unlike public limited companies, it is no longer mandatory for private limited companies to engage company secretaries in the UK. However, most limited companies do hire the services of one as the job they perform is a crucial one. Any failure to adhere to compliance issues or lapsing in maintaining statutory accounts can result in stiff fines.
Due to the highly complex and demanding nature of their positions, company secretaries are usually highly qualified professionals such as accountants. UK law also prohibits undischarged bankrupts and disqualified directors from holding the role of a company secretary. While company secretaries can be directors, they are not permitted to function as a company’s auditor as well.
Company secretaries usually perform the following functions, amongst others:
- Act as a signatory on legal documents on behalf of directors such as signing legal documents, etc.
- Maintain and update the company register.
- Update all filings with the Companies House and HMRC.
- File annual statements, tax returns and other statutory returns.
- Comply with all statutory and financial requirements.
- Advise the company’s board of directors on strategic issues where relevant.
- Communicate with shareholders with regards to all areas of shareholding.
- Manage directors’ and shareholders’ meetings, administration, etc.
- Handle payroll, VAT, etc.
To learn more about the range of available company secretary services in the UK, Contact 3E Accounting today and speak to any one of our specialists. 3E Accounting has many years of global industry experience, especially in company formation and regulatory compliance. We offer customisable solutions for the best in business management and governance. Call us today to find out more about our company secretarial services.