The Beginner’s Guide To Choose Right Company Secretary
If you are reading this article, I am sure you are looking for the right Company Secretary for your company. However, is this the first time you are looking for a company secretary? If it is yes, then, do not be afraid.
This article will not only help you to understand why a Company Secretary is needed but it will also show you the role of a company secretary and what parameters you should have in mind before hiring one!
You cannot fill this role.
When you start a business, you aspire to keep everything in-house. Starting from marketing, accounting, market research, etc., you always wanted to keep things in-house and micromanage every little aspect of these things. But, if you are thinking you are the perfect person to take this role up, you need to reconsider.
At first, you will need the right credentials and qualifications to fill the role as certain countries demand it as a mandate. You will also have to know the various roles of a Company Secretary.
It is a very important role in the business.
As it was mentioned earlier, a Company Secretary is a very important person in the company and they fill a lot of important roles in the business. Some of the most important ones are listed below:
Apart from being tasked with the maintenance of the registered office, the Company Secretary is usually the representative of the company in front of the Accounting and Corporate Regulatory Authority (ACRA), Singapore.
They are responsible for all kinds of communication between ACRA and the company, and also have the legal rights to call for the Annual General Meeting (AGM) and the Extraordinary General Meeting (EGM).
They are also entitled to preparing the minutes of the meeting, filing all mandatory documents for the same, and maintaining a copy of all vital documentation at the registered office at all times.
This is not where it all ends. The Company Secretary also acts as the legal compliance officer of the company and they are entrusted with the task of ensuring the company being legally compliant and the directors are also well-informed about the same. They can also advise the company on legal matters.
The company secretary also plays the role of acting as a major conductor between the shareholders of the company and the company. They are entrusted with the most important job of keeping the shareholders updated about the decisions taken by the directors of the company and whether it is legal or not.
What are they capable of?
One thing, which you should be very intuitive and vocal about is to understand whether the company secretary is capable of handling the affairs of your company. There are certain company secretaries, who usually specialize in certain businesses, only.
Hence, it is important for you to make sure you find the right fit for the puzzle and not a square peg in a round hole. You will have to explain your business well to them and check whether you can find similar portfolios in their previous employment. This will help you a lot as the person will already be well acquainted with the way you do business.
The thought process has to sync.
They know your business well but that’s not enough. Your vision must also align with it to ensure maximum return. If you do not have sync with your Company Secretary, things may not work in your favor.
It’s very much like the tale of the Captain and the First Officer on a ship, which has a lot of ice-bergs on their way, however, if their vision is the same, they will easily evade them all. Make sure you lay down your vision about the business in the most effective way.
Are there any hidden costs?
With the professionals, one thing that is of utmost importance is the knowledge of terms and conditions. When you are discussing the commercials and retainers, ensure you know what you are getting into, what all services would be covered in it, and if there are any variable components to the yearly fees.
I guess these pointers are enough and self-sufficient to understand the things you should be evaluating before hiring a company secretary. So, what are you waiting for? Start pulling in some resumes and fill in that vacant spot in your company.