The definition of company secretarial is the practice of providing administrative, management, and legal services to organizations. Company secretarial services are provided by professionals who specialize in the area, such as company secretaries or corporate lawyers.
Company secretaries play an important role in helping businesses comply with their legal obligations while ensuring that all key decisions taken by the business are made properly within the confines of applicable law. They can help businesses stay compliant with existing regulations while also making sure that any future changes are made according to applicable laws. This helps protect businesses from potential liabilities.
The typical Duties of a Company Secretary
They arere important figures within a business, and their job involves a variety of tasks that help to ensure the efficient operation of the business. A company secretarial in Malaysia is typically responsible for maintaining records, making sure that all legal requirements are met, and providing advice on matters related to corporate governance. Here are some of the typical duties of a company secretary:
Maintaining Records: The company secretary is responsible for maintaining all corporate records such as minutes from board meetings, resolutions passed by shareholders, financial statements, registers of members and directors, etc. This ensures that the records are up-to-date and accurate at all times which will be useful if there’s ever any legal action taken against the company or its directors.
Preparing Documents: The company secretary must also prepare documents needed for various transactions such as applications for shares or loans, registration forms with regulatory authorities like Companies House or other government bodies, etc. They must also ensure that these documents comply with relevant legislation and regulations in order to avoid any penalties or fines imposed on the business due to non-compliance issues.
Benefits of Having a Company Secretary
A company secretary is an important role in any business, regardless of size. They are responsible for ensuring that the company complies with all legal and regulatory obligations and provides administrative support to the board of directors. Having a competent and qualified company secretary is essential for any business, as they offer numerous benefits which can help your organization succeed.
The most obvious benefit is that a company secretary helps keep the organization compliant with laws, regulations, and corporate governance requirements. As these regulations change regularly, it’s important to have someone who understands all of this so you can stay up to date on everything relevant to your business. Company secretaries also make sure documents such as annual reports, financial statements, and other official filings are submitted on time so there are no penalties or fines associated with late submissions.
Having a company secretary also ensures a smooth transition when changes occur within the board of directors or management team. When new members come in, they can be briefed quickly by the existing team members supported by their experienced colleagues in the form of a ‘mentoring’ system between them. This reduces the disruption caused by personnel changes as everyone is always kept up-to-date on what’s expected from them at any given moment in time.
Conclusion
In conclusion, company secretarial is an essential part of any successful business. It is responsible for ensuring that companies are compliant with the relevant regulations and laws, and also provides important support to keep businesses running smoothly. Company secretaries have a great responsibility to ensure that all aspects of the business meet statutory obligations. This ultimately helps businesses remain profitable while avoiding potential legal issues.