For some business entrepreneurs the word ‘compliance’ causes shivers down their spine and a lot of headaches. ‘It’s such a time-consuming job and I have to focus on bringing new customers to the business! I cannot spend my time doing so much paperwork!’, they often shout in despair.
Directors of large organisations have a slightly different problem: ‘Is my company fully compliant with the latest laws? What if my financial director is too busy that he or she turns a blind eye to legal issues’, or, ‘Does business compliance cost me too much?’.
The problem is that every company, large or small, private or public, must comply with the Companies Acts and file relevant documents with Companies House by fixed deadlines. Failure to do so might result in financial penalties and possibly more serious legal consequences for the company.
So what’s the solution?
The easiest and usually most cost-effective way to ensure that your business complies with the law, and to enable the directors to concentrate on pursuing the company’s strategic aims, is to appoint an experienced company secretary to manage the compliance matters.
Outsourcing this function to company secretarial specialists brings further benefits, such as:
What does a company secretary actually do?
A company secretary, known as a corporate secretary in the United States, is a senior role in a private or public organisation, responsible for company’s compliance, governance and liaison with regulatory bodies, such as Companies House. A company secretary often acts as a chief administrative officer enabling the company directors to concentrate on core company functions and running the business.
Responsibilities of company secretaries vary depending on the size of the company and complexity of its operations. Typically, a company secretary in a private limited company:
You will notice benefits of having a company secretary dedicated to managing your compliance matters really soon. Outsourced specialists will provide even more advantage to your business in the current hard times.