If you want your business to grow well over time, you need to incorporate different individuals with expertise in their various fields. A business is more than the services it provides. It wholly relies on the people who dedicate their day-to-day lives to making things happen.
One of the most important individuals your business must have is a company secretary. Company secretaries help streamline a business’s processes to ensure compliance with all legal and statutory requirements. They also help smooth the everyday operations of a business, especially in terms of corporate governance.
Are you wondering why you should add another individual to your business’s payroll? Let’s have a look at who is a company secretary and some reasons why hiring a company secretary for your business would be the best decision you make!
Who Is A Company Secretary?
When many people hear the term secretary, they think of the individual who sits by the office of an employee in a company to book appointments and maintain their diary. This is different from a company secretary. A company secretary is one of the most high-ranking individuals in any corporate organization who is majorly involved in maintaining a business’s legal and regulatory processes.
In most jurisdictions around the world, company secretaries are regulated by a professional body. Thus, a company secretary would need to undergo professional training to be licensed as one. The general expertise of a company secretary involves aspects of law, corporate governance, and financial services.
Why Do You Need To Hire One For Your Business?
Adding a new employee to a business is always an expensive venture. That is why you should always justify every new employee you want to hire.
Here are some of the benefits you stand to gain from hiring a company secretary:
1. Maintaining Compliance With Legal And Regulatory Requirements
Business practices are highly regulated by law and statutes in different countries. In fact, some countries have different legal requirements within the country based on municipalities, counties, or states.
Getting an expert well-versed in the law and regulations can help your company comply with all these requirements and avoid conflict with the law. You might be interested to know that in some jurisdictions like Singapore, the law can also mandate you to hire a company secretary.
2. Corporate Governance Needs
A company secretary can help your business attain the highest level of corporate governance. Corporate governance involves all the considerations surrounding a business’s decisions in its day-to-day activities. These include ethical decisions, policies within the organization, and other structural and organizational decisions.
While these decisions do not necessarily affect the legal compliance of the business, they might break or make the business in the long term. Hiring a company secretary will help your business make the right decisions for long-term planning. Through proper corporate governance, your business will be more transparent and accountable and attract more investment opportunities.
3. Communication With Stakeholders
Company secretaries handle most of the communication between the management of the organization and other stakeholders. For example, a company secretary would be responsible for issuing periodic financial statements and briefings to the board members and shareholders.
Additionally, since the company secretary is the legal face of an organization, the individual would be responsible for communicating with the government and the general public on the business’s decisions.
4. Professional Advice On Organizational Needs
The needs of any business or organization are constantly changing. Businesses might need to alter their processes to reflect changes in market requirements or new laws affecting the market. A company secretary has the expertise to offer the best advice to your business.
The insight the company secretary provides will allow you to alter or modify any business practices to ensure that they comply with the law and enhance profitability. Investing in a company secretary certainly pays itself off in the long run.
5. Risk Management
Company secretaries can help businesses avoid any risky situations. A company secretary constantly monitors every activity that the business undertakes. By keeping track of these activities, a company secretary would be able to identify any action that might expose the company to sanctions or fines.
The company secretary monitors the business for activities that might cause reputational damage. Doing so prepares the business to mitigate risks and maintain its reputation in the market.
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6. Efficient Company Administration
The general responsibilities of a company secretary help ensure that the company or business runs effectively. Company secretaries typically manage the records of a business to facilitate effective administration. This means that the company secretary will have a general outlook of what goes on in the business and know what needs to be done to direct the business in the right direction. This ultimately ensures that the business is well managed.
Getting a company secretary for your business can be one of the best decisions ever. The company secretary helps your business comply with all the laws that affect your practice and ensures that the business avoids any damage to its reputation while maintaining profitability.
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Company secretaries are professionals and experts in their fields. This might mean that you would have to pay them considerably well because of the value they bring to the organization. Getting a company secretary is certainly an investment in your efficiency and might help your business earn even more over time.
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