Lack of specialists in the field of corporate law, narrow specialization, the specifics of the functions of the corporate secretary, the degree of their importance and severe administrative responsibility – this is an incomplete list of reasons why a society, even if there is a legal department in its structure, should hire best company secretary service.
The corporate secretary service has recently become a part of top management. This specialist is the focal point for shareholders, investors and managing managers.
The scope of the service includes:
- Preparation of documents and (or) holding general meetings of shareholders / participants, meetings of the Board of Directors.
- Improvement of the system of distribution and control of powers of the management bodies of the organization.
- Consulting on corporate law and management issues.
- Checking the legality of the actions of the governing bodies.
- Pre-trial settlement of corporate conflicts (between participants / shareholders and the Company or between participants / shareholders.
- Establishing control over transactions, protecting company assets.
Two Essential Roles of Corporate Secretary Services
- Mandatory decisions of the company’s management bodies
The management bodies of companies carry out their functions through the adoption of appropriate decisions.
The adoption of some decisions is obligatory in accordance with the law, such decisions must be made in compliance with the rules stipulated by the legislation and the constituent documents. For example, shareholders’ meetings must decide on the distribution of profits, approval of major transactions or related-party transactions, etc.
The features of the decision-making procedure depend on the organizational and legal form of the legal entity, approved internal procedures, the structure of management bodies and their powers. Violation of the rules stipulated by law and constituent documents, when making decisions by the company’s management bodies, may result in the impossibility of executing such decisions and the corresponding financial and legal risks. For violation of some rules of decision-making by governing bodies, administrative responsibility is provided by corporate secretarial service.
A lot of people prefer company secretary service after hiring Singapore incorporation service by professional experts. The incorporation service helps in registering a firm as per Singapore laws and regulations.
- Mandatory notifications
Certain decisions by the company’s governing bodies require subsequent notification to government authorities of such decisions. For example, the appointment of a new CEO of a company must be registered with the tax office, and such a CEO can only act on behalf of the company to third parties after state registration of his appointment.
Compliance with all formalities established by law for decision-making and mandatory notifications requires the involvement of administrative resources and is often burdensome for business. On the other hand, non-compliance with such procedures may entail unwanted legal and financial risks.
Best company secretary service helps its clients comply with decision-making procedures, rules for notification of state authorities and state registration. The experts also advise shareholders, board members and company executives on their rights and responsibilities when making business management decisions.
Applying for the service of the corporate secretary allows Clients to:
- reduce the cost of project implementation due to the absence of the need to pay salaries to an employee (who does not always meet professional requirements);
- protect property rights with correctly drawn up documents;
- increase the investment attractiveness of the company;
- Achieve a reduction in the time it takes to complete tasks thanks to the experience of consultants and the use of specialized equipment, including software.
The corporate secretary provided by the best company secretary service performs many tasks that are not always possible to delegate to a full-time employee. This service is an opportunity to streamline and facilitate the work of the company’s management bodies.
Advantages of secretarial company service providers:
- The corporate secretary of the joint-stock company, has not only legal education, but also specialized additional education in the field of capital markets.
- rich experience in the field of corporate law;
- a close-knit team of specialists with the proper level of qualifications;
- Focus on long-term cooperation.