Why do companies need company secretaries?
A Statutory Position
- Under the Companies Act, a Company Secretary is one of the company's Officers
- Every company is required to appoint a Company Secretary in accordance with the law
Legal Responsibilities
- A Company Secretary holds a high-responsibility and high-risk professional position
- Failure to comply with legal requirements may result in penalties or legal consequences
Ensuring Corporate Compliance
- Ensures the accuracy and validity of company documents
- Ensures the company operates in accordance with its Constitution and the Companies Act
- Assists the company in fulfilling its statutory obligations and filing requirements
Verification of Company Documents
- Banks, lawyers, and government agencies often require documents to be certified
- A Company Secretary may perform CTC (Certified True Copy) certification
- To verify the authenticity and accuracy of company documents and information
Professional Qualification Requirement
- A Company Secretary must be a qualified and licensed professional
- He or she must meet the requirements set by the relevant regulatory authorities
Continuous Professional Development
- To maintain their practising licence
- Company Secretaries are required to attend professional training and continuing education programmes
- Costs related to training, licence renewal, and professional memberships
- Are among the reasons why company secretarial services involve professional fees
Summary
- A Company Secretary does more than manage paperwork
- They help ensure the company remains legally compliant
- And play a vital role in corporate governance and statutory compliance matters