A corporate/company secretarial firm helps organizations to comply with all the rules and regulations under Corporate Laws applicable to them and protects/indemnified against the penal consequences mentioned on non-compliance. Company secretarial services also include ensuring the organization is up-to-date with Secretarial compliance requirements. Thus, making sure that all the secretarial matters related to the organization is handled efficiently and adequately.
Apart from the penal consequences mentioned under the Corporate Law also affects the reputation of an organization,
For Corporates reputation, goodwill means everything when it comes to businesses as it indicates trustworthiness. Similarly, if your organization faces any Secretarial compliance issues, it will also put your organization at risk of losing out on valuable business.
Now that you know what is a company secretarial services are, but before knowing how to choose one for your business, it is essential to understand the responsibilities of the company secretary, which includes:
One of the critical functions performed by a company secretary is to offer comprehensive advice to organizations. As mentioned earlier, the people who perform corporate secretarial services are armed with a broad scope of knowledge related to Secretarial and Legal compliance.
Hence, making them better placed to guide organizations. Responsibilities of the Company secretary
Administration is one of the Primary functions of the corporate secretarial services, and it has a broad scope. As administrators, corporate secretaries have to ensure that their clients comply with all submissions and regulations as per Indian Company/Corporate Law.
At times, people assume that corporate secretarial services involve general handling of the company and answering phone calls because the term secretary is present in their titles. However, this is not the case at all as the secretary here is a managerial one as compared to a clerical one. As, Company Secretary also considered as Key Managerial Personnel under the Indian Corporate Laws.
Fiduciary function of a Company secretary involves the secretary to act in the best interests of the client, including the shareholders. If a conflict of interest, misrepresentation, or malpractice takes place, corporate secretaries are required to provide strict guidance as per the relevant Corporate Laws and mandatory Corporate Governance norms
Now, let’s take a look at some factors to consider that will help you in choosing a company secretary for your organization:
Pricing is always a consideration for any individual or organization looking to purchase products or services and the same can also apply in your hunt to hire a corporate secretary for your organization. However, it is essential to note that you should not just consider pricing as a filter when deciding on a company secretary.
An important reason for this is that different company secretarial service providers offer a variety of roles to clients. This ranges from necessary compliance such as meeting statutory requirements, maintenance of Statutory record, and conducting of board/general meeting.
It is not unusual for Company secretary firms to rate their services at attractive prices to gain clients, but then they levy a variety of hidden charges after the contract is signed.
At the other end of the spectrum, some company Secretarial firms have premium charges, but that does not mean they offer all kinds of corporate secretarial services. Hence, while approaching corporate secretarial firms, you can ask the following questions:
What is the entire range of services offered?
Is the annual filings fee included in the pricing?
Are there any additional charges for updating company information?
Is there an early cancellation charge?
Is There Any Statutory Fee?
Are There Any Cancellation Or Service-Renewal Charges?
What Is The Expected increase in charges every year?
These questions can help you in understanding the pricing packages and the services offered by the prospective corporate secretarial firms and if they are suited to your organization.
When you are on the look-out for a Company Secretarial Firm for your organization, you should ensure that your prospective advisories have well-qualified and experienced professionals. Even, if you opt for an outsourced company secretary firm, you should find out if all the employees have the proper knowledge about conducting company secretarial services.
If your organization is set to sign a contract with an outsourced corporate secretary firm, you should ask the firm the following pertinent questions:
Who will be handling my organization?
Will I be able to contact the concerned person directly?
Do they have in-depth knowledge about the roles and responsibilities they have to carry out?
The answers to the questions mentioned above will help you understand if the assigned person is suited to your organization.
The outsourced company secretary is responsible for monitoring the filing due dates and other important deadlines. Late filing and submissions of documents lead to fines, penalties, loss in reputation of the organization in question, but it may also have implications for the Board of Directors of the company.
Hence, you should hire a corporate secretary who is responsible, reliable, and aware of all deadlines.
With today’s rapidly changing time and market volatility, legal rules, regulations and amendments continually keep evolving.
Although, as a business owner, it can be a prominent challenge to understand the legalities and terminologies related to various laws and regulations. Hence, you must hire a company secretary who is aware of the latest amendments and stays up-to-date on the changes in laws, regulations, and legislation.
If you are looking to hire a corporate secretary firm for your organization, look no further than TRC Corporate Consulting.
We, at TRC Corporate Consulting, offer a variety of corporate secretarial services like corporate advisory, company secretarial solutions, compliance health check, company formation, regulatory approvals, and company closure. Our experts deliver all their responsibilities of corporate secretary services promptly and efficiently. Contact us for further information or if you have any queries.