If you are the owner of a business, you will no doubt be well aware of the almost endless list of responsibilities and duties which you are legally obliged to fulfil.
Whilst essential, these can be time-consuming, difficult and inconvenient, taking you away from the everyday needs of the business.
The good news is that there are a number of providers in the market who are able to take on some of these responsibilities on your behalf. A prime example is a nominee company secretary.
If you have never considered this option before, this guide will explain in detail exactly what these services are and the role a nominee company secretary will fulfil.
What are Nominee Services and why are they so Useful?
Whilst there are some tasks which are better off kept in-house, for smaller organisations in particular it can be difficult to adequately cover all of the obligatory jobs.
This is especially true for anything related to compliance where staying up to date with regulations is a key component.
In addition, in a small business, it can be difficult to spare the staff from their usual duties, in order to attend to the adhoc requirements which arise. These typically come in peaks and troughs with huge volumes of work at some times and nothing at others. This makes it difficult to recruit for and even more difficult to schedule in to the everyday workload of the business.
Good secretaries help keep a company running.
And of course, there’s the risk. Evert director or manager knows that strictly speaking, there should be an absolute minimum of three people trained to complete every task (one on holiday, one off sick and one left to pick up the work). But in a small firm, this is a luxury which quite simply isn’t viable and this means leaving yourself exposed to risk.
Nominee services are provided by professional and external companies who specialise in delivering expertise and knowledge, together with the capacity to help you in a variety of different ways.
There are a number of different tasks that can be covered by nominee services but one of the most often requested is perhaps that of company secretary. This vital role lies at the heartbeat of a successful company but requires a great deal of experience and know-how in order to get it right. If you are combining this role with other duties, having the time to stay up to date with compliance changes as well as meeting all the requirements can be a big ask. This is exactly where a nominee company secretary can step in to lend a hand, contact a Company Secretary firm for more details.
How being a Nominee Company Secretary differs
A company secretary is normally a senior officer of the company, not just an administrative clerk as the name would suggest. Typically holding a high level of authority, they have the right to sign contracts, pay staff, organise wages or settle bills and many other duties which are required in order to facilitate the smooth running of the business.
A nominee company secretary can complete a range of tasks which are time-critical, such as filing annual returns, to ensure that your business isn’t slapped with a penalty of fine for late or inaccurate information. You can expect them to sign a confidentiality agreement to provide legal protection for you against disclosure of sensitive information.
Note taking during important meetings is a skill your secretary should have.
But although a nominee company secretary will complete a wide range of vital tasks, they will not become involved in the business, nor play a part in the everyday running and decision-making. In most cases, they would not be a signatory on a bank account nor able to sign contracts on behalf of your business either.
A nominee secretary can however still play an integral role in your firm, helping to release directors and senior staff from the need to spends hours on compliance and legal requirements, allowing them to attend to the duties which will benefit the company the most. In addition, as an expert in the field, they will be able to provide invaluable advice and support in order to ensure that your business is benefitting the most and utilising the regulations in the most effective manner.
Conclusion
Although no longer a legal requirement, a company secretary is still a commonly-held position in most companies. A useful way to apportion responsibilities, a company secretary also provides structure and a sense of professionalism to a business, especially when bidding for new contracts or dealing with clients.
Therefore, whether you are a sole trader looking for some expert advice and an easy way to enhance your reputation, or a slightly larger business in need of some professional assistance, appointing a nominee company secretary is a simple and easy way to tick all of the boxes.
Always seek professional advice before following the guidance of an internet article. A Nominee Company Secretary appointment requires professional expertise as a supplement to this article.