Company Secretarial

FREQUENTLY ASKED QUESTIONS (FAQ) ABOUT COMPANY SECRETARIAL

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Is a Company Secretary the same as a Secretary?

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No. A Company Secretary's role does not entail clerical or secretarial.

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What is the role of a Company Secretary?

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A Company Secretary is responsible for running the administrative side of the company efficiently. It involves ensuring that the company and its directors comply with relevant legislation such as:

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• Maintain the company's statutory books and records.

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• Maintain the Registered Office Address which is the address for formal communications.

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• Arrange Directors' and Shareholders' meetings.

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• Sign legal documents on behalf of the company's directors.

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• Ensure the company complies with Companies Act 2006.

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• Ensure the security of the company's legal documents including the certificate of incorporation, Memorandum and Articles of Association and share certificates.

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• Complete and file the Confirmation Statement i.e. Companies House has up to date details of the company.

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• Complete and file annual accounts and other company tax returns.

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• File changes in company details such as appointments and resignations of directors with Companies House.

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VF Accountants can help you by undertaking some of the filing duties.

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What are the implications of non-compliance with filing requirements?

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The company may face late filing penalties and it may even be struck off the register of companies i.e. closed down. Directors can be personally prosecuted and fined. Thus, non-compliance can be costly.

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What are the penalties for failing to maintain the company's statutory books and records?

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Failure to keep statutory registers up to day will result in a penalty of £5,000.