In Jersey, a private company must have at least one director (and a public company at least two) and a sole director cannot also be the company secretary.
As a result, a number of sole traders look to appoint family members, usually partners or spouses, to the position of Company Secretary. What a number of people don’t realise is the legal responsibility and various roles of a Company Secretary. These include (but are not limited to):
Maintaining the company's statutory registers;
Updating the records held by the Jersey Companies Registry;
Maintaining the company's registered office;
Advising the board of directors on their legal and corporate responsibilities and matters of corporate governance;
Organising the company’s board meetings and (if applicable) annual general meeting;
Minuting board meetings;
Ensuring company compliance with legal obligations;
Managing and storing the company's records, e.g. re investments, property, payroll, insurance, accounting, taxation (GST, IT IS and company tax returns);
Filing Jersey Company tax returns; and
Filing annual returns.
At the other end of the spectrum, some entities with a number shareholders, perhaps start ups with multiple-funding rounds, may find onerous the task of tracking and properly managing share issuances . For that reason, looking to appoint appropriately qualified external Company Secretaries to take on this task can reduce the burden and ensure piece of mind.
For these reasons, a number of clients value appointing BR Secretaries Limited, our sister company, as their Corporate Company Secretary.
Contact us to help you with Company Secretarial...