A company secretary firm comes in handy to help organizations remain compliant with all Corporate Law regulations and protect from penalties resulting from non-compliance. Having the best company secretary firm in Kenya handling your secretarial assignments gives you peace of mind knowing that all matters secretarial are handled promptly and efficiently.
An organization’s reputation is important for all stakeholders, partners, customers, or even investors. Having the right company secretary can help you maintain a good reputation, and know how to correct it should there be any threats to damage it.
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Factors That You Should Consider When Choosing the Best Company Secretary Firm in Kenya
Hiring the best company to help with your organization’s secretarial work gives you peace of mind and allows you time to focus on other important aspects of your organization. Below are some of the factors you should consider before putting your signature on the contract.
Price and services offered
While price is definitely a consideration when hiring the best company secretary firm in Kenya, it does not mean that the most expensive firm necessarily offers the best services. On the other hand, it also does not mean that the cheapest firms are the best deal to go with. There could be very many hidden charges there.
You need to compare the prices with the services being offered. You should consider factors like whether the price includes annual returns fees, charges for particular services like company secretary transfer fee, updating company information, cancellation fees, and renewal fees.
In Kenya, company secretaries are experts in governance, corporate law, business management, and corporate secretarial practice. Here are some services you would expect the best company secretary firms in Kenya to offer:
- Facilitation of the company’s decision-making processes, as well as reporting.
- Ensuring that all Annual General Meetings (AGMs) are held, according to laid down requirements in the Companies Act and Articles of Association.
- Ensuring that a company remains compliant with its Memorandum and Articles of Association.
- Maintaining statutory registers, including Directors’ share interests and debentures.
- Notifying the Registrar of Companies on timely filing of returns, returns of allotments, and changes in directors or company secretaries.
- Coordination of the publication and circulation of the annual report and accounts and interim statements to all company stakeholders.
- Advising the board on new developments in corporate governance.
- Ensuring that the company seal and letterheads are properly used.
- Ensuring that proper procedures are in place for the correct ministration of any subsidiary companies.
- Ensuring proper procedures for adequate archiving of company records.
Who, exactly, will be your company secretary?
If the person appointed as company secretary is outsourced, then you need to make sure you can reach them in person and communicate regularly. They also need to be aware of their appointment and the role they need to play in your company. Check for the qualifications, experience, and availability too.
You may even want to meet them in person or video conference them, just to have a feel of their experience, for example, how they work: how they can ensure that your organization remains compliant, and how to handle cases of non-compliance, inaccurate reports, or penalties.
Most importantly, they are legally required to give their consent to act as your company secretary.
Timeliness and reliability
According to the Companies Act, 2015, all companies need to adhere to statutory obligations, which result in heavy penalties if a company is non-compliant. You, therefore, need to work with a company secretary who is aware of all these obligations and who can ensure that your company remains compliant, with no late submissions.
The best company secretary firm in Kenya brings together a group of highly trained professionals who can help you not only get more efficient but find loopholes that can help you grow faster. You will be able to take advantage of tax benefits, reduce unnecessary expenses, and stay compliant, avoiding penalties.
A reliable company secretary firm will also free your staff members to focus on their core tasks, instead of being roped into doing ‘company secretary related’ tasks.
Is your company secretary traditional or not up to current times?
A mixture of ‘traditional’ and ‘modern’ approaches is ideal. You still need to deal with paperwork, and you would expect the best company secretary firm in Kenya to have transparent processes on how to go about it.
However, some tasks can be done online, like meetings, via video conferencing. You might, for example, hold a meeting before an audit where all the people involved meet and agree on the requirements, expectations, and timelines.
Proper and secure storage of information should also be enabled by technology, for example, cloud storage which eases access.
Is your Company Secretary Certified?
Since it is a legal requirement to establish the position of company secretary in a company, you cannot cut corners when it comes to choosing a company secretary. According to the Certified Public Secretaries of Kenya Act, a company secretary needs to have a practicing certificate that is ‘in force.’ You, therefore, need to make sure that your company secretary has the necessary qualifications.
Wrap Up
Hiring the best company secretary firm in Kenya is no mean feat. First, it is a legal requirement. Being on the wrong side of the law is nothing close to what any reputable company would want. Choosing the right company secretary firm ensures that the proper procedures are in place.
The company is also able to stay compliant and up to date with changes in corporate governance. Better still, there are no penalties for non-compliance or late submissions. It is even possible to streamline the processes, freeing up more productive time for employees.
