The Advantages of using a Company Secretary
Requirements
The Company Secretary, or the Directors if no Company Secretary is appointed, need to ensure the confirmation statement is filed with Companies House when due and at least annually and that all changes to Director and Persons of Significant control are filed within 14 days. They also need to maintain the Registers of the Director and Officers, Shareholders and Persons of Significant Control. Both the complete records and those required to be available for public inspection. This is in addition to keeping records of all Board and Shareholder meetings, normally for at least 10 years.
The Problem
“As a leaseholder appointed as one of three Directors to the right to manage company for our block of thirteen apartments, I started to feel very anxious about the administrative and financial obligations of having a right to manage company. Not because I felt like there was a lot to do from a time perspective, but because I wasn’t entirely sure of what it was that needed to be done and the deadlines involved.”
The cLIENT sAID
“The Directors agreed it made more sense to invest in a professional company secretary and accountant rather than to try and do it ourselves. This also left us more time to focus on the property management duties which as we own an older building can be very time-consuming. We wanted someone with the necessary expertise that we trusted, who could provide clear, concise explanations and be proactive. All the communications I receive from VCS are short, simple e-mails, explaining exactly what needs to be done and by when. The benefit is I now feel back in control and less stressed because I have professional support in this area.”
Our approach
We cannot stress enough the importance of ensuring Directors understand and are in compliance with the Companies Act, and that all the formalities required when an apartment is sold be properly dealt with at the time of the property transfer.