The Role and Duties of a Company Secretary in Ireland

by | Business

The company law in Ireland requires every local company to assign a secretary who is an EEA (European Economic Area) resident. But who is exactly a company secretary in Ireland and why would you need one?

Very often, the role of the secretary is associated with the low-risk administrative activity. However, the reality of quite different. A company secretary performs a set of essential duties to ensure company transparency and accountability that the company’s investors, directors, and employees require. The company’s secretary function includes managing and fulfilling all company’s legal compliance requirements and providing on-time clear reporting. 

To be more precise, a secretary in an Irish company ensures compliance with Irish company law, provides guidance on various statuary requirements, and files Updates to CRO and RBO

Let’s dive into more details and take a look at the core duties of an Irish company secretary, who can be appointed for this position and when you know you have to outsource responsibilities of a company secretary to a third party provider.

Irish Company Secretary Duties

Every Irish company imposes a set of tasks on a secretary. However, only few of them are their real responsibilities. As usual, the need for assigning a secretary is explained by the following list of specific duties carried out by a secretary.

RBO (Register of Beneficial Shareholders) Filing

All data about the company’s beneficial shareholders must be filed to RBO no later than 5 months after incorporation and every time after any changes are made. A secretary carries out the submission online through the official website of RBO.

Track the Annual Return Deadline

Delays with filing annual returns can lead to the imposition of the late filing fee, the loss of the audit exemption, prosecution of the company and/or its directors, or even involuntary strike-off and dissolution of the company. A company secretary not only keeps an eye on the deadlines but also handles paperwork and uploads the financial statements to CORE.

CRO Filing and Updates

Any changes made within the company’s structure whether it’s appointing a new director or changing office address should be notified to Companies Registration Office. A company secretary has the right to file changes to CRO on your behalf.

Recording Minutes of Meetings

The annual general meeting (AGM) is a gathering of all company’s interested shareholders held annually or on-demand. During a meeting, directors present a company’s financial performance report, discuss issues on agenda, and vote on the issues. The duties of company secretary Ireland during the general meeting include recording the minutes in a minute book.

Custody and the Right to Use Company Seal

Every company in Ireland must have an official seal with a company name engraved on it. A secretary is responsible for safekeeping it.

Source: Unsplash.com

Who Can Become a Company Secretary in Ireland

Regarding the role and duties of a company secretary in Ireland, it’s wise to learn what requirements are there to correspond to be appointed for this role. So who can carry out company secretary responsibilities in Ireland?

Any Individual Over the Age of 18

It’s very common for company directors to appoint as a secretary their friends, family members, or any other person they trust. However, even though a company secretary Ireland is not required to have any formal qualifications, it’s important to make sure that a secretary has the related skills and resources necessary to perform their statuary duties.

One of the Directors

Irish company law allows one of the directors to act as a company secretary provided there is more than one director in a company. Thus, a single director must look for a reliable person to perform secretarial duties.

A Corporate Body

This is a process of delegating the role of company secretary Ireland to another company like Chern & Co. We have been providing professional secretarial services to Irish companies since 2009. Our qualified team knows how to help your company prosper and stay compliant. 

In the next paragraph, we’ll discuss some convincing reasons to outsource the role of a company secretary.

Why to Outsource Company Secretarial Services

The major power that drives companies to outsource secretarial duties to a third party is the anticipation of global growth and so the need to stay compliant with that country’s business environment.

The thing is, companies anticipating rapid growth and global expansion may well find one day that administrative company duties become burdensome and even challenging. Managing business in multiple jurisdictions requires keeping compliance with local company laws, keeping abreast of regulatory changes in each jurisdiction and maintaining regular reporting.

Besides, when a company establishes a presence outside their home country, they rarely adequately estimate not only local regulations but also local culture. 

Finding an outside local professional who gathered and hones best practices of running a business in a particular country gives a great advantage of being able to keep up with criteria for remaining in compliance in both regulatory and cultural senses.

Company Secretarial Services by Chern & Co

A secretary in an Irish company is a real guardian of a business. The secretarial role is evolving and is vital for all organisations looking to maintain regulatory compliance and grow. While it doesn’t take any formal qualification to be assigned for this role, we highly suggest that entrepreneurs make sure a person has the essential skills to carry out such a responsibility. Outsourcing secretarial services to a reliable corporate body is the best decision companies can make in order to grow and establish a presence outside their homeland.

Secretarial services are one of Chern & Co’s major specialisations. For over a decade, we have been looking after our clients helping them fit into the Irish business environment and lead a thriving business. Interested in assigning us as your company’s secretary? Contact to learn all the details about establishing cooperation with us! We offer the first free private consultation with our expert!

You may also be interested

TOP 5 Reasons to Register a Company in Ireland

TOP 5 Reasons to Register a Company in Ireland

Thousands of companies from small consultancy firms to household names chose Ireland as their European base. To illustrate, Microsoft, Intel, Pfizer, Facebook, Google, Tiktok, Twitter, and LinkedIn preferred Ireland to register their European...

How to Be European VAT Compliant on Amazon 2022

How to Be European VAT Compliant on Amazon 2022

It’s great to have you here. We never cease learning. Keeping up to date with relevant information is key to staying on top in the industry. Being the best and acquiring professional knowledge is one of Chern & Co’s strategies in delivering superb assistance to...

0
    0
    Your Cart
    Your cart is emptyReturn to Shop