The company law in Ireland requires every local company to assign a secretary whose name will be mentioned in CRO. Let’s figure out who is exactly a company secretary in Ireland and why would you need one?
Very often, the role of the secretary is associated with 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 the responsibilities of a company secretary to a third-party agency.
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.
Who Can Become a Company Secretary in Ireland
Ireland Company law doesn’t impose any serious requirements on the personality of a company secretary in Ireland. In particular, take a look at who can act as a secreatry for your Irish enterprise.
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 a third-party corporate body 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.
Even though there are no requirements for the residence of an Irish company secretary, we recommend appointing someone who is familiar with Irish Company law as there are a number of important listings to be made especially in the first year.
Why 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!
Disclaimer: The content of this page is for acquainting purposes only and is subject to change. It does not constitute any professional advice. No liability is accepted by Chern & Co for any actions taken or not taken in reliance on the information set out in this article. Professional, legal or tax advice should be obtained before taking or refraining from any action