You might think opening a company is fun and exciting. You get to own something, gain profit and make name for yourself. Let the public know that an upcoming and successful company is in the market. You are proud of this, especially with the name of your company that would surely attract investors.
Until you realize… you need to have a company secretary and a compliance officer. The paperwork begins to pile up and you are confused who is your priority in hiring. You knew a secretary is essential for your company, but you also need a compliance officer to keep your company in line.
But who are they? What do they do for the company?
For starters, a company secretary is defined as a senior position who is responsible for the efficient of a company regarding ensuring compliance with statutory and regulatory requirements and ensuring the decisions of the board of directors are implemented.
Meanwhile, compliance officers are those in charge in keeping a firm or company in compliance with outside regulations and government laws as well as internal policies. Their duty is to ensure that an organisation has control over the risks they face and able to manage them accordingly and appropriately
Who do I need ?
So, since a company secretary keeps the company comply with policies and rules, I do not need a compliance officer, right? Before I could answer that question, let’s compare the duties and responsibilities of a company secretary and a compliance officer.
Summary of Company Secretary and compliance officer
Hiring a company secretary is mandatory by law, so you will need at least one secretary for your company. Meanwhile compliance officers are must, though it might be important for you if your business is an enterprise or a partnership.