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Yes, under the Companies Act of Sri Lanka, every company is required to appoint a company secretary to ensure compliance with statutory requirements.(except for certain small companies)
To become a company secretary, individuals must be qualified as a lawyer, chartered accountant, or have at least 20 years of experience in the company secretarial field. Additionally, membership in the Association of Chartered Secretaries and Administrators (ACSA), CIMA, or CMA also qualifies a person to serve as a company secretary.
The short answer is that any registered company needs a company secretary.
If your company's turnover is less than one million rupees annually, one of the directors can act as the secretary, provided:
If your company's turnover exceeds one million rupees annually, you must hire a qualified, registered company secretary.
Secretarial services in Sri Lanka are typically offered by professional firms, corporate service providers, or qualified company secretaries who are registered with the relevant authorities.
In Sri Lanka, the company secretary can either be an individual who is a qualified professional or a corporate entity authorized to provide secretarial services.
The cost of secretarial services varies depending on the scope of work, the size of the company, and the service provider. It is advisable to get a quote based on the specific needs of your business.
A company secretary handles documents such as the company’s Articles of Association, minutes of meetings, shareholder records, and compliance documents.
A company secretary can be a director or shareholder of the company, but their role as a secretary involves separate duties related to governance and compliance.
Failing to appoint a company secretary can result in non-compliance with the Companies Act, potentially leading to penalties and legal issues.
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