For many entrepreneurs, the excitement of starting and growing a business can overshadow the behind-the-scenes responsibilities that keep a company compliant and running smoothly. However, one of the most crucial yet often overlooked aspects of running a successful business is corporate secretarial work.
In Sri Lanka, corporate secretarial services aren’t just a formality; they’re a legal necessity for limited liability companies. Whether you’re a startup founder or an established business owner, here’s why professional corporate secretarial services are essential for your company’s growth, reputation, and long-term success.
1. Ensuring Compliance with Legal and Statutory Requirements
Sri Lankan companies must comply with the Companies Act No. 7 of 2007, which sets out strict rules on maintaining company records, filing annual returns, holding board meetings, and more.
Missing a filing deadline or failing to prepare required resolutions can lead to:
✅Penalties and fines
✅Suspension of the company’s operations
✅Legal action against directors
✅Damage to your company’s credibility
A professional corporate secretary ensures your company remains compliant by:
✅Monitoring filing deadlines
✅Preparing and filing statutory documents
✅Maintaining accurate records
✅Advising on legal changes affecting your business
2. Maintaining Proper Corporate Records
Every company must maintain a set of statutory registers and records, including:
- Register of members (shareholders)
- Register of directors and secretaries
- Register of charges (if the company has secured loans)
- Minutes of board meetings and shareholder meetings
Properly maintained records aren’t just required by law they’re also vital for investors, audits, and company valuations.
A corporate secretary ensures these documents are accurately updated, stored securely, and available when needed.
3. Supporting Good Corporate Governance
Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. Good governance builds trust with investors, customers, employees, and regulators.
A corporate secretary plays a key role in:
✅ Advising directors on governance practices
✅ Coordinating board meetings and AGMs
✅ Preparing agendas and recording minutes
✅ Ensuring transparency in decision-making
This support helps your company operate ethically, reduces risks of internal conflicts, and strengthens its reputation.
4. Assisting with Changes to Company Structure
As your business grows, you may need to:
🔹 Add or remove directors
🔹 Change your company’s name or registered address
🔹 Amend your Articles of Association
🔹 Issue new shares or transfer existing shares
Each of these changes requires proper documentation, board or shareholder resolutions, and filings with the Registrar of Companies.
A professional corporate secretary will manage these processes correctly, helping you avoid mistakes that could cause delays or legal complications.
5. Preparing for Investment and Expansion
If you plan to raise funds from investors, expand into new markets, or seek a business loan, your corporate records must be in perfect order. Investors and banks will request up-to-date documents to verify your company’s legal standing and governance.
A corporate secretary ensures your company can:
✔️ Provide accurate registers of shareholders and directors
✔️ Show clear records of past decisions through minutes and resolutions
✔️ Demonstrate good governance and compliance with statutory obligations
This preparation can make or break funding opportunities.
6. Saving Time and Reducing Administrative Burdens
As an entrepreneur, your time is best spent on growing your business not buried in paperwork or worrying about compliance deadlines.
A professional corporate secretary allows you to:
Focus on strategy, sales, and operations
Avoid wasting time on complex filings
Minimise stress about missing important statutory requirements
This efficiency is especially valuable for startups and small businesses with lean teams.
7. Mitigating Risk of Personal Liability
Sri Lankan law holds directors personally accountable for certain compliance failures. If your company misses mandatory filings or mismanages statutory obligations, directors could face fines or even disqualification.
By engaging a qualified corporate secretary, you reduce the risk of non-compliance, protecting yourself and your fellow directors from potential legal exposure.
8. Keeping Up with Regulatory Changes
Laws and regulations governing companies are constantly evolving. A corporate secretary keeps you informed of relevant changes such as updates to filing deadlines, tax requirements, or new corporate governance guidelines and ensures your business adapts in time.
For example, during the COVID-19 pandemic, there were temporary changes to filing deadlines and virtual meeting requirements; professional secretaries ensured companies navigated these updates correctly.
9. Building Investor and Partner Confidence
When investors, business partners, or clients see that your company maintains proper records, follows best governance practices, and is transparent in operations, they are more likely to trust and invest in your business.
A corporate secretary helps create this confidence by keeping your company organized and compliant.
Why Work with RegisterMyBiz?
At RegisterMyBiz, we offer professional corporate secretarial services tailored to Sri Lankan companies. Our experienced team:
✅ Acts as your qualified company secretary
✅ Prepares and files annual returns on time
✅ Maintains statutory registers and minutes
✅ Advises on governance best practices
✅ Assists with structural changes like adding directors or changing your registered address
✅ Monitors deadlines so you stay compliant without stress
We’re committed to helping your business grow while maintaining full legal and regulatory compliance.
Conclusion
Corporate secretarial services are not a luxury or an afterthought; they’re a fundamental requirement for any company that wants to grow sustainably and avoid legal pitfalls. By working with an experienced provider like RegisterMyBiz, you can ensure your business remains compliant, transparent, and prepared for opportunities — setting a solid foundation for long-term success.
Ready to simplify your compliance and governance? Contact RegisterMyBiz today for professional corporate secretarial services you can trust.
