Do You Know Where Your Company Secretarial Documents Are Stored?

 Do you know where your company secretarial documents are such the Certificate of Incorporation, Trade Licence, Memorandum of Association, Articles of Association, Board Resolutions and Shareholder resolutions?

1. Are the documents:
2. In a drawer next to your desk;
3. In a file with your PA (but you have no idea where that file is which is a problem when she is on holiday);
4. Somewhere hidden in a cupboard along with samples, files, and paperwork from 1993;
5. With your agent who never contacts you except when it comes to renewal time?

Did you have a panic attack trying to recall where these documents are currently?In the UAE (and under most jurisdictions globally) you must take special care to ensure that your company complies with the requirements of the new UAE law (Federal Law 2 of 2015 Commercial Companies Law). In particular, management needs to ensure that all paperwork is stored in a safe location in the company headquarters and also at the Company Registry (onshore or offshore). Failure to do so will attract fines and penalties, both corporate and personal.If you do not have a system in place to store the original documents at your Company Headquarters, you must rectify this as soon as possible. The company In-House Legal Team or CFO should retain the documents, but if these positions are not within the company, with your top management team. Also, these documents should be stored securely (preferably in a fire proof safe), easily accessible by the relevant members of the company when required.Do you have reminders in place for the following for company secretarial events including but not limited to:·        when you need to file documents with your Company Registry;·        the renewal date of your trade licence,·        date to start auditing your accounts,·        accounting start date.If you do not have these reminders in place in your calendar, you could be liable to pay fines for filing documents late.  Why lose money unnecessarily, for the company, due to a lack of simple calendar reminders?The focus within your company may be on growth or dealing with less administratively burdensome activities, however, you cannot ignore these legal requirements any longer; you need to start organizing your company secretarial documents and reminders.If you need help to organize your company secretarial documents and processes, get in touch with me by completing the DeCluttr Me contact form.      © 2013-16 Decluttr Me | All rights reserved - This post is provided for the convenience of Decluttr Me readers. Any reproduction of the content within this feed is strictly prohibited.