A company is not complete without its key workers who contribute a lot to the daily operation. One of the company’s key components is a company secretary.
The company secretary plays a crucial role in the company. There are specific tasks and functions that a secretary performs in a company.
This article discusses more the nature of work, the role and responsibilities and where to hire a company secretary in Malaysia.
What Is Company Secretary Malaysia?
A company secretary acts as the official liaison to communicate, preparation and submission of Statutory Returns with the Companies Commission of Malaysia.
This must follow the Statutory Requirements under Malaysia’s Companies Act 2016.
They are responsible for the efficient administration of a company regarding adhering to the regulatory requirements for a company.
The Role of a Company Secretary
What are some of the roles and duties of a company secretary? These are some of their responsibilities:
- Ensure that the company follows all the procedures that it is supposed to in accordance with Malaysia’s Companies Act 2016.
- Handle the Annual Grand Meeting
- Preparation of resolutions by way of circular decisions as and when required by your Board or Members
- Ensure that all records are well maintained
- Preparing and filing your company’s annual returns
There are a lot more responsibilities and work that is put upon a company secretary in Malaysia. Next, in this article, we will talk about what is required for a company secretary.
What Are the Qualifications of a Company Secretary in Malaysia?
Companies in Malaysia must follow the Companies Acts 2016. In this company law, there is a section which describes the requirements for someone to be a company secretary.
- He or she shall be a natural person of full age (18 years old) who has his or her principal or only place of residence in Malaysia, and
- He or she is a Chartered Accountant (registered under Malaysian Institute of Accountants (MIA) ), or
- He or she is a Chartered Secretary (registered under Malaysian Institute of Chartered Secretaries and Administrators (MAICSA), or
- He or she is a Licensed Secretary (licensed by Company Commission of Malaysia to be company secretary), or
- He or she is a Lawyer (registered with Malaysian Bar, or relevant authorities)
- He or she must not be bankrupt and is not convicted of any offence under Section 130(1) of the Companies Act.
You can read this in Section 235 of Malaysia’s Companies Act 1965.
Why Should You Appoint A Company Secretary?
One of the most important reasons why you should hire a company secretary for your company is that they will manage your company.
This is crucial to ensure that your company complies with procedures in accordance with Malaysia’s Companies Act 2016.
Also, a company secretary will also play a role as an advisor in order to comply with statutory requirements, prepare & file your company’s annual returns, prepare Boards and Members’ Resolutions and attending meetings, updating the company’s statutory books and maintaining paperwork.
They will also manage the registration of your company at the Ministry of Finance and Construction Industry Development Board (LPIPM) or CIDB licence.
Can a Director be a Company Secretary in Malaysia?
Yes, they can. Yes, a person who is a single director (who is also a single member) can act as the secretary.
But the Companies Act prohibits acts in a dual capacity. This is where the action is required to be done by both a director and a secretary, that act must be executed by two different persons.
Affordable Company Secretary Services
If you are looking for an affordable company secretary service in Malaysia, the best choice is Secretaryfirm.com which is managed by Real Management Services Sdn Bhd.
Here are some of the services we offer:
1. Company Registration
Let us manage your incorporation of Sdn Bhd company. All done for you for a one time fee.
2. Company Secretary
Our company secretary service is always complying with the Company Act and local authorities’ regulations.
3. Accounting & Payroll
We will perform full sets of accounts, bookkeeping and management of account analysis.
Preparation individual and corporate tax planning and other related tax matters.
Preparation of audited financial statements for annual statutory audit and internal audit.
6. MOF & CIDB Registration
Preparing and managing the registration for the Ministry of Finance (MOF) and CIDB to be able to obtain government tenders.
This is a suitable choice for you if you are looking for a company secretary in Kuala Lumpur.
In conclusion, a company secretary is vital for your company to ensure that it is managed efficiently. You should consider all the key points in this article and hire one for your company.
If you have any questions on the company secretary service that we provide, head on to our website here.