Simple Guide on Why Do You Need a Company Secretary in Malaysia?

If you own a company being registered as Private Limited (Sdn.Bhd.) in Malaysia or planning to have one soon, you are at the right place to get the most things out about incorporation of a company and why you need a company secretary. According to Company Act 2016, every registered company owned by local Malaysians or foreigners must appoint a minimum of one company secretary.

Who is a Company Secretary? (Co-Sec)

Most Malaysians may think the term secretary evokes different pictures, such as attending phone calls and handling guests. Nevertheless, the job of a company secretary is not the case. A company secretary is someone who ensures compliance with statutory, regulatory requirements, and legal matters. The company secretary handles more than just administrative or secretarial work.

The Importance of Company Secretary

Having a company secretary means having someone well versed with Malaysian Company Law. The laws and regulations are extensive and complex, and a company secretary should possess in-depth knowledge of the Malaysia Companies Act and all of the annual requirements. Appointing the right company secretary can save you from committing a compliance offense. The company secretary makes sure your company’s yearly report or filling is submitted to the authority on time and adheres to all the rules and regulations.

Why Your Organization Must Hire a Company Secretary?

Here’s a list to understand why you should hire one:

  • It would help if you had a principal advisor to the board of directors on matters of corporate governance and their duties.
  • It would help if you had a pair of hands to prepare the board meetings and act as a liaison between shareholders and the company.
  • It would help if you had an expert in the filing of annual returns and full accounts promptly.
  • It would help if you had assistance in incorporating a company with Suruhanjaya Syarikat Malaysia (SSM) Malaysia.

Moreover, you might also want to consider the following reasons if:

  • You need someone to ensure compliance with Statutory Requirements and Advisory.
  • You want to adopt a positive attitude in cooperation with government authorities/ regulatory bodies.
  • You want someone to assist the directors to ensure the effectiveness of the internal control system for keeping records and registers.

Company secretary plays a vital role in helping you to scale your business faster and less hassle. Hire a company secretary not only because it’s a mandatory legal requirement, but a responsible and capable company secretary will make sure your company abides by the law and regulations. A failure to adhere to the legal compliances could hurt your business’s reputations and growth.

Get in touch with us today to find out how we can support your business’s growth by equipping you with a trustworthy company secretary.