What does a Company Secretary do in Malaysia?
A company secretary is a person who bridges the space between the authority and an organization. He or she ensures the entire legal aspects of the business is taken care of. In Malaysia, the appointment of a company secretary is mandatory for all public listed and private limited companies, and this is a part of the legal requirement under the Companies Act 2016.
Registration of a Company
One of the few functional roles of a company secretary in Malaysia would be to advise on the registration of a proposed Sdn. Bhd. company. Businesspeople starting their company for the first time can be overwhelmed with the amount of (or even lack of!) information on the internet. They may have questions about the paid-up capital of the company, roles of directors or shareholders, statutory deadlines, accounting requirements and so on. Getting a company secretary during this part of the process can help you gain clarity on the formation of a Sdn. Bhd. Company, ensuring that the company incorporation process is smooth.
Good corporate governance is essential for all companies regardless of their size, but it can become more complicated as the size of the company and the number of Directors or Shareholders increases.
The company secretary plays a key advisory role to the board of directors on matters of corporate governance and their duties and responsibilities as Directors of the Sdn Bhd company. This will include dealing with conflicts of interest, and managing the interests of the shareholders.
Ensure timely filing of the Annual Returns and Audited Financial Statements
A company secretary ensures that requirements set by regulatory authorities are completed and punctually met. The monitoring of filing deadlines is a time-consuming and tedious task that the Company Secretary is entrusted with so that business owners in turn have more time and energy to concentrate on the business aspects of the company.
As a business owner, you will need to handle not only operational matters, but also compliance-related matters like accounting, administrative, payroll, tax, and legal to name a few. Along with this, you are also obliged to follow the rules and regulations stipulated by the Malaysian authorities when running your business in the jurisdiction. A Company Secretary is someone you can lean on for support, as he or she will provide you with the necessary help needed in all these aspects while you focus on running the company.