Malaysia company incorporation requirements outlined in the Companies Act 2016 states that every company must have at least one Company Secretary. This individual must be a member of a professional body prescribed by the Ministry of Domestic Trade Cooperative and Consumerism, or someone licensed by the SSM.
A Company Secretary is a senior position within a company. They come after the directors and shareholders. A Company Secretary is usually appointed within the private sector. However, they can also be found within public sector organisations. They have a huge responsibility within the company. A common misconception is that this role often involves secretarial duties alone. In truth, their role is much more important. They are responsible for handling and ensuring that a company meets all its statutory compliance requirements. They are also responsible for ensuring that decisions made by the board of directors get implemented.
Duties and Responsibilities of a Malaysia Company Secretary
The other roles, duties and responsibilities of a company secretary in Malaysia are outlined within the Secretary Association. This is regulated and governed by the SSM. At a glance, the company secretary is responsible for:
- Acting as officer and advisor to the board members
- Ensuring the company’s directors are not operating against any of the local laws
- Ensuring compliance with the constitution
- Participating in board meetings
- Assisting with the filing of annual returns
- Maintaining a list of annual accounts and records
- Hold custody of the company seal
- Primary contact point for institutional and other shareholders
- Being a representative for legal documents pertaining to the business
- Regularly communicating with the company’s shareholders
- Ensure that the company’s dividends are paid
- Handling the distribution and publication of the annual report
- Reviewing any new developments related to corporate governance
Malaysia Company Secretary Eligibility Requirements
The eligible company secretary candidate must meet the following requirements outlined by the Companies Act 1965. The first criteria is that they must be a natural person aged 18-years and above whose primary/only place of residence is Malaysia. They must also be a Chartered Accountant and registered with the Malaysian Institute of Accountants (MIA), or:
- They must be a Chartered Secretary registered with the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA); or
- Be a Licensed Secretary with the SSM; or
- Be a Lawyer registered with the Malaysian Bar or relevant authorities
The Companies Act also requires that the candidate must not be bankrupt, or convicted of any offence under Section 130(1). A successful Company Secretary is someone who has a strong interest and detailed knowledge regarding company governance and law. They must also be influential, knowledgeable, pay attention to details and above all, trustworthy. Trust is a must, especially because they will be handling a lot of confidential information.
What Paul Hype Page Can Do For You
At Paul Hype Page, our comprehensive Corporate Secretarial Services will cover all the requirements you need to register your business in Malaysia. We will ensure that your business fulfils all the statutory requirements set forth by the Companies Act. We’ve developed a strong reputation for our trusted services over the years, and you can rest assured that your business is in the hands of the experts.
Paul Hype Page & Co – SSM service provider and Asean Chartered Accountant.
Paul Hype Page & Co. have 3 physical offices in Singapore, Malaysia and Indonesia
Our Firm Goal is to assist Foreigner and Foreign Companies to set up business in Asean.
How we can help you:
Step 1- Listen to your Business plan and Relocation needs.
Step 2- Analysis your Malaysia Tax Planning
Step 3- Recommend the most suited type of Company Incorporation, Open Bank account and Work Visa
Step 4- Arrange for your Spouse and Children Visa
Step 5- Assist as your company to hire staffs and handle all HR matters
Step 6- Every financial year end, we assist you with your yearly SSM Finanical and Tax Compliance
Step 7- Assist you to expand business to Malaysia, Indonesia, Vietnam and Thailand.
Get in Touch with Us Today.
Paul Hype Page