How Corporate Secretarial Firms Work with Malaysian Companies
Corporate secretarial services differ from country to country. Each country’s corporate laws necessitate different corporate secretarial tasks to be completed by each company. Such is also the case in Malaysia. However, in Malaysia, many newly formed companies and business ventures may sometimes find it difficult to remain in complete compliance with all regulatory and compliance matters of the country. Therefore, corporate secretarial firms work with companies all over Malaysia in order to ensure that adequate standards of corporate governance are always maintained. Corporate secretarial firms in Malaysia perform any of a great many tasks. Some of these are related to preparation of documents and reports. Such documents to be prepared are those of a complete set of annual general meeting (AGM) documents, minutes of directors’ and shareholders’ meetings, the company’s statutory records, and the directors’ report. Corporate secretarial firms also maintain a company’s register of members. They also attend to various matters involving the shares and shareholders of a Malaysian company. These matters include share registration, share transfers, shareholder communication and queries, rights of shareholders, monitoring of shareholders’ actions, and shareholder relations. They are also entrusted with the company’s corporate governance by reviewing developments of this corporate governance. Corporate secretarial firms also manage payment of dividends and interest and also file annual returns with regulatory authorities. They also provide various forms of assistance to the directors and auditors of the company. Therefore, it has been shown that corporate secretarial firms work with Malaysian companies in multiple different ways.
Details About Corporate Secretaries in Malaysia
Hiring a company secretary from a suitable corporate secretarial firm must be done by any Malaysian company because a capable and trustworthy company secretary to ensure that businesses are kept in a positive financial condition.A company secretary in Malaysia must not only possess all necessary qualifications, but must also be suitably competent and knowledgeable to bear such a high level of responsibility. Should a company secretary fail to carry out all necessary duties, the directors of the company may be held personally accountable for such occurrences because they are legally responsible for the actions of the company secretary.
The tasks of corporate secretaries are not merely restricted to secretarial duties. A common misconception is that this role often involves secretarial duties alone. However, there are many other tasks to be performed by a corporate secretary such as statutory compliance matters, management accounts, and those related to the resignation and appointment of directors.
Malaysia Company Secretary Eligibility Requirements
In Malaysia, all candidates to become a company secretary must fulfill all of the requirements specified by the Companies Act 1965. The first criterion is that the person must be at least 18 years old and have a primary place of residence in Malaysia. Another important criterion is that the company secretary must be one of the following people: a chartered accountant who is registered with the Malaysian Institute of Accountants; a chartered secretary who is registered with the Malaysian Institute of Chartered Secretaries and Administrators; a licensed secretary with the Companies Commission of Malaysia (SSM); or a lawyer who has been registered with the Malaysian Bar or any other relevant authorities.
The Companies Act also requires that the candidate must neither be bankrupt nor convicted of any offense which would disqualify the person from serving in the role. A successful company secretary must be a person who has much interest in and knowledge about company governance and law. Most importantly, such a person must be trustworthy because of the important information which must be handled.
Should your company be in need of a suitable person to serve as a company secretary, we at Paul Hype Page & Co will be able to assist you. We will select someone who has fulfilled all of the requirements for the position of company secretary in Malaysia. As you will not have to spend time on selecting a suitable person for the position, you will thus be more able to concentrate on making your business the most profitable it could possibly be.
Appointing of a Company Secretary in Malaysia
A company secretary may either be appointed through a resolution of the board of directors or by the shareholders of the company. When a company secretary is appointed, certain details will be required. Such details include the company secretary’s date of appointment, full name, address, and signature. Once all details have been submitted, the company secretary may begin to work for the company in question.
How Companies in Malaysia Benefit from Corporate Secretarial Services
Corporate secretarial services ensure that a Malaysian company complies with the country’s corporate laws. Such is the case because such services allow a company to adhere to all legal requirements, thus ensuring that the company avoids committing any illegal or immoral acts. Corporate secretarial services also improve the company’s standard of corporate governance by monitoring the decisions made by directors as well as the directors’ engagements and interactions with the company’s shareholders. These services are also useful for ensuring that all of the company’s records are maintained in a proper manner; this matter is especially vital for smaller businesses which are not necessarily replete with resources.
Corporate secretarial services also provide a company based in Malaysia with assurance that all important tasks are completed appropriately. Every professional company secretary who has been tasked with the handling of all legal and compliance matters of a company must do so in a manner which reflects a high standard of corporate governance and responsibility. Through such services, a company will not have to face any legal problems because a competent company secretary will ensure that all compliance matters will be resolved.
Corporate secretarial firms provide many benefits to companies all over Malaysia. Such is the case because through the assistance of a corporate secretary from such a firm, a company can focus on its daily operations in order to increase the revenue of the company. Not only will the selection of an appropriate corporate secretary reduce the overall costs incurred by any company in Malaysia, but it will also allow the company to be able to better manage all legal and compliance requirements of the country. For these reasons, corporate secretarial firms play an important role within the Malaysian corporate scene.