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Company Secretary



A company secretary in Malaysia is a crucial role in any organization, playing a pivotal role in ensuring corporate compliance and governance. They are responsible for a wide range of duties, including:

  • Advising the board of directors on legal and regulatory matters

  • Ensuring compliance with the Companies Act 2016 and other relevant legislation

  • Maintaining company records and statutory books

  • Organizing and attending board meetings

  • Preparing and filing company documents with the Companies Commission of Malaysia (SSM)

  • Liaising with shareholders and stakeholders

  • Providing administrative support to the board

To become a company secretary in Malaysia, one must meet the following requirements:

  • Be a citizen or permanent resident of Malaysia

  • Have a recognized qualification in accounting, law, business administration, or a related field

  • Have at least three years of relevant experience in corporate secretarial work

  • Be a member of a recognized professional body, such as the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA) or the Association of Corporate Secretaries Malaysia (ACSM)

Company secretaries in Malaysia play an essential role in ensuring that businesses operate legally and ethically. They are highly skilled and experienced professionals who make a significant contribution to the Malaysian economy.


Here are some of the benefits of having a company secretary in Malaysia:

  • Reduced risk of legal and regulatory non-compliance

  • Improved corporate governance

  • Enhanced shareholder confidence

  • Increased efficiency and productivity

  • Access to expert advice and support

Role of Company Secretary Governed by Companies Act 2016


The role of a company secretary in Malaysia is governed by the Companies Act 2016 (CA 2016). The CA 2016 sets out the qualifications, duties, and responsibilities of company secretaries.


Under section 236 of the Companies Act 2016, the Board must appoint a company secretary within 30 days from the date of incorporation of a company.


Qualifications


To be eligible to act as a company secretary in Malaysia, a person must:

  • Be a citizen or permanent resident of Malaysia

  • Ordinarily reside in Malaysia

  • Be a member of a recognized professional body, such as the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA) or the Chartered Institute for Securities & Investment (CISI)

  • Have at least two years' experience in company secretarial work

Duties and Responsibilities


The duties and responsibilities of a company secretary in Malaysia include:

  • Ensuring that the company complies with all applicable laws and regulations

  • Maintaining the company's statutory records, such as the register of members and the register of directors

  • Preparing and submitting company documents to the Suruhanjaya Syarikat Malaysia (SSM), the Malaysian Companies Commission

  • Advising the board of directors on legal and compliance matters

  • Attending board meetings and preparing minutes

  • Managing the company's shareholder relations

Appointment and Removal


The company secretary is appointed by the board of directors. The secretary can be removed by the board at any time, without cause.


Dual Capacity


A person cannot act as both a director and a company secretary of the same company. This is to prevent conflicts of interest.


Single Director


A single director who is also the sole shareholder of a company can act as the company secretary. However, the director must ensure that there is no conflict of interest.


Foreigners


Foreigners can act as company secretaries in Malaysia if they meet the same qualifications as Malaysian citizens. However, foreigners must also obtain a practicing certificate from the SSM before they can act as company secretaries.


Consider Outsourcing your Company Secretarial Functions


Outsourcing your company secretarial functions to a reputable firm like Bestar can offer several benefits, including:

  1. Increased Efficiency and Expertise: Bestar's team of experienced and qualified company secretaries possesses in-depth knowledge of Malaysian corporate laws and regulations, ensuring that your company adheres to all compliance requirements. We can handle a wide range of tasks, including maintaining statutory records, preparing board meeting minutes, and managing shareholder relations, freeing up your time and resources to focus on core business operations.

  2. Reduced Costs: Outsourcing can lead to significant cost savings compared to maintaining an in-house company secretarial team. You eliminate the need to hire, train, and retain qualified staff, saving on salary expenses, office space, and administrative overhead.

  3. Enhanced Risk Management: Bestar's expertise and adherence to strict compliance standards can minimize the risk of legal and financial penalties for non-compliance. We can identify potential issues early on and take corrective actions to protect your company's interests.

  4. Access to Specialized Services: Bestar offers a comprehensive range of corporate secretarial services beyond basic compliance, including corporate governance advice, mergers and acquisitions (M&A) support, and cross-border transactions. This expertise can provide valuable guidance as your business grows and expands.

  5. Focus on Strategic Growth: By outsourcing your company secretarial functions, you can redirect your internal resources and energy towards strategic initiatives that drive business growth and profitability. This allows you to focus on your core competencies and expertise while ensuring that your company's legal and regulatory obligations are met efficiently.

Overall, outsourcing your company secretarial functions to a reputable firm like Bestar can provide a cost-effective, efficient, and risk-mitigating solution, allowing you to focus on strategic growth and enhance your company's overall success.


For more information on company secretaries in Malaysia, please contact Bestar.

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