What Are The Company Secretarial Services in Malaysia?

When you register your business in Malaysia you might be wondering about the need for a company secretary. Company Secretarial Services in Malaysia provides the best solution to a requirement set by SSM. Company secretary for Sdb Bhd company is a must. According to the Companies Act 2016, all companies need a company secretary. The company secretary holds an important role in advising regarding corporate matters. Company Secretary will oversee the company’s legal compliances. You might not know about the company secretary’s duties. Are you paying just because it is a requirement by SSM, or will you get any benefit from the company secretary services in Malaysia? In this article, you will get all the necessary details on the company secretary and what does a company secretary actually do for you.

Tasks of Corporate Secretarial Services in Malaysia

There are a lot of tasks done by the corporate secretarial services or the company secretary in Malaysia. As stated in the Companies Act 2016, an Sdn Bhd Company in Malaysia must appoint a company secretary to legally start a business in Malaysia. You must appoint a secretary within 30 days of company incorporation in Malaysia. When registering your company, it can be a hassle. A company secretary can help in registering your company. Although you can register your company online, a company secretary can help in doing all the steps. From choosing the names for your new company to filling up the forms and submitting, your company secretary can aid in completing these tasks for you.

Information Related to Legal Matters

According to the Companies Act 2016, appointing a company secretary service or company secretary is a must. This is by law. However, there are other laws related to the corporate life of doing business in Malaysia. There is a timeframe of 30 days. Within these 30 days, you must appoint your company secretary. You might not know the Malaysian rules and regulations. It’s where the company secretary is needed. Your appointed company secretary will keep you informed about all the legal matters including taxes, business licenses, etc. If you require help from a legal body, your secretary will help you in getting the best service possible. When you think you need legal help for your company you can just go to your company secretary regarding this.

Keeping Up with the Documents of The Company

Annual General Meetings are not necessary for Sdn Bhd Company in Malaysia. However, board meetings and general meetings are necessary. Your company secretary must attend these meetings. He/she must prepare all the necessary steps for the placement of these meetings. The decisions made in the meetings are carried out by the secretary. Even the last-minute plan changes or strategy changes are taken note of by the company secretarial services or your company secretary.

Update the Company Details to SSM

Your company secretary is responsible to notify SSM of any changes that come to the company. You must not expect your company to stay in the same state as it was on the first day. Your company will grow. And this information needs to be updated to SSM. All the documents and necessary files need updating. The company secretarial service or company secretary will make notes on these changes and do the necessary tasks to update the SSM on the company’s behalf. The necessary details and information of the company such as financial statements, constitutes, etc. are all kept by the company secretary in the registered office. Documents related to other official matters are also handled and taken care of by the company secretary.

Appointment of Necessary Officials

If you have your company in Malaysia, you must be familiar with an auditor. You need an auditor for your company. Company secretary service or company secretary will appoint the necessary officials for the company. After the financial year-end, an auditor will do his task. If you want to replace the auditor, then after the financial year-end there are 30 days of vacancy where a new auditor can be appointed by your secretary. This appointment must be informed to the SSM and this falls under the tasks of the company secretary. If you don’t appoint an auditor within these 30 days vacancy period, then the previous auditor will be appointed automatically. You must know when an auditor is needed. If your company falls under the following categories, then you don’t have to appoint an auditor:

• Zero-revenue companies
• Dormant companies
• Threshold-qualifies companies

The integrity of the Identity of Shareholders and Directors

You must know the directors and shareholders of your company. The company secretarial service or the company secretary will keep tabs on this. He/she will verify the identity of the directors and shareholders. This is called Know Your Customer or in short KYC. It is an important and necessary task for the company secretary to make sure of the identities of all the directors and shareholders. This can be done when the secretary meets the directors and shareholders face to face before registration of the company. Furthermore, this can be done when a new director is added, or a new shareholder is added. All the important information like beneficials or others are kept by the company secretary.

Maintaining the Annual Reports Required by SSM

As stated in the Companies Act 2016, Sdn Bhd must lodge several reports including annual returns report, audited financial statement, etc. which then needs to be submitted to SSM. Penalties are involved if you fail to submit these reports on time. Your company secretary or company secretary service will keep notes on these deadlines and do the necessary tasks to fulfill the requirements before the deadline.

Annual Return of the Company

Annual return is the whole summary of the company that includes all the information of the company. This statement must be lodged every year by the company secretary. Even if your company had no changes, this is a mandatory task. A statement stating that there are no changes in the company must also be lodged to SSM.

Financial Statements from Directors and Auditors

The accountant prepares the financial statement after which the auditor audits. The directors must prepare the directors report containing the company’s shareholders, nature, shares, business review, etc. The company secretary then gets these reports. The company secretarial service or company secretary then gives a circular and lets all the shareholders and auditors know about the information. The board must approve this. After the approval, it will be lodged to SSM by the company secretary.

Company Seal Keeper

The official seal that a company uses for official documents is known as a company seal. The company seal is kept safe by the company secretary.

The Face of The Company

Your company secretary is the initial point of contact for your company. Including the tasks stated earlier, a company secretary must also be in place for any changes in the company such as a merger, corporate acquisition disposals, etc. Protecting the company’s interest is an important task for the company secretary. He/she is responsible for the timely manner of the company.

Conclusion

For an Sdn Bhd company in Malaysia, you must appoint a corporate secretarial service or a company secretary. As written in the Companies Act 2016, you must appoint a company secretary for setting up your company in Malaysia. This article contains all the tasks of a company secretarial service.