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A part of company incorporation in Malaysia demands to hire a company secretary. Without fulfilling this requirement, setting up a corporate structure will not be considered as complete according to the corporate law of Malaysia. Among several regulatory attributes that make the company incorporation in this nation possible, hiring a professional company secretary in Malaysia is also considered one of such attributes.
Being a budding entrepreneur in Malaysia, you have to abide the corporate rules for starting a business. The rule of company registration set by SSM clearly stated the necessity of a company secretary in Malaysia. In this article, we will deal with this particular attribute of the company registration procedure.
We will learn about the eligibility that is required to be a company secretary in Malaysia and acknowledge ourselves regarding the roles and responsibilities a company secretary need to carry out once hired in a private limited company in this country. We will also see the aspects that compel an individual when company secretary selection process carried out by the authorized bodies in Malaysia.
There are several steps and test a candidate needs to pass in order to be approved as a certified company secretary in Malaysia. This approval comes from various regulatory and authorized bodies from this nation.
According to the corporate law of Malaysia, under the Companies Act 1965 Section 139A (a) and (b), there are list of eligibility requirements an individual need to follow. The goal here is to go through the qualification rounds to be an approved company secretary ready for company’s hiring process in Malaysia:
At typical instances, an appointed company secretary has several tasks for a newly registered company, it should be noted that once the company has been incorporated, a company secretary has to be deployed within 30 days of registration completion according to the rules set by the company Act of Malaysia.
The roles and responsibilities of a company secretary in Malaysia, on the other hand, mainly include preparing minutes of meeting, as well as he or she is entitled to set the Statutory and Resolutions for company’s board of members. Here we will see the list of typical roles and responsibilities a company secretary needs to carry out in a company once appointed:
Additional responsibilities of a company secretary in Malaysia:
According to the Companies Act 1965 it is mandatory to hire a secretary within 30 days of company incorporation. However, it must be noted that the owner have the liberty to choose the right secretary for his/her company. By now it is clear that a secretary cannot be a random person, but need to have certain strict qualifications to be called as certified company secretary in Malaysia.
Every certified or valid company secretary has to have a legal license issued by the Company Secretaries Association that allows that individual to practice their profession and get appointed by any SDN BHD company in this nation.
The license of a secretary needs to be renewed at a regular monthly interval to keep its validity intact. Once hired, the core roles and responsibilities remains almost the same for all companies. However, for better assistance, all additional services are clearly explained by the Secretary Association of Malaysia.
Even though all roles and additional to-do lists are well mentioned beforehand of a secretarial appointment process, if an owner of the company feels that the secretarial task is not satisfactory, and the work delivered is not up to the expectation, the board of director of the company has the full right to dismiss the current company secretary with formal dismissal latter and instead hire more preferable secretary for the company instead.
Along with many core responsibilities, a good secretary is expected to provide company auditing, consulting services to even client accountancy services. At the end, a company secretary Malaysia plays important roles to uphold a new company and connect it with appropriate entities to keep the business full proof and flawless from the very beginning.
Who can be eligible for a company secretary in Malaysia?
For being a company secretary, an individual has to be at least 18 years of age, and a resident of Malaysia. After that, he/she must earn the CA certification from Malaysian Institute of Accountants (MIA), or must have a qualification of working under a Chartered Secretary registered under MAICSA. There are other substitute eligibility criteria as well, which you can get to know in this article.
What are the main responsibilities of company secretary?
The core responsibilities of a company secretary include:
And so on.
Can a director take the position of secretary of his/her own company?
Yes, only if he/she is the sole director of the company or else according to the Companies Act 2016, a separate company secretary needs to be appointed if the company requirement demands so.
Who cannot act as a company secretary?
Any individual who is bankrupted or indulge or accused for criminal activities and did not pass the company secretary certification procedures and finally doesn’t acquire appropriate company secretary license from authorized bodies in Malaysia is not be considered as a company secretary.
How can a candidate pass Company Secretary Exam?
For passing the company secretary exam, an individual need to carry out following procedures: