The company secretary has financial and legal duties as well as business and operational roles within an organization in Malaysia. The financial and legal duties associated with the company secretary include to:
- Ensure that the company adheres to the Memorandum of Association (MOA), Articles of Association and any other legally binding documentation.
- Keep track of company operations to ensure they do not fall in breach of the guidelines of the Companies Act of Malaysia.
- File the audited financial statements and accounts every year as required.
- Ensure that the company has the proper insurance coverage based on the nature of the business.
- Keep the company seal and ensure it is not misused.
Some of the business and operational responsibilities that a company secretary handles include to:
- Prepare the agenda for board meetings, annual general meetings (AGM) and other shareholder meetings.
- Ensure that all participants have been notified for board and shareholder meetings.
- Act as a link between company directors and staff. For this reason, the company secretary will pass resolutions made by directors to the staff.
- Maintain a comprehensive list of members and pertaining details. The company secretary is responsible for members’ transactions including the monitoring and recording of transfer of shares.
- Act as an avenue to facilitate communication between shareholders and the company. This can include information about dividend payments.
- Keep and prepare all documentation regarding acquisition and disposal of company assets.
- Provide Registrar of Companies (ROC) with relevant information about the company.
The qualifications for the individual who will hold the position of company secretary require that:
- They are residents of Malaysia or possess valid employment papers to work in Malaysia.
- They must be qualified to act in a legal capacity and for this reason often require educational qualification. The individual also must be a registered public accountant.
For the above reasons, most accounting services firms include the service of company secretary in their portfolio.
Why is the Company Secretary important?
The reason that this person is important in an organization is based on the fact that the regulations that govern the incorporation of companies stipulate that this is one of the qualifying requirements. This is a statutory legal requirement even when the company has single director and single shareholder.
It is worth mentioning that since having a company secretary is compliance requirement for limited companies, there is a need to employ a company secretary or work with a firm that can provide professional company secretarial services. Among the things you want to be sure that the company can cater for include company registration or incorporation, and filing of the annual return form on time, at the very least.
Company secretaries play a very important role within your organization and as such it is always important to work with the best company secretary you can afford. The best affordable company secretarial services are just one of the many reason Accounting Services Hub has managed to build a reputation as top destination for Malaysian corporate secretarial services. Many of our clients have commended us for our services mentioning that we often venture beyond what is required and could provide additional services such as payroll services, audit services, financial accounting services and taxation services. Search no further, contact us now for more details of our services.
