In pretty much every company out there, there are certain positions that need to be filled up. For instance, every huge company should have its own accountant that will provide some much-needed accounting services in Malaysia.
A company in Malaysia that is registered as a Private Limited should always come with a company secretary. They are usually licensed by the Malaysia Company Secretaries Association and the fees that you have to pay will entirely depend on the roles that you give to them in your company.
Today, I am going to talk about everything that you need to know about the roles and duties of a company secretary in Malaysia.
Every company secretary is tasked to assist any company and will act as the official liaison. They will prepare, communicate, and submit the statutory returns with the Companies Commission of Malaysia in compliance with the requirements under Malaysia’s Companies Act, 1965.
Preparations and Meetings
Here are the tasks that a company secretary does when it comes to meetings and company preparations:
- They will attend to any board meetings and will provide general advice on company matters if and whenever it is required
- They will prepare resolutions by way of circular resolutions whenever it is required by the board
- They will comply with the attendance of the board meetings or meetings in general
- They will prepare and file the annual returns of your company to the Companies Commission of Malaysia.
- The Company Secretary is set to ensure that they will maintain the company’s secretarial records and they will make sure that the company will comply all of the statutory requirements that are stipulated under the Companies Act of 1965
- They will also advise you with the provisions that are stipulated by the said act.
General Roles and Services
- They will provide services regarding the alteration of the Articles of Association and its Memorandum, such as change of authorized share capital, change of name, and change of object clauses and articles
- They will take care of the allotment of shares, declaration of dividends, and the issuance of rights and bonuses
- They will conduct company searches if needed
- They will get the certifications of documents given by the secretary
- They will transfer shares and split shares certificates
- They will prepare statutory documents and documents in general, especially those that are required by the Companies Act of 1965.
The director of the company does have the sole right to terminate the services of a company secretary if he/she deems their services to be unsatisfactory.
Company secretaries are usually screened and will usually be given to certain companies based on their skill set, but the director of the company has the right to terminate their services given enough evidence of unsatisfactory work.