Private limited company (Sdn. Bhd.) is a common business model in Malaysia. It is controlled by the Companies Commission of Malaysia (SSM) and the Companies Act 2016. According to mandatory regulatory compliances, a Sdn. Bhd. registration needs to be completed by a certified company secretary.
So, what role does a company secretary play in this scenario? The responsibilities of a company secretary are more than just filing paperwork; in fact, it plays a pivotal role in the disclosure of information to companies and regulatory authorities as well as effective corporate compliances.
Certainly, it is compulsory for you to have a company secretary when starting your own Sdn. Bhd. Nonetheless, company secretary is no rigid job; only the members from designated professional bodies or those who are recognised by the SSM are qualified for this task. Here are a few duties of a company secretary.
1, Statutory and Regulatory Compliance Matters
A company secretary must be familiar with the memorandum of association of the company and compliance regulations of statutory and regulatory agencies. This is to make sure that your company meets the regulatory requirements of the Companies Act. Furthermore, it can verify all company documents, ascertaining that they are accepted and have legal effects.
2, Official Contact Point
A company secretary is the official contact point of your company. It is responsible to communicate with the SSM and appropriately manage all matters regarding internal compliances and legal requirements. Moreover, a company secretary must ensure that all statutory information, including their revisions and amendments, are well-recorded.
3, Annual Report Submissions
A company secretary must pay heed to important deadlines and documents, especially completing its submissions of documents on time, such as audited accounts, annual reports, etc. This would help your company avoid any penalties due to late submissions.
4, Professional Consultations
Based on the terms stated in the Companies Act 2016, the company secretary will offer its reminders and suggestions to your board of directors and shareholders on company accounts, financial statements, etc. In addition, it is imperative that it always take notice of the latest regulatory developments so that you are updated on events related to the Malaysian company environment.
A company secretary is the pillar to register a Sdn. Bhd. for both local and foreign entrepreneurs. Starting a company is no joke as the company secretary you entrust must understand its obligations and implement the processes based on your company interests. If you are looking for an established company secretary, then you need look no further than CORPSO. Professional services that CORPSO offer help you to wash away your worries. With our monitoring, you can wholeheartedly develop your business.