The moment you read that a given company needs a secretary, the first thing that comes to mind is a person who organizes meetings, picks calls, does some printing, and so on. However, this is not the case when we talk about a company secretary, who is a company secretary? This is a person who ensures that your company complies with the laws. Keeping up with the Malaysian company laws can be quite a task, especially for someone who has no experience in company law- more reason every company in Malaysia needs a company secretary. And besides hiring a company secretary, all companies should either outsource or hire a full-time auditor from a reputable audit company in Malaysia to examine all the company’s financial statements.
The big question, however, is, what do the company secretaries in Malaysia do? Read on to find out.
1. Gives guidance on company law
Either you are a startup company or an already running company in Malaysia, you will need to get some advice on matters to do with company law from time to time. Making a mistake by not complying with any of the company laws can land you in very serious problems as a company, and in worst-case scenarios, it may even lead to the closure of the whole company. However, by hiring a company secretary, they can be able to advise you rightfully as they are more knowledgeable on all company laws.
2. Maintains the company’s statutory records and company records
Another important role of acompany secretary Malaysia is to maintain the company’s statutory records. These statutory records include a register of; members, directors, secretaries, allotments, charges, shareholders, debenture holders, and minutes of board and general meetings. Additionally, they also other records such as the VAT registration records, Tax records, Accounting records, insurance, and pension information records are in order.
3. Maintains the company’s registered office
It is typical to find a company registered in a different location than where it initially operates. But nonetheless, the company secretary is responsible for ensuring that they receive any emails sent to the registered office. It is also their work to ensure that the name of the company is clearly displayed at the registered office or its branches. Additionally, in case of any changes of the addresses, the board of directors, or even the shares allotted, the company secretary is the one who should notify the statutory body.
4. Updates the records at the statutory body
Late updates of the company records may result in hefty penalties for the company. As such, a company always ensures that they file the company’s returns on time as well as any other fillings that need to be done.