Are you worried about hiring the best company secretary in Malaysia for local and company ? Let see all about company secretary Malaysia fees, services and other duties.
Are you looking for part time / full time COSEC? Fee is higher as responsibility of a company secretary is huge ! There are plenty of roles as company secretary has to perform. Major roles of a COSEC are (1) Legal (2) Corporate affairs and (3) HR
Hire Company Secretary in Malaysia
According to the law, a company secretary is mandatory for a company. You must appoint a company secretary for setting up your company in Malaysia. We, here at S & F Consulting Firm, can provide you with the best company secretary service. For a company secretary, only chartered accountants qualified from Chartered Institute in Malaysia and licensed secretaries qualified by SSM rules and examinations, are allowed. Only a permanent residence in Malaysia is eligible to act as a company secretary.
Qualifications of a Company Secretary
The first requirement for a company secretary is a Malaysian citizen. This is a must which is stated under Malaysia’s Company Act 2016. The main eligibility for a company secretary is provided below:
- Age 18 years and above with a local address in Malaysia
- A Chartered Accountant who is registered at Malaysian Institute of Accountants
- Chartered Secretary approved under Malaysian Institute of Chartered Secretaries and Administrators
- A Licensed Secretary approved by SSM
- A lawyer who is registered with Malaysian Bar
- No bankruptcy report of the person
Requirements For Becoming Company Secretary
The requirements of becoming a company secretary are provided below:
- Company Secretary must be 18 years or above
- The Company Secretary must be a Malaysian citizen with permanent residency in Malaysia
- Secretary must be a member of any governing body stated by the Ministry of Domestic Trade and Consumer Affairs
Unless a person is a member of a professional body or authorized to act as a corporate secretary by the company commission of Malaysia, he/she cannot act as a company secretary. The mentioned bodies are provided below:
- The Malaysian Association of the Institute of Chartered Secretaries
- The Malaysian Institute of Accountants
- The Malaysian Association of Certified Public Accountants
When you want to register your new company, you can either do it on your own or let your company secretary help you in registering the company. The process of registration can be easy if you have a company secretary who does the work. He/she will deal with all the requirements of Suruhanjaya Syarikat Malaysia (SSM).
Roles of A Company Secretary in Malaysia
There are three areas where the roles of a company secretary are needed most. These key areas are to the board, to the shareholders, and to the company. The tasks may vary within these areas but the key tasks of the company secretary are provided below:
- Ensuring the procedure for the appointment employee are handled properly
- If support is necessary from the directors of the company, the company secretary must be present
- Collection of all information from the board members and committees so the best possible usage of abilities can be hold for the company to hold board meetings or discussions
- The interests of the shareholders of the company must be given proper importance from the secretary
The duties provided below are the core duties of a company secretary in Malaysia. However, using ingenuity, a secretary can do the essential tasks and see that the main obligations are met. The core duties are provided below:
- Company’s formal decision makings are facilitated by the secretary for smooth operation
- Organize board meetings
- Preparation and collection of necessary documents for the meetings
- As stated in the Companies Act, a secretary will ensure the annual general meeting is held
- Preparing the directors with any question they might have to the shareholders
- Ensuring the company is compliance with its Memorandum (MoA) and Article of Association (AoA)
Company Secretary Fees in Malaysia
The responsibilities of a company secretary Malaysia fees & services are more and sensitive. This is one of the main reasons why the salary is higher than other employees. The salary of a company secretary in public limited companies is more compared to the private limited companies as the duties and responsibilities are more.
However, the monthly fees of company secretary service Malaysia range from RM50 – RM100 whereas yearly fees range from RM600 – RM1000. The salary range of company secretary in public limited companies is RM6000 – RM12000. Detailed fees are provided below:
|Fees Particulars by S & F Consulting Firm||Responsible||Secretary Service Fees / Yearly in RM|
|Appoint as Company Secretary||By company||1000 – 1200|
|Memorandum of Association||New company||Free of Cost|
|Board Resolution||Bank Account & Company||200 – 300|
|Guideline||Directors||Free of Cost|
|New Director Appointment||Company||100 – 200|
|Annual Return||For Company and SSM||500 – 1000|
|New Update by Government||Company and Directors||Free of Cost|
|Minutes and Register Book||Company||No fees|
|Documents Prepare and Print||Miscellaneous||Free of cost|
|Company Seal & Chop||Papers||Ne fees|
Pay Not Seeing the Services but the Liabilities
You might be thinking it is expensive to pay your monthly or yearly fee to the company secretary in Malaysia but the responsibilities and liabilities are huge. A Company Secretary Malaysia is liable to ensure compliance of the company with the law in Malaysia. They are always available for the company. Unlike an accountant or a lawyer, a company secretary must be paid not looking at the services but the liabilities he/she has towards the company.
Company Secretary in Malaysia has a lot of duties to perform. They are liable if any rules are not met. The charges for a company secretary may seem high but the fixed rate will help you manage the company’s financials easily in the long run. You don’t just pay the company secretary based on their services but rather on the liabilities they handle. It takes a long time and effort to become a company secretary so you can be assured that your company secretary is responsible enough for the tasks to be done and handled properly. A company secretary will ensure a stable and proper work environment and keep the shareholders and directors updated on the latest changes in law or any information. Rest assured, your company secretary will handle all the roles of a secretary with the most perfect and complete them in the most efficient way possible.
Frequently Asked Questions
To certify SSM and any other relevant documents fees stand RM 3-10, depend on service conditions.
Each Sdn Bhd company must hire one secretary as law. But you can hire multiple Company Secretaries if you want. Public listing companies might have 2-5 Certified Secretaries as many issues are handled. He/ she will act as a safeguard of the company from any penalty. He/ she will perform all duties of the Company Secretary as law.
The longest it can take is 4 hours but on average it takes 1-2 hours.
The maximum time it can take is 2-3 days only if your proposed name is available to register.
A company or organization that oversees providing the company secretary for your company or business. A company secretary firm is a place where you go to get the company secretary for your own company in Malaysia.
A company secretary is mandatory for a company. This is a requirement from SSM. You must appoint a company secretary within 30 days of company incorporation. Essential tasks like the appointment of employees, support to directors and shareholders, collection of information of all directors and shareholders, and the organization of board meetings are done by the company secretary.
A company secretary must be passed by a governing body like the Malaysian Institute of Accountants, or a certified secretary approved by SSM. The secretary must not have any bankruptcy report to get the role of a company secretary. Furthermore, the company secretary must be a Malaysian citizen with permanent residency in Malaysia.