list view
list view
15 JUL 2021
list view
10:42 AM

Boost Your Business with Outsourced Company Secretary Services

Post title 'Reasons to Outsource Company Secretary' on a green banner overlaying image of 2 working professionals (a man and a woman) giving each other a high five

Hiring a top company secretarial firm is a legal requirement every registered company in Malaysia needs to comply with. A company secretary can help business owners manage their businesses more efficiently and develop their internal operations in the long run.

Companies can decide to either hire an in-house company secretary or outsource their secretarial role to professional secretarial services in Malaysia. This article highlights the top four reasons why business owners should outsource their company secretarial role to a competent service provider in Malaysia.

The Need for Company Secretary Firms in Malaysia

As per Malaysian law, each company must hire a company secretary. However, they can be a boon for startups and businesses that are still growing. This is why the top company secretarial firms are very beneficial as they simply send secretaries to work for other companies.The roles and responsibilities of a company secretary span across various areas of the company. Most people think that company secretaries only perform secretarial roles. However, the role of the company secretaries is more critical and may affect the company’s overall performance efficiency. Some of the main responsibilities of a company secretary in Malaysia include-

  • Managing and assuring that the company complies with all its statutory requirements.
  • Ensuring that the decision of the board of directors is well-executed.
  • Preparing and presenting the company’s annual returns after every fiscal year.
  • Manage any adjustments related to the shareholders.

Since the work of a company secretary is critical, business owners should only hire a company secretary who is a member of a professional organization that the Ministry of Domestic Trade Cooperative and Consumerism has appointed. They may also hire someone licensed by the SSM.

It Can Be Very Beneficial to Get Outsourced Company Secretary Services

1. Efficiency

Running a business is a challenging task, wherein the efficiency and accuracy of the whole process are of the utmost importance. By outsourcing secretarial services, businesses can accurately and timely deal with other vital tasks of the company, allowing them to develop their business productivity and efficiency. Since all legal procedures will be completed on time, companies can avoid potential legal challenges. Furthermore, they do not have to worry about managing financial or tax reports submission, as Malaysia’s top company secretarial firm can easily handle it. There are many other responsibilities of company secretaries in Malaysia. Nevertheless, secretaries have a lot of jobs to do in the office. It will be safe to say that they are one of the busiest people in the workplace. Not to mention, general skills like communication, record keeping, etc. are also essential. As everyone can’t do or understand the roles or be able to deliver efficient results despite being very busy, it is a great idea to hire a company secretarial firm.

2. Cost-effectiveness

Hiring your house company secretary requires a lot of money. We aren’t just talking about the salary, but you will also have to pay for the benefits, insurance, etc. Furthermore, as employees need to relax on public holidays, it may be a challenge to sustain the work when they are out. With company secretarial firms, you won’t have to pay for the salary or any benefits. Plus, as you don’t require to go through the hiring process, you save money that you would spend while finding the ideal applicant. The services already are affordable, and the workers have all the skills.

Other benefits when it comes to the budget are transparency and versatility. Company secretarial services only charge for their duty and range of work. They have fixed price points, and their charges vary depending on the things they need to do.

3. Minimal risks

Training and maintaining the internal team carry many risks. When business owners rely on outsourced secretarial services, they can expect major business matters to be managed within a set period, significantly lessening the risk of financial loss, fines, or legal actions.

4. Expertise

When operating a fairly new company, business owners require all the professional support they can get to ensure smooth progress. Therefore, many companies tend to hire competent people with experience in managing different administrative matters, including secretarial services.Hiring a professional services provider ensures the company gets the services of qualified, proficient, and experienced company secretaries. Even for companies for whom budget isn’t a big problem, the work quality delivered by company secretarial firms can be appealing. They have expert secretaries, and as the secretaries generally work for many companies, they are experienced.

In Malaysia, every certified company must have at least one licensed company secretary as required by the Companies Act. The role of a company secretary is extremely important and should not be underestimated and should only be delegated to those who are qualified to perform the responsibilities efficiently and have experience in the area. Business owners can learn about the requirements regarding the company secretary from the Companies Act of 2016 and the SSM’s guidelines for the local companies’ incorporation.

When choosing a top company secretarial firm in Malaysia, business owners require to consider its capacities, services charge, years of experience, industry expertise, management, and computer skills. The firm should have company secretaries who are skillful in handling multiple streams of information and capable of simplifying it for everyone in the company to understand. Some corporate secretarial agencies also offer other business resolutions, including accounting and company registration services.

Bispoint Group offers comprehensive business and financial solutions, including company registration, accounting, tax compliance and financial due diligence, for small and medium-sized enterprises (SMEs) in Malaysia. Our team of highly skilled professionals can swiftly and expertly implement solutions to meet your business needs. Currently, we have over 70 dedicated teams, including Chartered Accountants, managers, supervisors, and junior associates in our offices serving over 1,000 private companies. Speak to us to learn how we can support your business growth in the long run.