With a large and growing population, Malaysia offers lots of opportunities for companies looking to expand into Asia. However, it also poses a few challenges. The legal landscape is complex, so it’s important to have local expertise on side to help get your business off to a good start. One way to do this is to outsource the role of corporate secretary to either a local or a regional expert. This article explores how they can help.
It’s a Legal Requirement
Filling the role of company secretary is required by law to do business in Malaysia. Not doing so can lead to fines or being struck off the register. But as well as meeting this requirement, a local secretary can help you file important documents, such as financial statements, on time and in the right way. They can also let the business know about changes to any rules and laws that may affect it.
They Are Corporate Governance Experts
If you want to attract financing for your business, or get customers to make large orders, good governance is crucial. It helps build trust in your company among stakeholders, who need reassurance that you will still be around in several months’ or years’ time. While not directly involved in making decisions, the secretary has a key role in the decision-making process. It is their job to set meetings, record minutes, and advise directors on best practices and ethical conduct.
They Can Liaise With Authorities
Malaysia’s bureaucracy can be a challenge for both local and foreign business owners. Most businesses need to register with, report to, or get permits from more than one government agency. These things can be done a lot quicker when you have an expert onside who really knows what they are doing. A good local secretary will know what these agencies need and will be able to make smart business decisions if they run into any problems.
They Provide Valuable Administrative Support
Corporate secretaries are very useful when it comes to things like registering a business through the government’s business portal or getting the licenses your business needs. However, after the setting-up phase, they often have less work to do. Taking one on full-time can be expensive, which is why many businesses opt to outsource the role to a professional secretary. They’re there to give admin support when you need it, but they do not cost as much as an employee.
Local Knowledge and Insight
Malaysia’s business culture is shaped by Malay, Chinese, Indian, and Western practices, and local customs have a large role to play too. A competent business secretary can help advise you on the local culture, so that your interactions with stakeholders, including clients and staff, go smoothly.
Conclusion
A good corporate secretary could be the key to your company’s success in Malaysia. Their expertise of the local culture, laws, rules, and requirements can help you get things off the ground quickly while you focus on other important issues, like delivering great products and services.
