The Average Cost of Secretarial Services in Malaysia and is It Worth It?
It comes as no surprise that hiring secretarial services has various benefits, but are those benefits worth it for the cost you need to pay? We compare various ranges and cost of secretarial services in Malaysia to help you decide if the services are worth your interest.
Annual Secretarial Services Fees
The base fee for Annual Secretarial Services fees for good companies starts at around RM 1,000 to RM 1,500. You may need to pay an extra RM 500 (approx.) for preparing and submission of Annual return to SSM and another RM 500 to RM 1000 to prepare the XBRL report to SSM.
For the base fees, secretarial services do the basic secretarial tasks, including:
- Acting as a secretary.
- Maintaining minutes and registers.
- Taking care of the statutory compliance, and accounting, tax, secretarial matters, etc.
- Providing a registered office address.
- Ensuring that the company’s operations fulfil the legal requirements (however, they may need the help of a lawyer for this).
As secretaries have to work closely with the executives, beneficiaries, directors, and shareholders, secretarial services may charge extra if the company has multiple people in those positions. Anyway, the fees are generally for entity due diligence, so the price is around RM 100 to 120 per head, which is a one-time fee.
Apart from the above basic roles, some secretarial services can also offer services like helping conduct board meetings, and amending the company constitution.
Cost of Secretarial Services in Malaysia for Non-routine Services
Aside from the basic responsibilities, secretaries sometimes need to do non-routine tasks. Secretarial services generally charge extra for the tasks, as they are mostly one and off, and including them in the base fee only makes the client company pay unnecessary fees.
Here are the fees that you should expect to pay for non-routine services from a good corporate secretarial service provider. Please make sure that some companies may charge more than this, but the list below will give you a better idea of the money you would normally need to pay.
- Company Name Search – RM 100 to RM 150
- Change of Company Name – Around RM 5000
- Creation of Company Profile in SSM – RM 100 to RM 140
- SSM Company Images – Generally starts at RM 50 to RM 100
- Increase of Issued Share Capital – Can start at around RM 350 for each allottee. The price increases for each additional allottee.
- Splitting of shares – starts at RM 250
- Share Transfers – starts at RM 200 to RM 300
- Share Certificate Issuance – Starts at RM 200 to 250
- Change of Secretary and Registered address – starts at RM 300
- Appointment or Resignation of Director – RM 250
- Update of Director’s Particular – RM 100 to RM 120
- Change of Business Type – RM 200 or more for public limited companies
- Change in beneficiary, registrable controllers and nominee directors – RM 100 per person
- Changing Business Address – RM 100
- Update of Director’s Particular – Don’t pay more than RM 120 for each director
Is Hiring Secretarial Services in Malaysia Worth the Money?
The answer is yes, it’s definitely worth it. Secretarial services don’t only help save budget, but they have experienced professionals working for them. Getting a similar quality of work by hiring your own employees is going to cost you a lot of money.
According to stats, the average Corporate Secretary Salary in Malaysia is RM 43,307. Again, this is excluding the various bonuses and profit-sharing that secretaries get. Moreover, more experienced secretaries charge way more than the average salary in Malaysia. Thus, the base price of only RM 1,000 for corporate secretaries is way lower than a secretary’s salary.
For a business, the benefit of hiring secretarial services isn’t only limited to saving budget, but also flexibility in paying the secretary. As seen in the above header, secretarial services only charge for the work they do. So, you won’t be overpaying despite the responsibilities of the secretary becoming less.
With lower prices and more flexibility, secretarial services definitely are worth it. We hope we answered your question about the cost of secretarial services in Malaysia. You can contact 3E Accounting Malaysia if you are looking for the best Corporate Secretary Services for the lower end of the above prices.