Cloud Company Secretary Bossboleh Digitalises the Company Registration Process

When you first start a business, an arduous application process is inevitable, a layperson would be at a loss when it comes to this particular process.

According to the Companies Act 2016, as long as you register as a private limited company (Sdn Bhd), a “company secretary” has to be appointed. The company secretary needs to oversee several tasks, including being familiar with the company’s Memorandum of Association, knowing the statutory compliance and regulations well, performing his or her duties to ensure that the company follows the correct processes and complies with company act, especially the annual submission to Companies Commission of Malaysia (SSM). like annual reports and audited financial statements. In other words, the company secretary plays a pivotal role as the bridge of communication between shareholders, the board of directors, the company, and the Companies Commission of Malaysia (SSM).

In March 2021, the cloud company secretary platform “Boss Boleh” was launched, to simplify the journey of entrepreneurship by utilising cloud technology to provide users a one-stop solution to register their company as a SSM-approved company. Users only need to access the Boss Boleh website to appoint company secretarial services, incorporate a limited liability company (Sdn Bhd), using the website as cloud storage, or even obtain SSM information. It not only helps to save resources in a digital way such as digital signature, electronic Know You Client (e KYC) but also reduces unnecessary contact.

Providing a Digitised Solution

Bossboleh co-founder, Daphne Tan pointed out that the Movement Control Order (MCO) has greatly affected the traditional way of carrying out the tasks of the “company secretary”. Under the new norm, more and more people opt to manage menial tasks online, hence the team behind Boss Boleh recognised that digitization is imperative; business owners have to understand new technology to survive. She revealed that Bossboleh is working hard to provide digitized solutions for partners, they even set up B2B2C (business to business (B2B) and business to consumer (B2C)) commerce platforms, to enable their partners to collaborate with other businesses to promote their products and services.

“We hope to create a healthy ecosystem through various digital means such as eKYB (Know Your Business) and eKYC (Know Your Customer), and also to provide quality service.” She shared that the accounting start-up backed by Amazon founder, Jeff Bezos, has hit a $1.2 billion (approximately RM 49 billion) valuation after the new funding round. This news made Boss Boleh believes that an online platform would become the top choice for outsourced company secretarial services.

Daphne further stated that in response to the MyDIGITAL blueprint, Bossboleh is committed to pushing for the digitization of industries. Since the launch of the platform website in March, Bossboleh has successfully assisted about 20 local businesses to register as private limited companies. Not only that, Bossboleh has received recognition from the Malaysian Ministry of Science, Technology and Innovation (MOSTI) in a technology innovation competition held by said ministry. 

Affordable price to encourage starting up of businesses

Boss Boleh is now having a promotion, users can register as a “Sdn Bhd” for free and only pay the SSM required fee (RM 1,010), without any extra hidden charges. Daphne hopes that the affordable price can encourage people to set up a business easily.

Other than that, users can select services according to individual needs. The platform provides 3 service package options, the flexible monthly charges also help users to save cost. More importantly, the online mode of this service only requires users to register for an account, fill out and submit information accordingly, and finally make payment through an online method. This online process takes only half the time to complete compared to the traditional physical way. The digitized method greatly reduces printing and photocopying of documents; with just a click on the cloud service, one can obtain all relevant information.

Continuously learn from successful businesses and hold on to business exchange opportunities

When talking about challenges that are currently faced, Daphne stated that the platform is still a “newborn”, there is still a huge margin for improvement when it comes to cloud digitization technology. The team will continuously learn from successful business pioneers, such as by taking part in the “Alibaba Young Entrepreneur Training”, Huawei Spark Tech Competition, and utilize the Cradle Fund provided by the government to strengthen their technological capabilities.

Since digital signatures and online identity verification is still not widely accepted by government and financial institutions yet, Boss Boleh is proactively getting in touch with relevant stakeholders, and constantly researching and adapting to promote digitization technologies. The Bossboleh team plans to launch the Bossboleh smartphone app this year, to let users register companies in an even simpler way; at the same time, the Boss Boleh team will further reinforce solutions related to digital signatures, online identity verification, SSM certification, eKYC and eKYB. A series of promotional activities will be rolled out to obtain more recognition from users and in hopes of establishing the brand.

Daphne added that in the future Boss Boleh will employ artificial intelligence, robot automated process, digital learning course, B2B2C commerce mode, as well as quick and instant set up of bank account to further complete the whole digitized operation mode. Boss Boleh will also promote the platform via Huawei Cloud Credit Service to secure more business exchange opportunities in hopes of accessing the international market to attract foreign investments, and boost the Malaysian economy.

Credits to 东方日报

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