[Written in partnership with PubliCT.io, but the editorial team had full control over the content.]
Entrepreneurs will know properly setting up a company and incorporate it as a private, limited company (a Sdn Bhd) can be quite the tedious task. However, as menial as the duty is, it’s a critical step in owning and running a business.
But why waste time on boring paperwork, when that time can be much better spent on leading a team, devising actual products, or growing a company?
That’s where digital company secretary services come in.
One startup in Malaysia that offers such services is iCompany. Developed by local IT experts under the guidance of licensed company secretaries, iCompany offers an array of online company secretarial services.
Although it’s only been a few months since its official launch in November 2023, the platform has already gotten 200 early adopters using its services.
These include preparing resolutions and other documentations, submitting them to the Companies Commission of Malaysia (SSM), and assisting with continuous compliance and secretarial duties.
And of course, these services come particularly in handy when incorporating a company.
“Most, if not all, entrepreneurs have this fear of starting up,” said Asyraq Rashid, the founder and CEO of iCompany. “iCompany provides that peace of mind to do it anytime, anywhere at your convenience and comfort.”
iCompany is able to achieve this through its innovative AI-enabled features, including SAIRA (Secretarial Artificial Intelligence Remote Assistant) and other advanced automation capabilities.
Leveraging technology, no papers are involved and no appointments are needed. And beyond incorporation, the platform can also help entrepreneurs manage other compliance issues.
A team of experts
Speaking to Vulcan Post about his motivation to start iCompany, Asyraq shared that he’s heard of the hardships of registering a company from businesspeople directly.
“When I speak to people about why they don’t incorporate a Sdn Bhd for their business, the pain points are always the same,” he revealed. “First is cost, second is complexity, and lastly is availability.”
And iCompany intends to solve all that while also offering convenience.
Asyraq in particular understands the complications of the Companies Act, which he has been familiar with since he was an intern with the Securities Commission in 2008.
Aside from Asyraq himself who is an ex-regulator with the Securities Commission with experience of being a lawyer and company secretary, the iCompany team also comprises an experienced ex-auditor and IT developers who are are trained in business compliance and security.
“The title ‘experts’ is not for us to claim but we have over 50 years of combined experience in a team of six,” he said.
The reliability of this team may be a reason why organisations such as MyData-SSM has chosen to work with iCompany.
Specifically, iCompany’s services have been integrated onto MyData-SSM, the official and leading service provider for the Companies Commission of Malaysia (SSM) to further enhance the efficiency and reliability of the incorporation process and other compliance activities.
Especially with iCompany being such a young business, this partnership helps solidify iCompany’s status as a reliable digital secretary platform.
“After multiple emails and incessant phone calls, MyData-SSM agreed to have a session with us,” Asyraq shared about the process. “They were writing us off as just another self-proclaimed Digital Company Secretary but we requested the opportunity for a real presentation which some of them tried themselves.”
“And that was it,” the founder proudly shared. “That sealed the deal.”
Standing out from the competition
As Asyraq himself mentioned, there are quite a number of Digital Company Secretary firms out there. However, he believes that many of these sites do not actually encompass the full scope of being a company secretary.
He finds that many of their systems do not respond intuitively to users and often have a limited number of service offerings that can be done online.
On the other hand, iCompany is an end-to-end system that lets users incorporate, manage, and do what is required of any Sdn Bhd to comply with the law.
Moreover, Asyraq believes all this is being offered at an affordable price, achieved thanks to the automation of the iCompany System. According to the founder, the team wants to be fully automated by 2026.
Aside from those USPs, Asyraq is also proud to share that iCompany is fully owned by a Malaysian and developed by Malaysian IT developers. He also claimed that the company is purely bootstrapped with no loans, investments, or backing yet.
“Of course, there are bugs and fixes for now, but we are confident we are on the right track to be Malaysia’s Premier Digital Company Secretary and the market leader in Regulatory Tech,” he said.
For those concerned about security, iCompany uses a headless architecture which means the front end of the iCompany System is decoupled and separated from the backend.
Moreover, the servers are only accessible internally, meaning the network is not exposed to the public.
The team also targets to implement E-KYC (Electronic Know Your Customer) before the end of March.
The future of the company
By the end of this year, iCompany hopes to help register 1,000 Sdn Bhds through its platform. Once this is achieved, they hope to double the increment for subsequent years.
All this will help the startup achieve its goal of becoming the go-to business gateway for the ASEAN region.
With this vision, Asyraq and his team are working to lead the regulatory technology industry.
“iCompany is about redefining efficiency and providing a value-for-money experience that shifts paradigms,” Asyraq said. “It’s 2024, and owning a Sdn Bhd should not be a chore.”
Featured Image Credit: iCompany