The Suruhanjaya Syarikat Malaysia (“SSM”) or Companies Commission of Malaysia (“CCM”) serves as an agency to incorporate companies and register businesses as well as to provide company and business information to the public. As the leading authority for the improvement of corporate governance, CCM fulfils its function to ensure compliance with business registration and corporate legislation through comprehensive enforcement and monitoring activities so as to sustain positive developments in the corporate and business sectors of the Nation. We will discuss below the compliance requirements with CCM that you need to maintain your company in Malaysia.
PREPARING AND FILING OF FINANCIAL STATEMENTS
According to Section 248 of the Companies Act 2016, the directors of every company shall prepare financial statements within eighteen months from the date of its incorporation and subsequently, within six months of its financial year end.
The financial statements and reports need to be circulated to the members of the Company within 6 months of its financial year end for private companies.
A company is required to file the financial statements and reports with the CCM within 30 days from the date of circulation to its members.
filing of annual return
Pursuant to Section 68 of the Companies Act 2016, a company shall lodge with the CCM an annual return for each calendar year within 30 days from the anniversary of its incorporation date.
Usually the Company Secretary will be in charge to file the annual return with the following information with the CCM:
The company’s name and registration number
Principal business activities
Details of company officers
Details of share capital
What happens if the companies fail to comply?
The company and its directors might be held liable to penalties.
If you have any questions on incorporation and compliance, you’re welcome to write or talk to us anytime at [email protected]