Suruhanjaya Syarikat Malaysia (also known as Companies Commission of Malaysia in English) is a statutory body and its main duty is to serve as a government agency for incorporation of companies, registration of businesses and limited liability partnerships. They also at the same time provide company and business information to the public as part of their business decision making.
The abbreviation words SSM or CCM is commonly used by the public in Malaysia.
A business license is required for a company or an enterprise to legally commence its operation. Licenses such as Business Premise License and Signboard License (provided have signboard) is a must apply license from the state authorities. The requirements for application of business premise license and signboard license may vary according to different state local authority.
There are 3 categories of business licenses such as general license, industry/sector based specific license or activity based specific license. Business licenses are required by the Malaysia Legislation and administered by various government agencies, statutory bodies and local authorities. The compliance requirements vary by industries, business activities and locations.
A registered office is a place where all communications and notices may be addressed and which shall be open and accessible to the public pursuant to Section 46 of the Companies Act, 2016. A company shall lodge a form within 14 days to SSM for any change of registered office. Normally, company secretary office is the registered office address for a company.
Business Address is a place where the business activities are operated. It can be at any place in Malaysia, be at your home, shop, factory or virtual office.
Our fee is inclusive of providing Registered Office address. It is a statutory requirement for all companies to have a registered office.
Auditors are playing a vigilant and important role in ensuring that the shareholders’ interests are well protected and that the management of the company has acted within reason. It is the shareholders who primarily depend on the good faith and efficiency of the company’s auditor to ensure that company’s actions in daily operations are verified. Auditors must be an “approved company auditor” under the Companies Act, 2016 and must not be closely associated with the company.
Every company must appoint an auditor and have its accounts audited. The first auditor is appointed by the board of directors. The board also has the authority to appoint an auditor where there is left vacant. The first auditors are to be appointed before the first annual general meeting (AGM) of the company.
Section 2 of the Companies Act 2016 defines financial year for any company as the period in respect of which the financial statements of the company is made up, whether that period is a year or less or more than a year.
The financial period is referring to the Company’s accounting period. The decision to determine your company’s first financial year or if there is any change of financial year end, is solely at the discretion of your company.
However, a company is required to prepare its financial statements within 18 months from its incorporation date for a newly incorporated company and subsequently within 6 months of its financial year end pursuant to Section 248 of the Companies Act 2016. In this regards, the company should not fix its first accounting period for exactly 18 months. It is advisable that the first financial year end is fixed few months before the deadline of 18 months to allow some time for the auditor to prepare audited financial statements.
For more details, please head on to Company Financial Year End
A private limited company can be considered as an Exempt Private Company where its shareholders are not more than 20 and none of its shareholders is a corporate body. The Company can opt not to submit its audited financial statements to SSM but audited accounts would still need to prepare provided that a certificate relating to an Exempt Private Company is signed by its director, secretary and auditor confirming the following:
- The company is an exempt private company;
- The company has tabled the audited financial accounts to its shareholders at the annual general meeting; and
- The company is solvent where it able to pay its liabilities when falling due.
An Auditor’s Statement would also need to be accompanied for submission to SSM in the absence of the audited financial statements.