Companies Commission of Malaysia

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Companies Commission of Malaysia
Suruhanjaya Syarikat Malaysia
(SSM)
Companies Commission of Malaysia.jpg
Executive agency overview
Formed2002
Preceding Executive agency
  • Registrar of Companies and Registry of Business
JurisdictionCoat of arms of Malaysia.svg Peninsular Malaysia, Federal Territories, Sabah & Sarawak
HeadquartersMenara SSM, KL Sentral, Kuala Lumpur
Minister responsible
Executive agency executive
  • Dr. Azman Bin Hussin, Chief Executive Officer and Registrar
Parent departmentMinistry of Domestic Trade and Consumer Affairs
Key document
  • Companies Commission of Malaysia Act 2001
Websitewww.ssm.com.my
Footnotes
Companies Commission of Malaysia on Facebook

The Companies Commission of Malaysia (Malay: Suruhanjaya Syarikat Malaysia, abbreviated SSM), is a statutory body formed under an Act of Parliament that regulates corporate and business affairs in Malaysia. The SSM was formed in 2002 under the Companies Commission of Malaysia Act 2001, assuming the functions of the Registrar of Companies and Registry of Business.[1]

The main purpose of SSM is to serve as an agency to incorporate companies and register businesses as well as to provide company and business information to the public. The commission launched SSM e-Info Services to allow information on companies and businesses obtainable via its website.

As the leading authority for the improvement of corporate governance in Malaysia, the commission also handles monitoring and enforcement activities to ensure compliance with business registration and corporate legislation.

In 2003, the SSM began a review of the Companies Act 1965, with the aim of simplifying the process of incorporation in Malaysia and reducing businesses' costs of compliance with Malaysian corporate law.[2] This law was eventually replaced by Companies Act 2016, which carries some major changes such as only one director is needed to register the company as a Company Limited by Shares instead of two, heavier penalties on directors who do not comply with the Act, and Annual General Meeting (AGM) is no longer mandatory to be held by private companies. [3]

Business owners can choose to incorporate their business as a Sole Proprietorship or Partnership, incorporate their company as a Company Limited by Shares, a Company Limited by Guarantee or a Company Unlimited, or incorporate a Limited Liability Partnership.

Registering a Sole Proprietorship or Partnership[edit]

  1. Fill out Form A, the Business Registration Form, with the following information:
    1. Business Name
    2. Commencement Date
    3. Principal Place of Business
    4. Address of the Branches (if applicable)
    5. Owner and Partner(s) Information
    6. Type of Business
    7. Copy of the Partnership Agreement (if applicable)[4]
  2. Submit the Form along with the following documents to the nearest SSM counter:-
    1. Photocopy of Owner and Partner(s) NRIC
    2. Permit, License or Supporting Letter for your Business (if applicable) - e.g. nurseries, which need a permit from the Department of Social Welfare
    3. Approval or Supporting Letter from Relevant Agency (if required by the Registrar of Business)[5]
  3. Registration fees are available at SSM Website

Understand more on the differences of Sole Proprietorship and Partnership in Malaysia

Legal Framework[edit]

Acts and regulations that SSM operates under are listed as below:

Acts[edit]

Regulations[edit]

Any subsidiary legislation made under the Acts specified above such as: Companies Regulations 1966; and Registration of Businesses Rules 1957.

See also[edit]

References[edit]

  1. ^ Commercial Applications of Company Law in Malaysia (3rd ed.). CCH Asia. 2008. p. 48. ISBN 981-4228-34-6. Retrieved 5 March 2010.
  2. ^ "Review of Companies Act underway", Daily Express, 5 August 2003, retrieved 11 March 2010
  3. ^ "Companies Act 2016, Companies Regulations 2017 has eased cost of doing business". www.nst.com.my. Retrieved 2019-08-29.
  4. ^ "Section 5. Registration (REGISTRATION OF BUSINESSES ACT 1956 (REVISED - 1978) - ACT 197)". www.ssm.com.my. Retrieved 2017-01-10.
  5. ^ "How to Register Your Business in Malaysia | TheBizJuice". www.thebizjuice.com. Retrieved 2017-01-10.

External links[edit]

Coordinates: 3°10′00″N 101°41′33″E / 3.16667°N 101.69250°E / 3.16667; 101.69250