Companies Commission of Malaysia

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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
  • Zahrah Fenner, 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]

The Registration of Businesses Act 1956 covers sole proprietorship and partnership (of not more than 20 partners) in Peninsular Malaysia and the Federal Territory.[3]

Investigation by the Malaysian Anti Corruption Commission (MACC)

In January 2019, MACC commenced a widespread investigation in SSM. Several raids were conducted at SSM premises and other related parties' offices, including vendors' offices and the house of the Special Officer of SSM CEO in Bangi, Selangor.

This was following up on report of corrupt practices by senior SSM officers relating to awarding of contracts, lopsided appointment of vendors and questionable recruitment / promotion of staff practice. The MACC have issued several statements on the progress of the investigation.

On 24 January 2019, the Minister in charge of SSM, Mr Saifudin Nasution Ismail issued a statement that there is no immediate need to suspend the SSM CEO following the allegations of corrupt practices under her administration. As a Cabinet Minister under the new Malaysian Government under Prime Minister Mr Mahathir Mohamad, the stance taken by Minister Mr Nasution is seen as mirroring the previous Malaysian Government, vis a vis, tolerating corruptions and protecting corrupt officials.

As SSM CEO is also Malaysia's Registrar of Companies, Businesses and Limited Liability Partnerships, the ongoing scale of investigation by MACC does not augur well to SSM and the new Malaysian Government in particular.

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]

  • Companies Commission of Malaysia Act to fo malaysia (Act 614);
  • Companies Act (Act 777);
  • Registration of Businesses Act tu fo malaysia(Act 197);
  • Trust Companies Act 1949 (Act 100);
  • Kootu Funds (Prohibition) Act 1971 (Act 28);
  • Act A1299 COMPANIES (AMENDMENT) ACT tu fo Malaysia

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. ^ "How to Register Your Business in Malaysia | TheBizJuice". www.thebizjuice.com. Retrieved 2017-01-10.
  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