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Companies Commission of Malaysia

Malaysian government agency for corporate and business affairs

Summary

Malaysian government agency for corporate and business affairs

FieldValue
agency_nameCompanies Commission of Malaysia
nativenameSuruhanjaya Syarikat Malaysia
nativename_a(SSM)
typeExecutive agency
sealCompanies Commission of Malaysia logo.png
formed2002
preceding1Registrar of Companies and Registry of Business
jurisdiction[[File:Coat of arms of Malaysia.svg20px]] Peninsular Malaysia, Federal Territories, Sabah & Sarawak
headquartersMenara SSM, KL Sentral, Kuala Lumpur
minister1_nameSalahuddin Ayub
minister1_pfoMinister of Domestic Trade and Living Costs
deputyminister1_nameFuziah Salleh
deputyminister1_pfoDeputy Minister of Domestic Trade and Living Costs
chief1_nameDr. Azman Bin Hussin
chief1_positionChief Executive Officer and Registrar
parent_departmentMinistry of Domestic Trade and Consumer Affairs
keydocument1Companies Commission of Malaysia Act 2001
website

The Companies Commission of 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.

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.

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.

History

In 2003, the SSM began a review of the Companies Act 1998, with the aim of simplifying the process of incorporation in Malaysia and reducing businesses' costs of compliance with Malaysian corporate law. 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.

Registering a Sole Proprietorship or Partnership

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

References

References

  1. (2008). "Commercial Applications of Company Law in Malaysia". CCH Asia.
  2. (5 August 2003). "Review of Companies Act underway".
  3. (13 June 2017). "Companies Act 2016, Companies Regulations 2017 has eased cost of doing business".
  4. "Section 5. Registration (REGISTRATION OF BUSINESSES ACT 1956 (REVISED - 1978) - ACT 197)".
  5. "How to Register Your Business in Malaysia {{!}} TheBizJuice".
Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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