The Companies Commission of Malaysia also known as Suruhanjaya Syarikat Malaysia, SSM, among the locals is simply a statutory body which was initiated under The Act of Parliament to regulate all sort of corporate and business affairs in Malaysia. This corporate body was established in 2001 under the Companies Commission of Malaysia Act 2001.
It was mainly established with the purpose of argument to indicate the functions of the registrar of companies and registry of business. it is stated by the Malaysian Government that SSM is an agency allocated under the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP). It is the sole body of the act all over Malaysia, who deals with all sort of regulation and policies involved with business companies and businesses pursuant to the Companies Commission of Malaysia Act 2001.
Hence it is already clear that whether you are a sole business owner or company director or a foreign investor you need to get in contact with The Companies Commission of Malaysia also known as Suruhanjaya Syarikat Malaysia, SSM to turn your dreams of doing business in Malaysia to reality.
The role play of this government authorized body does not only limit as a corporate regulator rather SSM or The Companies Commission of Malaysia plays a major role as an agency to incorporate business companies and register businesses.
They also play a vital role on acknowledging and providing company registration and business information to the public of Malaysia and all over the world. An information center stimulated as Companies Commission of Malaysia Training Academy (COMTRAC) was established in April 2007 by the SSM authority itself. The main purpose of these training center is to spread out valid and vivid corporate governance through constant education & effective surveillance plus enforcement.
Well, the main reason of initiation of Companies Commission of Malaysia by its Government was to train and educate all sort of corporate bodies appointed in a business company in Malaysia which involves the directors, secretaries, management figures, employees, auditors, entrepreneurs, innovators and other company members with SSM’s functions, laws and regulations regarding business strategies stipulated under the Companies Commission of Malaysia Act 2001. This Academy is called as COMTRAC & Knowledge Management Division from March 2018.
Let us now focus on some of the extreme role plays, acts, and regulations which is thoroughly run down with strict monitoring by the Companies Commission of Malaysia. To get the job done is surely not an easy task to obtain with this government based statutory body initiates.
Due to the fact of Malaysia being highly popular as a business-oriented country with enormous resources, facilities and profitable outcomes to its foreign neighbors, business owners and foreign investors from all over the world became more and more keen to set up their own business entity within the country. Hence with a motive of capturing the attention of these investors towards Malaysia Business, the SSM reviewed the Companies Act 1965 at the year of 2003.
This reviewing step was mainly initiated for two reasons. One was to simplify the process of business registration in Malaysia to the maximum extent as possible so that it becomes easier for investors to understand and adapt. The other reason was to reduce various businesses’ costs and expenses of compliance with Malaysian corporate law.
As the only sole authority as corporate governance in Malaysia, SSM has to take several steps regarding inspection and enforcement activities to make sure appropriate compliance with business registration and corporate legislation.
If any of the business companies or their respective owners try to make a cheap run or disobey any of the policies and regulations initiated by the Companies Commission of Malaysia Act 2001, they will be strictly punished and charged as per level of crime committed.
Being the only statutory body as corporate governance in Malaysia, SSM never comes up with any sort of soft concerns or second chances for business firms and their respective owners who break barriers to the regulation system created.
In some cases, the business companies along with their owners might lose their business licenses, permits and legal approvals of business incorporation in Malaysia. It is possible to be charged for a handsome compensation to be made by the business companies and sometimes the company owners are jailed according to the weight and level of jurisdiction broken.
Acts & Regulations Initiated by The Companies Commission of Malaysia:
All this acts and regulations complied over business companies and their owners regarding compliance over business registration and business policy are launched as a Legal Framework oriented by the Malaysian Government and The Companies Commission of Malaysia (SSM).
One can easily get detailed information about all these acts, regulations, informative consultations with locals and company owners, Technical FAQs and many more in the official online site of SSM.
- Companies Act 2016 (Act 777)
- Interest Schemes Act 2016 (Act 778)
- Companies Commission of Malaysia Act 2001
- Companies Act 1965 (Act 125)
- Registration of Businesses Act 1956 (Act 197)
- Trust Companies Act 1949 (Act 100)
- Kootu Funds (Prohibition) Act 1971 (Act 28)
- Act A1299 COMPANIES (AMENDMENT) ACT 2007
- Limited Liability Partnerships Act 2012
- Companies Regulations 2017
- Interest Scheme Regulations 2017
- Companies Commission of Malaysia regarding Companies Secretaries Licensing Regulations 2017
- Registration of Rules for Businesses 1957
- Limited Liability Partnership (LLP) Regulations 2012
- Companies Rules for Corporate Rescue Mechanism 2018
Public Consultation –
- Consultation Documents — Registration Review of Businesses Act 1956
- Public Consultation — New Companies Bill
- Public Consultation — Interest Schemes Bill
- Consultative Document based on Interest Schemes Guidelines.
- Feedback Consultation Document for Interest Schemes Guidelines
- Consultative Document regarding Guidelines on Accounting for Interest Schemes
- Public Consultation based over Subsidiary Business Legislations Companies Act 2016
- Public Consultation over Introducing Personal Property Securities and Laws Registered.
- Consultation Document for Reviewing Trust Companies Act 1949
Some of the technical FAQs regarding Companies Act –
- FAQs over Proposed Amendments Act 1965
- Additional FAQs on Companies (Amendment on Various Business Companies) Act 2007
Federal Government Gazette approved from Malaysian Ministry:
- Companies Commission of Malaysia, SSM (Amendment of First Schedule) Order 2018
- Interest Schemes (Amendment of Second Schedule) Order 2018
- Business Companies (Amendment) Regulations 2018
- Appointment Date of Going into Operation
- Business Companies (Schedule Amendment) Order 2013
The official online site for The Companies Commission of Malaysia or SSM also portraits valid and legal information about procedures and steps (from start to finish) needed to be done for company registration in Malaysia. One can find all sort of information that HE OR SHE would require to know or come in an encounter during the incorporation phase of their time.
The online site of SSM reveals information about types of license needed by the business companies and investors to run their business legally in Malaysia, documentation and articles, approvals, authorized forms, Costing, limitations, barriers and Approximate Time required for each step to be done. The investors or the sole business owners can also get to know about an approximate costing that they would require for setting up their business entity in Malaysia.
The business owners and investors can also get the idea about the types of business companies that can be initiated to incorporate in Malaysia and which type of Business Company will be the most beneficial for them to look into.