16 Aug 2021   |     razlan67   |     Company, Government, Malaysia   |    

Suruhanjaya Syarikat Malaysia – SSM



Logo Suruhanjaya Syarikat Malaysia - SSM

Suruhanjaya Syarikat Malaysia – SSM (The Companies Commission of Malaysia), is a statutory body formed to 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.

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.

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

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