What is Suruhanjaya Syarikat Malaysia? And All You Need To Know About Company Incorporation in Malaysia.
The Companies Commision of Malaysia, also known as Suruhanjaya Syarikat Malaysia (SSM), is a statutory body formed in 2002 upon the merging of two bodies, the Registrar of Companies (ROC) and the Registrar of Businesses (ROB) in Malaysia.
SSM functions as a hub for incorporating companies and the registration of businesses in Malaysia, in addition to providing official business information to the general public.
SSM is the primary governing body responsible for regulating corporate and business affairs in the local region, particularly to ensure the compliance of companies and businesses with Malaysian laws and legislations. The laws and regulations include the following:
- Companies Commission of Malaysia Act 2001
- Companies Act 2016 (Act 777)
- Interest Schemes Act 2016 (Act 778)
- Registration of Businesses Act 1956 (Act 197)
- Limited Liability Partnerships Act 2012
- Trust Companies Act 1949 (Act 100)
- Kootu Funds (Prohibition) Act 1971 (Act 28)
The responsibilities of SSM include and are not limited to:
- Ensuring relevant laws and regulations are administered, enforced, applied and complied with;
- Regulating matters relating to corporations, companies, businesses in relation to governing legislations;
- Encouraging proper conduct and compliance amongst relevant individuals in relation to companies and businesses involved in accordance with established norms of good corporate governance;
- Advising Ministers on matters relating to corporate and business activities in relation to legislations.
As one of the highest ranking countries to conduct business activities in the world, Malaysia has been an attractive option for foreign investors over the years. The strategic location of the country, low language barrier, low taxes for corporations and ease of business registration are few of the many reasons why Malaysia remains a top choice for many as a country to launch a business in.
To become a legally registered entity, you must first register your company with SSM. Business registration is the first step to anchoring your business in the country, in addition to increasing consumer confidence in your trade. Business registration will facilitate the verification of official company information required in assisting the government in supporting further development of the company. Once registered, you are able to apply for Payment Gateways in Malaysia, such as iPay88, PayPal, eGHL and more.
In the process of incorporating your company, it is important to appoint a Company Secretary in order to streamline the process of reporting to SSM. It is a legal requirement to hire a Company Secretary who is informed about the governing laws and regulations as stated above. It is the Company Secretary’s responsibility for the preparation, maintenance and handling of business activities of the company in relation to SSM.