Companies Commission Of Malaysia (SSM) - Statutory Filing Deadlines After Incorporation Of Sdn Bhd.

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The new Companies Act 2016 (“CA 2016”) has come into force with effect from 31 January 2017 except Section 241 which is relating to the requirement for company secretaries to register with Registrar.


With the enforcement of the new CA 2016, the Companies Act 1965 is repealed. One of the major changes is all private companies are no longer required to hold annual general meetings (“AGM”) and due to this, there are also changes with the requirements of the statutory filing dealines as below:

1. Lodgement of Annual Return

Previously under the Companies Act 1965, the filing of the Annual Return is within 1 month from the date of AGM. Due to the abolishment of the requirement for holding AGM for private companies under the CA 2016, the filing of Annual Return is not later than 30 days from the anniversary of the incorporation date of the Company.

Non compliance : Company and every directors liable to a fine ≤ RM50,000 and for continuing offence, a further fine of RM1,000 per day.


2. Circulation of Audited Accounts

CA 2016 no longer require AGM for all private companies, therefore, the audited accounts must be circulated to the members within 6 months from the financial year end of the Company.

Non compliance : Company and every directors liable to a fine ≤ RM50,000 and for continuing offence, a further fine of RM500 per day.


3. Lodgement of Financial Statements

After circulation, the company must lodge a copy of the financial statements with the Companies Commission of Malaysia within 30 days from the date of circulation.

Non compliance : Company and every directors liable to a fine ≤ RM50,000 and for continuing offence, a further fine of RM1,000 per day.

 
Darren Yap