Secretarial

What is the penalty of late filing to IRB and SSM for my Sdn Bhd?

What is the penalty of late filing to IRB and SSM for my Sdn Bhd?
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What is the penalty of late filing to IRB and SSM for my Sdn Bhd?

1) Late Filing to IRB/LHDN

Generally, the standard penalties that will be imposed by IRB for late submission of tax return form is according to:

Section 112 of Income Tax Act 1967 - Failure to furnish return or give notice of chargeability

a) Section 112 (1) Failure to furnish return for one (1) YA

Penalty: RM200 – RM20,000; or

Imprisonment: not exceeding 6 months; or Both

b) Section 112 (1A) Failure to furnish return for two (2) YAs or more

Penalty: RM1,000 – RM20,000 and triple of tax payable with DG best judgement; or

Imprisonment: not exceeding 6 months; or Both

c) Section 112 (3) of Income Tax Act 1967

Penalty: Triple of the tax payable for the YA

However, in normal practice, IRB will charge the penalties based on the:

Operational Guidelines GPHDN 3/2020 - Guidelines on the imposition of penalties for failure to furnish tax returns

The Inland Revenue Board (IRB) has issued Operational Guidelines GPHDN 3/2020 - Imposition of penalties under subsection 112(3) of the Income Tax Act 1967, subsection 51(3) of the Petroleum (Income Tax) Act 1967, and subsection 29(3) of the Real Property Gains Tax Act 1976, dated 13 August 2020.

It replaced the earlier issued GPHDN 5/2019 of the same title that revokes Operational Guidelines GPHDN 1/2015 dated 5 March 2015, which only covered penalties under subsection 112(3) of the Income Tax Act 1967.

The following table set out the penalty rates for late filing as provided in the new guidelines.

Late filing period Penalty rate (%)

  • Within 12 months 15%

  • More than 12 months to 24 months 30%

  • More than 24 months 45%

• In normal practice, LHDN will directly impose a 45% penalty on the tax payable amount when a taxpayer has failed to furnish the return form in the prescribed time limit.

• LHDN will then issue a Form J letter detailing the penalty amount to the taxpayer and the amount must be paid within 30 days from the date of the letter.

• If the taxpayer fails to remit the tax amount before the due date, the Company will be liable for a penalty of 10% on unpaid tax.

• If the late filing period is less than 24 months, the taxpayer can submit the tax appeal to LHDN to request for the reduction of the penalty rate from 45% to 15% or 30% depending on the actual period the tax return form was submitted.

2) Late Filing to SSM

i) Lodgement of Annual Return (AR)

Section 68(1) of Companies Act, 2016 require a company to lodge the AR to SSM not later than 30 days from the anniversary of its incorporation date.

Penalty: Fine not exceeding RM50,000.00

ii) Prepare Financial Statements

Section 248(1) of Companies Act, 2016 require a company to prepare the financial statements within 6 months of its financial year end.

Penalty: Fine not exceeding RM500,000.00 or imprisonment not exceeding 1 year or both

iii) Circulation of Financial Statements

Section 258(1) of Companies Act, 2016 require a company to circulate the financial statements within 6 months of its financial year end.

Penalty: Fine not exceeding RM50,000.00

iv) Lodgement of Financial Statements

Section 259 (1) of Companies Act, 2016 require a company Lodge the financial statement to SSM within 30 days from the circulation date.

Penalty: Fine not exceeding RM50,000.00 and if continuing offence, a further fine not exceeding RM1,000 for each day

In addition to the penalties as stated above, SSM also issued a Practice Directive No.1/2017 – The Lodgement Requirements and Related Matter that further details out the penalty for late lodgement of documents.

For any documents that is lodged to SSM later than the prescribed timeframe as per stipulated in the Act, the following late lodgment penalty shall apply:

After deadline Penalty(RM)

  • 7 days to 3 months RM50

  • 4 months to 6 months RM100

  • 7 months to 12 months RM150

  • 13 months onward RM200

The Company is required to pay this penalty amount on the spot at the time filing for the documents to SSM.

Authored by Kam Shi Zhen (Bryan), a junior associate with the Firm.

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6 common mistakes of Sdn Bhd under Companies Act 2016

6 common mistakes of Sdn Bhd under Companies Act 2016
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6 common mistakes of Sdn Bhd under Companies Act 2016

1. Section 30 (1) :

The company does not display the company's name and registration number at the places where the business is carried on (signboard)

2. Section 30 (2) :

The company does not specify the name and registration number on all business documentation and correspondence.

3. Section 68 (1):

The company fails to lodge the yearly annual return within 30 days from the anniversary date of incorporation.

4. Section 248 (1):

Directors fail to prepare financial statements within

(a) 18 months from the incorporation date;

(b) 6 months from the subsequent financial year end.

5. Section 258 (1) (a):

Failure to circulate the financial statements within 6 months from financial year end.

6. Section 259 (1) (a):

The company fails to lodge yearly financial statements within 30 days from the circulation date.

Non-compliance with any of the above sections is subject to penalty.

Penalty ….to be revealed in the next posting

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First financial period

First financial period
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How do I find my financial year end if I incorporate a Sdn Bhd on 18/10/22?

“The beginning is the most important part of the work” – Plato

The same thing can be applied when 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐢𝐧𝐠 𝐚 𝐧𝐞𝐰𝐥𝐲 𝐢𝐧𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞𝐝 𝐒𝐞𝐧𝐝𝐢𝐫𝐢𝐚𝐧 𝐁𝐞𝐫𝐡𝐚𝐝 (𝐑𝐞𝐟𝐞𝐫 𝐡𝐞𝐫𝐞𝐢𝐧 𝐚𝐬 “𝐒𝐁”) 𝐟𝐢𝐫𝐬𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐲𝐞𝐚𝐫 𝐞𝐧𝐝.

As simple as it sounds, there is more to it than meets the eye. There are various compliance standards that the Company need to adhere to as well as multiple factors to be taken into consideration when making the financial decision on fixing the SB first financial year-end.

Firstly, the Company is required to comply with Section 248 of the Companies Act 2016 (refer herein as “CA 2016”)

Every SB is obligated to fix its financial year end (refer herein as “FYE”) within 18 months from the date of its incorporation.

Indeed,18 months may sound like a lot, but you may not want to max out the time frame given. The company may want to consider including a time buffer in their planning for unforeseen circumstances.

𝑰𝒔 𝒕𝒉𝒂𝒕 𝒊𝒕? 𝑫𝒐𝒆𝒔 𝒕𝒉𝒂𝒕 𝒎𝒆𝒂𝒏 𝒘𝒆 𝒄𝒂𝒏 𝒇𝒊𝒙 𝒐𝒖𝒓 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒚𝒆𝒂𝒓 𝒆𝒏𝒅 𝒂𝒕 𝒂𝒏𝒚 𝑭𝒀𝑬 𝒘𝒆 𝒅𝒆𝒔𝒊𝒓𝒆𝒅 𝒂𝒔 𝒍𝒐𝒏𝒈 𝒂𝒔 𝒘𝒆 𝒄𝒐𝒎𝒑𝒍𝒚 𝒕𝒐 𝒕𝒉𝒆 𝒂𝒃𝒐𝒗𝒆?

𝑩𝒆𝒇𝒐𝒓𝒆 𝒚𝒐𝒖 𝒋𝒖𝒎𝒑 𝒊𝒏𝒕𝒐 𝒚𝒐𝒖𝒓 𝒅𝒆𝒔𝒊𝒓𝒆 𝑭𝒀𝑬, 𝒍𝒐𝒐𝒌 𝒄𝒍𝒐𝒔𝒆𝒍𝒚 𝒇𝒐𝒓 𝒂𝒅𝒅𝒊𝒕𝒊𝒐𝒏𝒂𝒍 𝒄𝒐𝒎𝒑𝒍𝒊𝒂𝒏𝒄𝒆 𝒂𝒔 𝒃𝒆𝒍𝒐𝒘:

(𝐢) 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐭𝐨 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 247 of 𝐂𝐀 2016

(a) If the SB becomes a subsidiary of any holding company that is incorporated in Malaysia within two years from its incorporation date, the FYE should be synchronized with the FYE of the holding company.

(b) Having said that, a holding company may apply in writing to the Registrar under Section 247(3) of CA 2016 if the holding company has good reason for the subsidiary to continue having a different financial year.

(c) Although the SB may initially fix its FYE differently compared to its holding company and change it on a later date (within two years of its incorporation date), but why go through the hassle when you can do it neat at the initial stage not to mention the additional professional fee that will be incurred when change of FYE involved.

(𝐢𝐢) 𝐓𝐚𝐱 𝐢𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 - 𝐏𝐮𝐛𝐥𝐢𝐜 𝐑𝐮𝐥𝐢𝐧𝐠 8/2014 (𝐏𝐑)

As stipulated under Para 4.2 of the PR, the first accounting period would be the first year of assessment for the SB.

But of course, if the Company intended to opt for (i)(c) above, the Company is obliged to comply to Para 5 of the PR as well.

All in all, of course, other than the above, there are a lot more factors which may come into play that may affect the decision such as the agreement with a third party, decision by key management personnel of the Company and etc. Hence, I am confident, each Company out there will come up with its best decision when fixing its first financial year end after a thorough consideration.

Authored by Calvin Lim, audit senior, from his personal Linkedin posting https://bit.ly/3SwfJFr

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Cases on promoters under the Company Act

Cases on promoters under the Company Act
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Cases on promoters under the Company Act

Who is a promoter?

“Someone who undertakes all necessary steps to form a company” - Twycross v Grant

What are Promoter duties?

  • Make an adequate disclosure

  • Does not exercise undue influence

  • Cannot make a secret

How to make an adequate disclosure?

Full disclosure of any transactions he had entered into on behalf of the company by way of

  • General meeting (Public Limited “Bhd”)

  • Board meeting (Private limited “Sdn Bhd”)

What does it mean by undue influence?

Where the “consent” is obtained by some pressure whereby the other party was in a disadvantaged position

Am I ever making a secret profit?

Profit in terms of rebates, discounts or incentives received without the company’s consent either by way of in the connection of the company or via its nominee (family related).

What if I breach my duties as a promoter?

Company may:

  • Rescind the contract

    Case law : Erlanger v Sombrero Phosphate Co

  • Recovery of secret profit

    Case law : Gluckstein v Barnes

  • Claim damages for breach of fiduciary duties

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Corporate and Business Information Data (CBID)

Corporate and Business Information Data (CBID)
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Corporate and Business Information Data (CBID)

Corporate and Business Information Data (CBID) is a business information tool available in SSM to customise data for both companies and businesses at a reasonable price.

The specific sets of data are divided into 3 segments as follows:

1. Demographic:- ie. gender, age, race, etc.;

2. Geographic:- ie. State, town, etc.; and

3. Financial:- ie. profit and loss, balance sheet, etc.

CBID become one of the important resources where users can obtain the information as research material to advantageously make a business decision in starting, operating, or even expanding the business.

The importance of CBID:

- business growth information in a particular location.

- marketing purpose and networking collaboration.

- specialised research and analysis.

- business or company expansion analysis either through joint ventures or alliances.

This product is accessible at e-CBID and the cost is listed below:

a) Companies

i) Processing Data / Statistics Fee - RM20/Application

ii) Companies Data Fee by Package - RM3/package per company

iii) List of Company – RM10/Company

iv) Companies Statistics Fee - RM100/statistic

b) Business

i) Processing Data / Statistics – RM10/Application

ii) Businesses Data Fee - RM10/Business

iii) Businesses Statistics Fee – RM20/Statistic

In conclusion, SSM encourages entrepreneurs to utilise the CBID platform for more accurate and reliable information to ease decision-making in business operations at an affordable price.

For more information, click here :

https://bit.ly/3AQ5QeO

https://bit.ly/3KVOdi8

 

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What is Attestation of Company Good Standing (ACGS)?

What is Attestation of Company Good Standing (ACGS)?
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What is the meaning of good standing from SSM?

What is Attestation of Company Good Standing (ACGS)?

ACGS is a confirmation from SSM that a company has met the criteria that were set in the issuance of this ACGS.

The Content in ACGS

Ø  Company Name

Ø  Company Registration Number

Ø  Incorporation Date

Ø  Types of the Company (Public /Private)

Ø  Registered Address

Criteria of ACGS Product for a Company

1.         Incorporated for at least 18 months from the date of purchase ACFS;

2.         Lodged its latest annual return and audited financial statements or certificate relating to an Exempt Private Company;

3.         Existence and not in the process of being wound up or struck off or dissolved ;

4.         Not dormant according to the nature of business;

5.         Has a registered address;

6.         The company or its directors do not consist of any outstanding compound; and

7.         The company or its directors do not have any pending prosecution case.

Why is ACGS important?

a) Official

            – Confirmation issued by SSM and able to verified by digital scan QR code

b) Compliance

– The company’s statutory form and return are filed, up to date and well maintain or organised

c) Trustworthy

             – Meet the criteria set up by SSM with confirmation and certification

d) Reliable

            – consistently good in quality or performance and able to be trusted

How to generate a company ACGS?

ACGS can be generated upon request by the user if it passes the set criteria.

Will be available in SSM e-info if the Company meets all the requirements.

Where to purchase and the cost?

The user can purchase ACGS from SSM e-Info website [https://www.ssm-einfo.my/]

RM105 for each purchase.

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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Can a company provide financial assistance to purchase shares ?

Can a company provide financial assistance to purchase shares ?
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Can a company provide financial assistance to purchase shares ?

Section 123(1) of the Companies Act (CA) 2016 prohibited a company to give financial assistance, regardless directly or indirectly to any person or its shareholder to acquire its own shares or shares of its holding company.

In the context of financial assistance, it was not defined in CA 2016, however, as stated in the section itself, it could be in the form of a loan, guarantee or provision of security or otherwise connected to such purchase.

The rationale of Section 123(1):

• acquisition of shares should be using his/ her own resources;

• to prevent depletion and reduction of the company’s capital because such action might compromise the benefits and interests of the creditors of that particular company;

• to protect the shareholder’s right to expect, and by extension to protect them from the abuse of the company’s capital;

• to prevent manipulation of the market because when a company gives financial assistance to buy its shares, the outstanding shares will go down;

• increase Earning Per Share (EPS) of the company and simultaneously it can artificially increase the market price per share of the company and that’s how manipulation is done.

Exemption

However, there are exemptions made available under Section 125 and 126 of CA2016 :

a) where the lending of money is part of the company’s ordinary business such as bank or money lender;

b) where it is for a trust scheme for employees;

c) where the financial assistance is given to employees for their own benefit;

d) where the company is regulated by written laws relating to a bank, insurance or takaful or which are subject to the supervision of the Securities Commission;

e) where the company is not a public listed company and it has complied with the conditions listed in s126 where shareholders approved by passing a special resolution at a general meeting to give financial assistance not exceeding 10% of shareholders’ funds if the “whitewash” procedures are satisfied.

Penalties and Offences

Under Section 123(3) of CA2016 will impose a fine not exceeding RM3,000,000 or imprisonment for a term not exceeding five years or both upon conviction. Additionally, as per Subsection 4, the Court may order the convicted person to pay compensation to the company or another person who has suffered loss or damage as a result of the contravention that constituted the offence.

In conclusion, this provision restricts the company from using funds to assist a person to acquire shares. This provision catches some business owners off their guard and is surprised to learn that they are restricted to use the funds of the company to acquire shares as they like.

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What is Unclaimed Money Act in Malaysia

What is Unclaimed Money Act in Malaysia
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About the Unclaimed Money Act 1965

关于1965年无人认领款项法令

Minister of Finance appointed Accountant General as a Registrar to:

财政部长任命总会计师去执行以下责任:

 - Be a trustee to the unclaimed moneys received

- 成为收到的无人认领款项的受托人

 - Refund the unclaimed moneys to claimants

- 将无人认领的款项退还给索赔人

 - To ensure company comply with the Act

-确保公司遵守该法令

 - To impose penalty if offence committed

- 如果发现犯罪,将处以罚款

What are unclaimed money?

什么是无人认领的款项?

1.       You are required to pay money to the person/company legally but remained unpaid more than one year.

Such as: Salaries, bonus, dividend, fixed deposit, sundry creditors and etc

你依法应支付但超过一年仍未支付的款项

例如:薪水,员工花红,股息,定期存款,杂项供应商等等

 2.       Bank account has no any transaction for more than 7 years.

Such as: saving account, current account and fixed deposit (with automatic renewal instruction)

 银行存款超过七年没有交易

例如:储蓄户口,来往户口,自动更新的定期存款

 3.       Trade creditor or trade debtors (credit balance) remained dormant more than 2 years

 供应商或 顾客(credit balance)保持休眠状态超过两年

How to register and lodge unclaimed moneys?

如何登记和提交无人认领款项?

 Company shall record all unclaimed moneys in a register.

持有无人认领款项的公司应将所有无人认领款项记录在登记册中,

Company shall lodge register all the unclaimed moneys up to 31 December annually together with unclaimed moneys by 31 Mar of next year

公司每年需提交直至12月31日无人认领款项详情以及支付

截止日期:隔年3月31日

Guideline on submission of unclaimed moneys (2020 edition)

提交无人认领款项指南(2020年版)

http://www.anm.gov.my/images/bwtd/2020/BI/2.%20Guideline%20on%20Submission%20of%20%20Unclaimed%20Moneys%20(2020%20Edition).pdf

If you didn’t do so?

如果你不做,会怎样?

Company and every officer who is in default is liable to a fine not exceeding RM 20,000.

A further fine not exceeding RM1,000 for each day if the offence continues.

公司以及有关联人物将处以不超过两万令吉的罚款。再犯者,将另外处以每天不超过一千令吉的罚款

 Reference:

http://www.anm.gov.my/images/PDF/wtd/Lampiran%201%20(English%20Version).pdf

http://www.anm.gov.my/images/bwtd/2020/BI/2.%20Guideline%20on%20Submission%20of%20%20Unclaimed%20Moneys%20(2020%20Edition).pdf

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director duties company law

director duties company law
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Can a director be sued in Malaysia?

Corporate Veil

When a company is incorporated, it is deemed to be a separate legal entity that is distinct and separate from its members such that a 'corporate veil' is said to be drawn to separate the company and its members or directors.

In other words, the company’s rights and liabilities are their own and not that of the individual business owner. This principle has long been established in the English case of Salomon v Salomon & Co Ltd and has been adopted within the Malaysian jurisdiction as well.

Duties of Director under Common Law

The directors are effectively the agents of the company, appointed by the shareholders to manage its day-to-day affairs.

As a director of the company, you own

  • Duty to act bona fide in the interest of the company.

  • Duty to use power for a proper purpose.

  • Duty not to fetter discretions.

  • Duty to avoid actual and potential conflict of interest.

  • Duty to ensure the integrity of financial information.

Remedy Action under Company Act 2016

Section 346 of the Companies Act 2016 provides the courts with wide powers to grant remedies as they deem necessary to bring an end to the matters complained of in an oppression action.

Any member of a company may apply to the Court for an order :

(a) The affairs of the company are being conducted or the power of the director are being exercise in oppressive manner.

(b) Some act of the company has been passed which unfairly discriminate.

RDS Bina Sdn Bhd v Ong Chin Hoe & Anor

The Plaintiff filed a claim against the directors of a company in order to enforce payment due under a settlement agreement entered with the company that subsequently ceased operations and dissolved. The Plaintiff presented evidence of fraudulent acts by the directors to deregister their company to evade paying the monies owed to the Plaintiff. The Court allowed the Plaintiff to lift the corporate veil and found the directors to be personally liable for the debts owing to the Plaintiff.

Keller (M) Sdn Bhd v Ong Leong Chiou & Ors

The Plaintiff roped in several parties including a director of a company for the amount due to them as the appointed sub-contractor for work done in the construction of a shopping mall project. Upon close examination of the relationship between the parties, it was discovered that the 1st Defendant (Director) had orchestrated a complex plan to hide under the corporate veil in order to escape liability.

The 1st Defendant used a company (2nd Defendant) under his control and command to shield another company (3rd Defendant) from liability for fraud engineered by him.

Shortly after the project was completed, the 1st Defendant and other directors from the 2nd Defendant resigned and transferred their shares to other parties. In furtherance of the fraud, the 1st Defendant had also actively concealed vital information from the Plaintiff. These actions allowed the Court to pierce the corporate veil and have the Defendants jointly liable to pay the Plaintiff.

Final Word

In conclusion, the law generally provides a safe haven for directors through the separation of entity principle.

However, directors should not abuse their position by taking advantage of it as the new Company Act 2016 provide remedy actions for shareholders.

Source :

Ask Legal https://bit.ly/3OUzpBR

Donovan & Ho https://bit.ly/3nPSSHX

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How to apply EOT 2022 from SSM?

How to apply EOT 2022 from SSM?
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SSM Extension of Time 2022

You can apply for extension of time (EOT) with SSM if you cannot meet the SSM deadline.

Requirement of the Companies Act, 2016

Section 258(1)(a) and 259(1)(a) of CA 2016

A Private Company is required to circulate the audited financial statements within 6 months from the financial year end and submit to SSM within 30 days from the circulation date.

How to apply?

Submit the application form [Section 259(2)] to SSM by filling in the information required

When to submit?

The company is required to submit the EOT application at least 7 days before the last day of circulation period.

What is the information required?

a) Details of the Company

  •  Company name

  •  Registered office address

  •  Company registration number

  •  Telephone, fax number and email address

b) Details of the application

  •  Financial year end

  •  Last date of circulation date

  •  Proposed period of extension

  • (Generally, maximum 90 days)

  •  Reason for application

Application fee

  • RM100 for each segment of EOT application.

  • Payable to SSM

Result of application

  • The application of EOT is subject to SSM approval.

  • SSM will issue a letter informing the applicant of the result of the application.

 

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

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How can I buy company information from SSM?

How can I buy company information from SSM?
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How can I buy company information from SSM?

A current report that contains basic information of a company, (such as company name, company number, incorporation date, company type, company status, registered address, business address and nature of business), share capital, directors/officers, shareholders, charges (if any) and financial information.

The information can be accessed via SSM e-Info portal at https://www.ssm-einfo.my or MYDATA-SSM portal at https://www.mydata​-ssm.com.my

MYDATA service

4 easy steps to purchase a business/ company profile and document & form images via accessing MYDATA services (https://www.mydata-ssm.com.my/login)

Step 1 - Search and select the entity

By category:

  •  Entity name

  •  Entity registration number

Step 2 – Select the profile or document & form images

Click “Add to cart”.

Additional option : Certified by SSM

Step 3 – Check out and pay

Payment method:

  •  Credit card/ debit card

  •  Online Banking

  •  e-Wallet

Step 4 – Download the document

You are able to retrieve your order and transaction after purchase.

Note : The purchase will be kept for 7 days. Advisable to download and save.

Source:

https://www.mydata-ssm.com.my/homePage

 

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

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Shareholders' rights Malaysia

Shareholders' rights Malaysia
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Rights of shareholders Companies Act 2016

A basic business necessity is having an effective way to obtain adequate funding whenever needed for operations and growth. A frequent method used to raise capital injection is by way of allotment of new shares in the company, and another method is to obtain a loan from a financial institution.

Allotment of new shares

According to Section 75 and 76 of the Companies Act (CA), 2016 governed the power to allot new shares in the company. There is another section of the act that provides default pre-emptive rights to new shares issued by a company, in which the new shares rank equally to existing shares as to voting or distribution rights.

This means that any allotment of new shares must first be offered to the existing shareholders. The company is only allowed to offer to any third party to subscribe to the new share if the existing shareholder rejected such offer.

The reason for such pre-emption rights is to protect the existing shareholder to ensure the shareholder is aware of any potential movement in shares to avoid any dilution of their voting or distribution rights.

Any Exception?

Is there any solution that allows the company to offer the allotment of new shares directly to a third party? The answer is yes.

Section 85 (1) of CA, 2016 stated that “Subject to the constitution, where a company issues shares which rank equally to existing shares as to voting or distribution rights, those shares shall first be offered to the holders of existing shares in a manner which would, if the offer were accepted, maintain the relative voting and distribution rights of those shareholders”.

Therefore, the company’s constitution would need to be amended to waive the default policy and allow for this approach.

Final Words

In conclusion, the company must decide whether to remain the default rights stated in the act without amending the constitution. This decision is crucial as any policy adopted in the constitution shall be most beneficial to the company.

 

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Can a company loan to its director?

Can a company loan to its director?
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Can a company loan to its director?

With the entire globe weathering COVID-19, directors may encounter hardship in obtaining a personal loan from the approved financial institution. The option to get a loan from a financial institution is always available in the market; however, the requirement and fulfilment to obtain the loan is getting difficult compared to the old times. Is there any alternative option available for directors? Can directors take a loan from the company?

General ruling on loan to directors

A company’s constitution may give the power to its board of directors to lend money; however, Section 224(1) of Companies Act (CA) 2016 generally prohibits a company from:

a) giving loans; or

b) securities for loans

to its directors and related companies as defined under Section 7 of CA2016.

Exceptions

However, there are circumstances that allow for a company to give loans or provide any security for loans to directors as accordance with Section 224 (2) with the below criteria:

1. foreign company;

2. exempt private company;

3. loan to the director whereby enable him to meet the expenses incurred for the purposes of the company or to ease him to perform his duties as an officer;

4. provide funds to the director (full-time employment with the company or its holding company) to meet his expenditure incurred in purchasing a house; and

5. loan to the director (full-time employment with the company or its holding company) by passing a resolution to approve the loan schemes by the members at the general meeting.

Section 224(3) of CA 2016 clearly stated that a company shall not authorise the making of any loan or securities for loans to the director unless obtained prior approval from the company on the resolution to disclose the purpose and the amount of the loan.

Last minutes remedy

What if the company authorised the loan without prior approval on the resolution? Any other remedies for this?

Yes, the company may authorise the making of loans or securities for loans to the director:

1. at or before the next following Annual General Meeting for a public company;

or

2. within six months from the making of the loan or securities for the loan to the director for a private company.

Contravention

What are the consequences of contravention of this section?

The company shall recover the loan and discharge the securities given in contravenes with this section.

Reference is made to a legal case Harta Empat Sdn Bhd v Koperasi Rakyat Bhd [1997] where the Court of Appeal decision that security created pursuant to a loan that contradicts with this Section was deemed invalid.

Referring to the Section 224(6), the directors will be jointly and severally liable to indemnify against any loss incurred. Upon conviction, a penalty will be imposed and be subject to imprisonment for a term not exceeding 5 years or a fine not exceeding RM3million or both according to Section 224(10) of CA2016.

Conclusion

In conclusion, it is clear that Section 224 of the Companies Act 2016 prohibits loans or providing securities to its directors unless there is a resolution approving such loan passed by its members. This section protects the company, its shareholder, and creditors as a precaution against any unlawful dilution of the company’s assets to the hands of directors or their related parties.

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Does shareholder agreement prevail over constitution?

Does shareholder agreement prevail over constitution?
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Shareholders' Agreement vs Constitution

The differences between are as follow:

Constitution – binds the company, shareholders and directors who initially agreed to adopt a constitution and any future shareholders

Shareholders' agreement – binds those who are parties to it.

Constitution in the Company Act 2016

With the enforcement of the Companies Act (CA) 2016, a private company may now option to adopt a constitution on or after incorporation. Unlike the old regime under CA1965, the company’s Memorandum and Articles of Association (MAA) were mandatory and shall lodge to SSM during registration of the company.

What is a constitution?

The new CA 2016 did not specifically define Constitution and stated it as a legal document recognised by the Companies Act 2016 under Section 34. In short, this legal document specifies the rules and policy in governing the relationship and activities of the corporate, its shareholders and directors.  

It is best to adopt a constitution if:

1) the company has more than one (1) shareholder to avoid any dispute among the directors and shareholders of the company. 

2) the Companies Act 2016 is silent on the policy, the company constitution can be used to fill in the gap.

For example, the Companies Act 2016 states that issuance of new shares requires ordinary resolution, which can be passed through a majority vote. However, members may adopt Company Constitution to specify that the issuance of a new share must be decided with a unanimous vote.

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How can I be exempt from audit? Audit Exemption SSM may exempt a company from appointing an audito

How can I be exempt from audit?  Audit Exemption  SSM may exempt a company from appointing an audito
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How can I be exempt from audit?

Audit Exemption

SSM may exempt a company from appointing an auditor with criteria and conditions [Section 267(2) of CA2016].

Qualifying Criteria for Audit Exemption

Categories of private companies:

(A) Dormant companies

(B) Zero-Revenue Companies

(C) Threshold-Qualified Companies

Category A - Dormant companies

(a) has been dormant since incorporation, or

(b) dormant throughout the current and in the immediate preceding financial year.

Category B - Zero-Revenue Companies

(a) does not have any revenue during the current financial year; and

(b) does not have any revenue in the immediate past 2 financial years;

and

(c) total assets in the current and immediate past 2 financial years do not exceed RM300,000

Category C - Threshold-Qualified Companies

(a) revenue not exceeding RM100,000 in the current and immediate past 2 financial years; and

(b) total assets in the current and immediate past 2 financial years does not exceed RM300,000; and

(c) not more than 5 employees at the end of its current and immediate past 2 financial years.

Special Circumstance

The audit shall be required if receives a notice in writing from the following person not later than 1 month before the financial year-end

(a) member (holds at least 5%)

or

(b) SSM

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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How do I transfer shares of a deceased person ?

How do I transfer shares of a deceased person ?
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How do I transfer shares of a deceased person ?

Introduction

Section 109 of the Companies Act, 2016 applies if the right of shares is transmitted to a person by operation of law.

When the right of shares can be transmitted?…. The existing member is deceased or becomes bankrupt.

How to transmit?

1. Give notice to the company in writing requesting his/ her name to be registered as a shareholder together with a copy of the Death Certificate of the deceased.

2. Supported by any document

a) the will or

b) letters of administration

3. Register the (beneficiary) person as a shareholder with SSM within 60 days.

Question:

Can the company directors refuse to approve the transmission of shares to the beneficiary?

Refer to the Malaysia case law: Ng Chong Wee v Ng Chong Geng & Sons Sdn Bhd

The Court of Appeal referred to the English case of Moodie v W & J Shepherd (Bookbinders) Ltd where the House of Lords explained the distinction between transfer and transmission.

Such transmission shall not affect any power of a company to register a (beneficiary) person as a shareholder to whom the right to shares has been transmitted by operation of law.

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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Voluntary Winding Up by Members

Voluntary Winding Up by Members
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Voluntary Winding Up by Members

The process of members voluntary winding up :

  • Director(s) make declaration of solvency.

  • Declaration of solvency & statement of affairs must lodged with SSM registrar 5 weeks before members’ meeting.

  • Notice to members for meeting.

  • Vote for resolution and appoint liquidator during the meeting.

  • Liquidator manages all affairs and distribute the assets of the company after the meeting.

  • Pay off the debts within 12 months after resolution passed by members.

  • If cannot pay off debts within 12 months, liquidator shall call for meeting with creditors 3 months or less before expiration of 12 months.

  • During the meeting with creditors, the creditors may appoint liquidator for the company, in which it is converted to voluntary winding up by creditors.

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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如何轻轻松松关闭 Sdn Bhd

如何轻轻松松关闭 Sdn Bhd
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如何轻轻松松关闭 Sdn Bhd

如果你没有正确关闭公司, SSM、IRB、RMC、SOSCO、EPF 等的政府机构将在未来内对你严重罚款.

2016 年《公司法》第 550 条规

2016 年《公司法》第 550 条规定, SSM 可以主动或应公司董事、成员/股东的申请将公司 “删除”.

根据第 550 CA 2016 条申请的条件

  1. 股东大会已通过发起删除公司 公司没有进行的营业与否.

  2. 公司提出申请的时间 无资产和负债.

  3. 公司没有未清的罚款.

  4. 公司无未缴税款.

  5. 公司向 SSM 提供的信息已是最新.

  6. 公司不涉及任何法律诉讼 在马来西亚境内或境外进行.

  7. 公司未进行任何资本回笼 给股东.

  8. 该公司并非控股公司.

  9. 公司不是“担保公司”

KTP/THK key takeaways

和我们谈谈。 我们可以一起解决您的财务困境

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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一定要出律师信....坏账才可以扣税吗?

一定要出律师信....坏账才可以扣税吗?
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一定要出律师信....坏账才可以扣税吗?

让我们参考 IRB Public Ruling 4/2019 坏账被定义为 在采取适当措施收回后被认为无法收回的债务 :

  1. 发出提醒通知

  2. 债务重组计划.

  3. 债务清偿的重新安排.

  4. 有争议的债务的谈判或仲裁.

  5. 法律诉讼.

KTP/THK key takeaways

不必要出律师信....坏账才可以扣税吗?

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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What is the registration of charges with SSM?

What is the registration of charges with SSM?
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What is the registration of charges with SSM?

SSM fine director RM50,000 for failure to keep the instrument of charges.

What are charges

A mortgage and any agreement to give or execute a charge or mortgage whether upon demand or otherwise.

Type of Charges

a) Fixed Charge A charge which attaches to specific/ fixed assets owned by the company. The company cannot deal with the assets (example dispose of the property or machinery) without prior consent.

b) Floating Charge A charge is held over current assets that can change over time. The company can deal with the charged assets to maintain its business.

When to lodge a charge?

Statement of particulars with/ without debenture needs to be lodged within 30 days from the date of creation of the charge. (unless accompanied by a court order for extension of time).

Certificate of Registration of Charge will be issued.

When there is a charge, subsequently there will be discharged

When the debt of charge has been paid or satisfied, the company shall lodge

  • Memorandum of satisfaction of charge;

  • Evidence of satisfaction of charge;

  • Statutory declaration verifying memorandum

Due date: Within 14 days from the date of satisfaction of charges.

Registration fee : Local company RM50.00 ; Foreign Company RM150.00

Upon successfully registering for discharge, a Certificate for Discharge will be issued.

KTP/THK Key Takeaways

Keep these at the register office for any inspection.

1. The certificate of charge and

2. The certificate of discharge

The following offence is subject to a fine not exceeding RM50,000

1. Keep instruments of charges

2. Register of charges

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

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KTP Career

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THK Group of Companies THK Management Advisory Sdn Bhd 200401000220 (638723­X) THK Secretarial PLT 202304003367 (LLP0037327-LGN)

Wisma THK, No. 41, 41-01, 41-02, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru, Johor, Malaysia.
+6012-771 7903 (Secretary Department)
+6012-771 7803 (Account Department)
+607-361 3443
 

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