Update of Extension of SSM Beneficial Ownership (BO) Reporting

On 17 December 2020, Suruhanjaya Syarikat Malaysia (SSM) announced that the transitional period to report the BO which ends on 31 December 2020 has been extended to a later date to be determined by the registrar.  

 SSM highlighted the following matters related to the extension of the transitional period as extracted from the FAQ:

1. such extension is automatically granted to all companies without further application required;

2. such extension is given to allow all companies and company secretaries and/ or compliance officer to

• • familiarise with the reporting framework and to take necessary actions in accordance with the guideline; and

  • facilitate the concurrent operations of provisions relating to the BO.

 During this extended transitional period, all companies shall  

1. continue to identify and verify the beneficial owners to ensure the BO information is accurate and up to date;

2. ensure the information obtained is kept at the entity’s level;

3. ensure the information obtained is accessable promptly; and

4. lodge the BO information together with Annual Return.

Warning

Due to the importance of the BO, SSM will conduct inspections during this period to ensure companies comply with the BO reporting requirements. The Registrar has the power to issue guidelines and any person who fails to comply commits a breach where actions can be taken pursuant to Section 20E of the Companies Act, 2016.

 For more information, click here:

 - SSM Announcement - https://bit.ly/38EtUo9

 - SSM FAQ - https://bit.ly/3oJoihV

[𝐌𝐂𝐎𝟐.𝟎] 𝐒𝐒𝐌 𝐧𝐞𝐰𝐬 @ 𝟏𝟐/𝟏/𝟐𝟏

Key Summary on SSM news @ 12/1/21 :

1. No extension of deadline !

2. No extension of deadline !

3. No extension of deadline !

4. The rest which is @#$%& .. (read yourself)
 

SSM public announcement @ 12/1/21

SSM service counter will be closed from 13 to 26/01/2021 in 6 state under mco. Other states under cmco and rmco, will operate as usual.

Dropbox service at all SSM office will operate as usual.

SSM encourage to use online service in deal with SSM matter via the link.

Renewal of business registration is available at counter BSN and BKRM

Due to closure of MBRS, lodgment of annual return and audited financial statement can be done via Dropbox or post.

All appointment with SSM during MCO for 6 state to be cancelled. Re-application for appointment is required for slot 27 January 2021 onward, subject to further announcement from time to time.

Source : https://www.ssm.com.my/.../AnnouncementDetails.aspx...
 

#KTP

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#SSM

#noextensions
 

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𝐇𝐨𝐰 𝐦𝐮𝐜𝐡 𝐜𝐚𝐧 𝐢 𝐰𝐢𝐧𝐝 𝐮𝐩 𝐦𝐲 𝐝𝐞𝐛𝐭𝐨𝐫 𝐰𝐡𝐨 𝐫𝐞𝐟𝐮𝐬𝐞 𝐭𝐨 𝐩𝐚𝐲 𝐦𝐞?

Inability to pay debt under the Company Act 2016

The amount of indebtedness for the purposes of “𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐭𝐨 𝐩𝐚𝐲 𝐝𝐞𝐛𝐭𝐬” under section 466(1)(a) of the Companies Act 2016 has been increased to an amount exceeding 𝐑𝐌𝟓𝟎,𝟎𝟎𝟎 from 1 January 2021 until 31 March 2021.1

21 day notice served at registered office

During the aforesaid period, a creditor may only commence winding-up proceedings against a debtor company for inability to pay debts under section 466(1)(a) if the debtor company fails to satisfy a debt exceeding RM50,000, or to secure or compound the said sum with the creditor, within 21 days after a notice of demand has been served upon the debtor company at its registered office.

Past threshold of wining up proceeding

The previous threshold is RM10,000 & above of indebtedness.

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