When you are about to start your venture in Malaysia, you suppose to come across the SSM of Malaysia uncountable times. In fact the SSM governs all incorporation process and approves your business as far as you roll out your dream corporation at a legal path.
Ever wonder what are the roles and daily activities of a Malaysian registrar of companies or SSM? There are various roles these personnel in SSM perform at regular basis to verify, approve or suggest modification during company incorporation.
Here in this article, we will briefly introduce ourselves with registrar of companies in Malaysia.
Introducing with the registrar of companies in Malaysia
The Registrar of companies in Malaysia is popularly known as the Company commission of Malaysia. Among Malaysian it is known as the SSM or Suruhanjaya Syarikat Malaysia. It is the joint venture of Registrar of Business (ROB) and Registrar of Companies (ROC). This started the journey in Malaysia in April 2002 under the company commission of Malaysia Act 2001.
The SSM started their function under the legislative rule of the Malaysian parliament and devoted on company registration, incorporation procedures and assistance, incorporation setup guidance, and approvals as well as corporation premises surveillance.
Acts and regulations under the registrar of companies or SSM
Following are the Acts and regulations that lie under the umbrella of company registrar:
- The companies Act 1965
- Registration of Business Act 2016
- Companies Commission of Malaysia 2016
- Trust Companies Act 1949
- Companies (Amendment) Act 2007 Act A1299
- The LLP Act 2012
- Companies Regulations 1966
- The Kootu Funds Act 1971
- The Registration of Business Rules 1957
Roles of Registrar of companies in Malaysia
The registrar of companies in Malaysia or SSM plays several vital roles when it comes of business registration in Malaysia. Let’s have a look at the brief list about roles and activities of registrar of companies in Malaysia:
- SSM serve as an individual government organization that incorporates client businesses on demand in Malaysia.
- The registrar of companies in Malaysia also provide new entrepreneurs with valuable information about current profitable business sectors, registration processes and useful tips
- The agency also introduced SSM e-info services, which provide clients online information.
- The SSM e-info is a portal that provides client with all necessary data regarding company setup, and relevant forms to incorporate companies in Malaysia.
- Governing incorporation enforcements so that data provided are in parallel to the real scenario of business registration procurements.
- Surveying business organizations to monitor business under the business Act of the nation.
- Reviewing of the Business Act 1965, for more simplification of the business process in Malaysia to facilitate more interested local and foreign entrepreneurs.
- Revise the business incorporation expenditures in Malaysia to reduce the cost of all type of business setups in this country.
- Responsible for reviewing and administering as well as enforcing subsidiary legislation related to the business incorporation and development in Malaysia.