Category Archives: Blog

What is the Role of a Company Secretary in Malaysia?

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The role of a company secretary has evolved over the years and is now most preferred in the capacity of an advisor to the company. The Board of Directors of a company is constantly dependent on the company secretary’s advice and guidance on legal issues regarding the company. So, in that case, a company secretary should familiarize himself with all the legislation and regulation that govern the company and he has to oblige to the following responsibilities:

 

 

Complying with Statutory Requirements

The company secretary is responsible for fulfilling all the statutory requirements by the Companies Commission of Malaysia under the Companies Act, 1965. He/she has to assist the company by being the official legal representative of the company. He/she has to update and communicate any changes in the company’s information to the Registrar of Companies.

Conducting and Handling Meetings

One of the most important roles of a company secretary is conducting and managing the Annual General Meeting (AGM) and other general meetings of the company.

  • Booking and preparing the meeting room
  • Taking the attendance at the AGM and also at other general meetings
  • Preparing the agenda for the meeting and circulating the same

Being Well-Versed in Securities Law and Regulations

A company secretary in Malaysia should be thorough with all the security laws and regulations which govern the company. He/she should see to it that the right procedure is followed and is in accordance with the Companies Act of 1965 and the Memorandum of Association.

A Sense of Continuing Professional Development

Every profession requires continued learning - to be updated with the emerging trends in that field, likewise, even a company secretary in Malaysia or any other part of the world should keep learning and updating one’s knowledge about new rules and regulations, new reforms, changes in the corporate world.

  • Handling any changes in the Memorandum & Articles of Association (MAA)
  • Allotting shares, bonus, and declaration of dividends
  • Maintaining and updating company details, like the list of directors and shareholders

Conclusion

Any Malaysian resident or a foreigner who is looking for company registration in Malaysia has to avail secretarial service to register his or her business in Malaysia. As mentioned earlier, every company in Malaysia should have at least one company secretary who should be a resident of Malaysia, a natural person and is a licensed member of the Companies Commission of Malaysia.

TALK ON BENEFITS OF SDN BHD

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Our Managing Director, Dr.Lavinsaa Paramasivan will give a talk on the Benefits of Sdn Bhd.

Place: Level 3, Menara Axis, PJ
Date: 5 February 2020
Time: 2 pm to 4 pm

Join us by applying via the form below.

Click Here

Nominee Director Services

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Nominee Director is a competent person that you appoint to act as the local director of your Malaysia company.

The nominee director will not be able to manage or involve in the operation of your company neither be a bank signatory to the corporate bank account. The nominee director will merely be the named director of the company in order to fulfill local statutory requirements. Our Client is solely responsible for daily business activities and solely responsible for corporate bank account activity.

How to Start an Online Business to Increase Your Income Learn the Steps

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Many individuals getting into the online business the digital world is now taking a different shape. And it’s evident that more people are embarking on how to start an online business. The online business does not require much capital and you can work from anywhere. We must know the basic requirements for online business. With that said, let’s dive into some of the simple guidelines on how to start an online business.

Learn to Understand Your Target Audience

How do you get to know your target audience? You can do so by getting into their heads studying their behaviour over time. How to start an online business your target audience is one key ingredient in succeeding when it comes on.

You must define your audience by demographics that are:-through age, location, lifestyle, marital status among others. You need to read what your audience read, watch what they watch and engage with them through an online conversation. Even if it means setting up an interview with one or two agents of your target audience to get to know their interests and problems, set it up.

By creating time to understand your customer’s values and attitudes, you not only develop a great product but also find the smartest tactics to promoting and marketing your business.

Study Your Competitor’s  Mistakes and Success Learn From Their

However small the online business may be, it attracts competitors from all levels whether it’s direct, indirect or substitute competitors. You should ask yourself some valuable questions on what you can offer than what already exists in the market. Observe your competition within your niche and try to pinpoint some of the weak points and opportunity openings.

How to Develop a Website for Your Online Business

Identified on your niche, it would be appropriate to get your website. Your website should stand out, and for that reason, there are basics features it should possess:

  1. Ensure that it’s faster, responsive, and protected
  2. Ensure that it’s modestly coded and SEO-optimized
  3. It should offer payment options in case your business requires them
  4. Ensure it has a professional look and is distinct
  5. It should be user-friendly.

On a particular occasion, you may decide to use the web as a platform to sell a product (cosmetics, clothing) or a service like graphic design or consultancy; you may gain more through using an existing platform. E-commerce platform offers you that edge over hiring a web designer to develop a website from scratch.

Legalize Your Online Business

This entails business registration, incorporation, formation, and planning for operations. Note that certain laws governing the dissemination of your customer’s personal information and matters of intellectual property guidelines. You need to look at the legal side of your business how to start an online business.

Majority of website contracts use the terms and conditions that set out the provisions for sale, payment information, ownership of products and refunds. The online compliance rules and tax obligation of the online business you’re operating. Decide on the structure of your online business whether it’s a company or a partnership. A well-worked policy tailored towards your business is essential, and each policy should be clear. You may opt to adopt one of the two ways of exhibiting your Terms of Use and Privacy Policy such as browse-wrap or clickwrap.

In Malaysia Businesses to Start demand Businesses to Start for Maximum Profitability

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In Malaysia Businesses to Start demand Businesses to Start for Maximum Profitability

Malaysia is a prime business destination envied by thousands of investors keen on starting ventures abroad. In Asia the most stable political and economic systems. Its tax regime is also appealing to a myriad of investors who would love to tap into the region’s potential. The factors only make it ripe for business. Malaysia has incredible opportunities to start a variety of businesses in various places across the country. For anyone looking to success for the businesses to start in Kuala Lumpur or any of the resort cities.

In Malaysia, the entire pie is no longer available if you are thinking of starting a new business. To come up with a proposition that still has good potential. If you choose to join the mainstream industries. You will still have a duty to give your very best. You will be suffocated by the stiff competition that already exists in the business arena. Here is a brief look at some of the highly in-demand business you may consider if you have any plans of starting a business in Malaysia.

Cleaning Business

Cleaning is a necessity for everyone. The modern lifestyle, very few people get the time to clean their clothes regularly. In Malaysia, you should be aware that there are several cities with prime targets for this kind of business. Both the young and the old are always on the move’s such, they will appreciate generously anyone who can come in and help them with taking care of their clothes. In Malaysia, this is what makes cleaning services one of the most sought after services in the major cities. The capital needed to start a cleaning business is not high. The necessary skills to make clothes come out of the washers clean are also very minimal. The company location, you may not need lots of advertisement. If you can do a good job, word of mouth will be sufficient to make clients keep knocking on your doors.

 Consultant Services in Malaysia

Like Malaysia country, business-centric will always be a haven for consultants. This may be a broader term and could refer to many services, The qualification to advise other professionals, businesses and individuals on how to get the results they want, then you will always be in business. Malaysia is full of companies, services, and individuals who need help in the manner of consulting. It is up to you to know how best to position yourself and tap into this evergreen niche. There is a high demand for consultants in several areas.

Such as-:

  • Online retailing – this is a fast-growing sector in Malaysia, and nearly every business is rushing to have an online presence. They don’t know how to do it. If you have skills in this area, then you should consider Malaysia as your base for building a business.
  • Energy efficiency – the craze about energy in the world currently is about clean energy and energy efficiency. There are not so many energy efficiency experts in the country. And this is another area you could exploit to establish a very profitable business.
  • Social media consultant – businesses, companies, and corporations can no longer ignore the importance of social media as a tool for growth within the business set up. The problem is that this is a relatively new concept and marketing approach. Not so many people know about it, but they are in desperate need for it. If you are an expert in this field, then Malaysia is a fertile ground for you to start a business.
  • Other industries where consulting services are likely to thrive in Malaysia include-: education consulting, health insurance consulting and digital marketing consulting, among others.

Online E-commerce Business

In Malaysia, online shopping is quickly taking over the retail industry, especially in big cities. In Malaysia now would be an excellent time to consider it as among the top businesses to start. In the country will be at 74% by 2020 it is estimated that e-commerce penetration. This suggests that nearly three-quarters of the 5.5 million residents will be buying their stuff from the internet. In Malay cities is that it demands very low capital the beauty of starting a business. You can be up and running in no time with expert digital marketing services. All you have to ensure is that you offer quality products and services, and always on time when it comes to delivery.

Digital Marketing Services

Every company realizes the need to market their products online with the penetration of social media. In digital marketing need to online presence businesses. Public and government institutions are also interested in tapping into these new modalities of marketing. Most of their target audiences spend a lot of time online. The internet exists; there will always be demand for digital marketing services. In Malaysia, this is what makes it such a great idea worth considering when you want to start a business.

Education & Training Agency

In Malaysia is another fast-growing sector worth considering is Education & Training services. In Malaysia is a shortage of institutions to provide quality education with a growing need for niche-centric training. Most people around the world are spending their time. The main impact on their careers is they can spend that time and energy learning specific things. In Malaysia, it is a very high demand for those kinds of training that are on. Acquire such specialized training without travelling away from home to get the training.

Franchise Business

Malaysia has over the past few years emerged. The country has a strong presence of international franchises. In Malaysia still offering more opportunities for investors keen on setting shop. The higher purchasing power of the local population this wave can be attributed to a large number of ex-pats in the country. The success is nearly guaranteed if you can get into fashion, food and cleaning industries.

Professional Services

In Malaysia high demand in just like consulting services, professional services of all sorts. Companies, businesses, corporations, and individuals require the skills necessary to help them grow their businesses. In Malaysia Irrespective of the skills you may have, someone is always looking for you. To real business problems, you have to do is package yourself well and show that you can offer real solutions. The hot niches for these services include legal services, financial services, travel advisory, healthcare services, education, and training, amongst others.

Recruitment Agency

Malaysia is not just a hot destination for companies and corporations keen on taking advantage of the low tax rates. For the workers interested in working in such a flourishing environment. All the companies relocating to Malay cities will always need manpower for their operations. In Malaysia, If you are considering starting a business is what makes the idea of running a recruitment agency such an appealing one. The foreign workers are keen on learning how to get jobs in Malaysia and how they can settle. As a recruitment agency, you are one resource that they can’t do without.

Retail Business

Malaysia is a strong economic power in Southeast Asia. It has a strong presence of retail giants, as well as those that are just getting starting. Its position in the region makes it a hub for business to and from Southeast Asia. Is simply incredible the retail opportunity in the country. Whether you want to be biased toward importation, or you want to sell stuff from the region to the rest of the world, if you start a retail business with unique and fast-moving goods, then the sky will be the limit for your success. The capital requirement to start a decent retail store may be high, but the returns will be worth the high cost of starting.

Restaurant F & B Business

Another sector worth considering when you want businesses to start in Malaysia is the restaurant and food & beverage industry. It is an evergreen industry where you can be assured of getting excellent profits when you get it right. Kuala Lumpur cities like are a multi-cultural society with a great diversity of culinary influences. You may decide to start a completely new concept, or you can adopt any of the already working restaurant models and improve on it. If you specialize in preparing foods from a particular region, you can start a restaurant and build a brand around it. The composition of the Malay population is very diverse (especially around cities), and irrespective of the type of food joint you choose to start, people will always be willing to try out your dishes.

In Malaysia, there are a few of the currently lucrative business you should think about seriously if you are looking for businesses to start. In Malaysia, they have demonstrated to have the potential necessary for building a business that will thrive in the current environment. We strongly advise that you take your time to research and know all the legal requirements needed to start the business.

Malaysia SST Custom

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  • The Sales and Service Tax Malaysia, also known as SST Malaysia administered by the Royal Malaysian Customs Department (RMCD) will come into effect. The SST system is replacing the previous Goods and Services Tax (GST) which was implemented at a 6% rate in Malaysia.
  • The SST system is set to be much simpler, according to the Royal Malaysian Customs Department (RMCD).The upcoming SST’s proposed model will essentially be the same as the old SST system which was in effect before it was briefly replaced by the GST, but with some additional changes in place. For one thing, SST filing is going to be done electronically, where the old system had to be done manually.
  • The SST is known as a single-stage tax system. This system the sales ad valorem tax will be charged upon goods which are manufactured and sold by those who are taxable in Malaysia.

The Key Features of SST Malaysia?

In Malaysia all business will be required to register for SST. The taxable goods or services value of the business is going to exceed RM500,000 within a period of 12-months.

The scope of taxable services in Malaysia will include the following:

  • Food and beverage preparation
  • Gaming
  • Clubs
  • Insurance and Takaful
  • Consultancy and management
  • Employment agencies
  • Parking and car hire services
  • Domestic flights
  • Telecommunications
  • Pay-TV services
  • Electricity
  • IT services
  • Credit cards
  • Advertising services

Non-taxable services include the following:

  • Export services
  • Import services

Manufacturing or import companies whose goods are not exempted under the upcoming SST system The sales tax for petroleum is going to be different from the other taxable goods.

All business who is in the midst of their final GST returns must file it within 120 days from the date which the Goods and Services Tax Act 2014.The repealed and ensure all input tax claims are included in the final returns. Business should immediately start preparing for the SST. By first determining if it fact your business operations are applicable for the SST.

Business that has already been previously registered with GST will be automatically registered if they fulfill the required criteria. Businesses which are not automatically registered will have to do so before 1 September 2018.

All SST returns must be submitted on a bi-monthly basis to the RMCD, and if you are a business entity that is registered with SST, you will be required to keep all relevant records of your SST submissions for at least 7-years. These records must be kept in either English or Bahasa Malaysia. Unless permitted by the Director General, all documents must be kept in Malaysia in either soft copy or hard copy.

Businesses to Start in Malaysia demand Businesses to Start for Maximum Profitability

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Malaysia is a prime business destination envied by thousands of investors keen on starting ventures abroad. In Asia the most stable political and economic systems. Its tax regime is also appealing to a myriad of investors who would love to tap into the region’s potential. The factors only make it ripe for business. Malaysia has incredible opportunities to start a variety of businesses in various places across the country. For anyone looking to success for the businesses to start in Kuala Lumpur or any of the resort cities.

In Malaysia the entire pie is no longer available if you are thinking of starting a new business. To come up with a proposition that still has good potential.If you choose to join the mainstream industries. You will still have a duty to give your very best. You will be suffocated by the stiff competition that already exists in the business arena. Here is a brief look at some of the highly in-demand business you may consider if you have any plans of starting a business in Malaysia.

Cleaning Business

Cleaning is a necessity for everyone. The modern lifestyle, very few people get the time to clean their clothes regularly. In Malaysia you should be aware that there are several cities with prime targets for this kind of business. Both the young and the old are always on the move’s such, they will appreciate generously anyone who can come in and help them with taking care of their clothes. In Malaysia this is what makes cleaning services one of the most sought after services in the major cities. The capital needed to start a cleaning business is not high. The necessary skills to make clothes come out of the washers clean are also very minimal. The company location, you may not need lots of advertisement. If you can do a good job, word of mouth will be sufficient to make clients keep knocking on your doors.

 Consultant Services in Malaysia

Like Malaysia country business-centric will always be a haven for consultants. This may be a broader term and could refer to many services, The qualification to advice other professionals, businesses and individuals on how to get the results they want, then you will always be in business. Malaysia is full of companies, services, and individuals who need help in the manner of consulting. It is up to you to know how best to position yourself and tap into this evergreen niche. There is a high demand for consultants in several areas.

Such as-:

  • Online retailing – this is a fast-growing sector in Malaysia, and nearly every business is rushing to have an online presence. They don’t know how to do it. If you have skills in this area, then you should consider Malaysia as your base for building a business.
  • Energy efficiency – the craze about energy in the world currently is about clean energy and energy efficiency. There are not so many energy efficiency experts in the country. And this is another area you could exploit to establish a very profitable business.
  • Social media consultant – businesses, companies, and corporations can no longer ignore the importance of social media as a tool for growth within the business set up. The problem is that this is a relatively new concept and marketing approach. Not so many people know about it,but they are in desperate need for it. If you are an expert in this field, then Malaysia is a fertile ground for you to start a business.
  • Other industries where consulting services are likely to thrive in Malaysia include-: education consulting, health insurance consulting and digital marketing consulting, among others.

Online E-commerce Business

In Malaysia online shopping is quickly taking over the retail industry, especially in big cities. In Malaysia now would be an excellent time to consider it as among the top businesses to start. In the country will be at 74% by 2020 it is estimated that e-commerce penetration. This suggests that nearly three-quarters of the 5.5 million residents will be buying their stuff from the internet. In Malay cities is that it demands very low capital the beauty of starting a business. You can be up and running in no time with expert digital marketing services. All you have to ensure is that you offer quality products and services, and always on time when it comes to delivery.

Digital Marketing Services

Every company realizes the need to market their products online with the penetration of social media. In digital marketing need to online presence businesses. Public and government institutions are also interested in tapping into these new modalities of marketing. The most of their target audiences spend a lot of time in online. The internet exists; there will always be demand for digital marketing services. In Malaysia this is what makes it such a great idea worth considering when you want to start a business.

Education & Training Agency

In Malaysia is another fast-growing sector worth considering is Education & Training services. In Malaysia is a shortage of institutions to provide quality education a growing need for niche-centric training. Mostly people around the world are spending their time. The main impact on their careers is they can spend that time and energy learning specific things. In Malaysia it is very high demand those kinds of training that are on. Acquire such specialized training without traveling away from home to get the training.

Franchise Business

The Malaysia has over the past few years emerged .The country has a strong presence of international franchises. In Malaysia still offering more opportunities for investors keen on setting shop. The higher purchasing power of the local population this wave can be attributed to a large number of expats in the country. The success is nearly guaranteed if you can get into fashion, food and cleaning industries.

Professional Services

In Malaysia high demand in just like consulting services, professional services of all sorts. The Companies, businesses, corporations, and individuals require the skills necessary to help them grow their businesses. In Malaysia Irrespective of the skills you may have, someone is always looking for you. To real business problems you have to do is package yourself well and show that you can offer real solutions. The hot niches for these services include legal services, financial services, travel advisory, healthcare services, education, and training, amongst others.

Recruitment Agency

In Malaysia is not just a hot destination for companies and corporations keen on taking advantage of the low tax rates.For the workers interested in working in such a flourishing environment. All the companies relocating to Malay cities will always need manpower for their operations. In Malaysia If you are considering starting a business is what makes the idea of running a recruitment agency such an appealing one.The foreign workers are keen on learning how to get jobs in Malaysia and how they can settle. As a recruitment agency, you are one resource that they can’t do without.

Retail Business

The Malaysia is a strong economic power in Southeast Asia. It has a strong presence of retail giants, as well as those that are just getting starting. Its position in the region makes it a hub for business to and from Southeast Asia. Is simply incredible the retail opportunity in the country. Whether you want to be biased toward importation, or you want to sell stuff from the region to the rest of the world, if you start a retail business with unique and fast-moving goods, then the sky will be the limit for your success. The capital requirement to start a decent retail store may be high, but the returns will be worth the high cost of starting.

Restaurant F & B Business

Another sector worth considering when you want businesses to start in Malaysia is the restaurant and food & beverage industry. It is an evergreen industry where you can be assured of getting excellent profits when you get it right. Kuala Lumpur cities like are a multi-cultural society with a great diversity of culinary influences. You may decide to start a completely new concept, or you can adopt any of the already working restaurant models and improve on it. If you specialize in preparing foods from a particular region, you can start a restaurant and build a brand around it. The composition of the Malay population is very diverse (especially around cities), and irrespective of the type of food joint you choose to start, people will always be willing to try out your dishes.

In Malaysia there are a few of the currently lucrative business you should think about seriously if you are looking for businesses to start. In Malaysia they have demonstrated to have the potential necessary for building a business that will thrive under the current environment. We strongly advise that you take your time to research and know all the legal requirements needed to start the business.

THINGS TO KNOW ABOUT STARTING A SMALL BUSINESS IN MALAYSIA

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Majority prospective small business owners will find Malaysia quite irresistible to start a business. This applies to either newly arrived foreigners or expatriates already living in Malaysia. The dissimilar industries in Malaysia are lucrative and there is conduciveness of the commercial environments for business. Considering these factors, it is reasonable to conclude that you wouldn’t regret venturing into a business in Malaysia. Especially true if you lack sufficient knowledge of business and how to register new company in Malaysia.

How to do Monthly Tax Deduction (MTD/PCB) Work In Malaysia?

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Monthly Tax Deduction (MTD or PCB, Potongan Cukai Bulanan) was introduced in January 1995, is a system of tax recovery where employers make deductions from their employees’ remuneration every month in accordance with the PCB deduction schedule. This is mandatory, in that neither the employer nor employee has any choice in the matter.

PCB is Not Final TAX

Intended to reduce the employee’s burden to pay in one lump sum, the PCB deduction is normally not enough to cover the actual tax payable by tax payees. These deductions are intended to reduce the employee’s burden by making monthly tax payment in advance to LHDN. However, tax payees still need to file the returns.

Registration of Business Trademark in Malaysia is Necessary

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Useful of Trademark Registration in Company Registration Malaysia.

Similar to approving your company registration Malaysia through the commission for Malaysia company incorporation, SSM. Here, you are also allowed to exclusively use your business name in official transactions. Holding a trademark registration right allows you to exclusively use that mark for ;

  • commercial gain
  • promotion
  • signing of contracts.

Why to increase paid-up capital?

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Why should I increase my company’s paid-up capital?
Normally, there are three (3) reasons where the company may find itself in the situation that it needs to increase its paid-up capital:
1.    Requested by Bank
2.    A project tender requirement
3.    License requirement

Reason 1 to increase paid-up capital : Requested by Bank
As part of the terms and conditions in the Letter of Offer from Bank for business loan application submitted by the Company, the company is required to increase its paid-up capital as required by the Bank.

Reason 2 to increase paid-up capital : Project Tender
As one of the qualification requirement, the company is to have at least certain amount of paid-up capital before it can submit any project tender document.

Reason 3 to increase paid-up capital : License application
A company operating in certain industries may be required to have certain licenses before they can commence its business operations.

Transfer of Shares in A Sdn Bhd Company?

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To transfer shares in a sdn bhd company from one person to another person in Malaysia, the following documents are needed to be prepared:

  1. Section 105 FORM OF TRANSFER OF SECURITIES
  2. Board’s Resolution – Approval from the Board of Directors to accept the transfer of shares

The SECTION 105 FORM will be delivered to Stamping Office for stamping purposes to Inland Revenue Board, or more common know as Lembaga Hasil Dalam Negeri (LHDN) , the transfer of shares will only be valid in laws after stamp duty has been paid.

Company secretary of the company will prepare all documents to make sure the share is transferred accordingly.

Will The Transfer of Shares Be Submitted SSM?

Transfer of shares will be updated to SSM via MyCoid system where the company secretary of the company will update the details of the new shareholders and remove the current shareholders if necessary. This process takes place after get stamping from Lembaga Hasil Dalam Negeri (LHDN) .

Extensible Business Reporting Language (XBRL) IN MALAYSIA

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Extensible Business Reporting Language, which is also known as XBRL, is an electronic language designed to enable the automation of business information requirements, i.e. the preparation, sharing and analysis of financial reports, statements, and audit schedules. Governments, regulators, and other organisations in many nations have adopted XBRL as it automates the process and communication of business and financial data. Furthermore, XBRL helps to save cost, improve efficiency and accuracy to all involved in supplying or using financial data.

XBRL initiatives in Malaysia

Although the XBRL initiatives in Malaysia are in its infancy, we can foresee that the development and deployment of a new SSM’s XRBL online document submission platform will improve the administration of business reporting and the maintenance of data.

a) The automation of business reporting

The implementation of XBRL will be enable companies to file their annual returns and audited accountselectronically. In addition, it allows SSM to capture critical financial information from registered companies and provide analytical insights into the Malaysian business landscape.

b) The improvement in transparency and efficiency of data analysis

The new XBRL initiative will improve transparency and enhance the efficiency of capital markets by enabling analysts and other users to sort out and analyse facts easily with the automation of business intelligence.

c) The enhancement in data exchange

The new XBRL platform will make business information to be exchangeable among regulators (regulators here include tax and financial authorities, central bank and governments) because XBRL is a global standard used to electronically exchange business information.

Why XBRL?

The implementation of XBRL initiative has many advantages:

a) Global standard

XBRL is a global standard that has been accepted and adopted to reduce inconsistencies in terminologies and data formatting.

b) Improved accuracy

The automation of business data improves data accuracy, as the data can be both calculated and verified.

c) Speed

XBRL enables producers and consumers of financial data to switch from expensive manual processes to the automation of business data. The automation of business information is less time-consuming – where the time needed to assembly and re-entry of data is now much shorter than before.

d) Reusable

The XBRL data is reusable – the data can be reused to represent the same data in multiple ways and multiple formats once entered.

Benefits from using XBRL?

The following is a list of how XBRL will affect various parties in the financial information supply chain:

a) Companies who prepare financial statements

Financial statements will be created one time and rendered as printed reports, on websites, or as other regulatory filings.

b) Analysts, Investors, and Regulators

Automated analysis, less re-entering of financial information from one form into another form, are the advantages that will benefit analysts, investors and regulators.

On a final note, XBRL’s language is flexible in which it supports all current aspects of reporting in different countries and industries. It can be adjusted to meet particular business requirements, even at the individual organisation level. SSM’s new XBRL platform will automate the data collection process, transform the submission of statutory reports by registered companies and allows data consumers to conduct company information analysis easily.

What is Malaysian Business Reporting System (MBRS)?

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In 2018, Suruhanjaya Syarikat Malaysia (SSM) introduced a submission platform based on the eXtensible Business Reporting Language (XBRL) format.

Annual submission filing of the following is allowed to be done in MBRS:

  • Financial Statements and Reports (FS)
  • Annual Return (AR)
  • Exemption Applications (EA) which are related to the FS and AR applications.

Its effective without wasting time, effort or expense which is a advantage for companies.  

The objective of implementing this submission platform is to go paperless or reduce the usage of hard-copy submissions of annual returns. Before introducing MBRS, the submissions was done manually where company or  company secretaries must bring documents to SSM. This documents could be in huge volume and SSM has to manually scan these documents and input them into their system but with MBRS, it reduces so much of processing time and human errors. The system is extremely secure and caters for high traffic submissions, it also provides flexibility to companies to access them anytime, anywhere.

Duties of Company Secretary in Business Registration

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A company secretary has heavy responsibilities and great power in intermediating between the governmental departments and the business owners. The following are the duties of company secretary in Business Registration

  • Assist in incorporation company with Suruhanjaya Syarikat Malaysia (SSM) Malaysia
  • Ensure the company remains compliant with legislation outlined in Companies Act at all times. Including acting as the official liaison party for your company to communicate, preparation and submission of Statutory Returns with the Suruhanjaya Syarikat Malaysia (SSM).
  • Act as a link between shareholders and the company which means that any important announcements should be officially communicated.
  • Will also send out notices (circular resolutions) and liaise with shareholders regarding any shareholder meetings and the Annual General Meeting (AGM)

Make full use of Big Data Analytics to track down unpaid taxes in the shadow economy

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In Malaysia, ‘Shadow economy’ is estimated to be a fifth of the officially reported RM1.45 trillion gross domestic product (GDP) which is why the government is serious about tackling caused by the ‘shadow economy’.

Shadow economy in Malaysia is making up 21 per cent of our GDP.

Goods and services which are paid in cash are referred to as the Shadow Economy and it remained unreported for taxation.

Undeclared income from freelancing work, illicit activities like prostitution, sale of illegal drugs, smuggling of cigarettes and liquor as well as bribe-takings are also included in it.

Finance Minister Lim Guan Eng said the IRB has to make full use of Big Data Analytics to track down unpaid taxes in the shadow economy.

And added, “Under the 2020 Budget, the government is rationalising tax incentives, seeking to reduce tax leakage and improve on compliance via more effective auditing.”

source: www.nst.com.my

SSM to offer discounts on compounds

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Starting from July 1, 2019, the Companies Commission of Malaysia (SSM)  has implemented the automatic compound rate reducing method as a remedial solution for the compound within a specified period. This approach also aims to encourage the corporate community in complying with the provisions of the Companies Act 1965 and the Companies Act 2016.

The main purpose of implementing this new method is to provide benefit to the corporate community to enjoy a higher compound reduction rate without having to submit an appeal to the SSM.

The mechanisms and the rate of automatic compound reduction are as follows:

Payment Period From Date of Compound Reduction Rate From the Original Compound Issued
1 to 40 days 85%
41 to 60 days 75%
61 to 90 days 60%
91 to 180 days 30%

The reduction of the compound will automatically be given to the compounds issued for offences under the Companies Act 1965 and the Companies Act 2016, except:

  • Compound for Out-of-Court or Investigation Papers issued by the Prosecution & Litigation Division and State / Branch Office;
  • Expired Compounded but regenerated for payment process; and
  • Compound that has been given a reduction through the previous appeal process.

Reductions will be given during the payment made at any SSM counter throughout Malaysia.

SSM as a corporate regulator is responsible to ensure a high level of compliance under the provision of the Companies Act among the corporate community in Malaysia as good corporate governance can ensure the continuity and integrity of a company.

Leap Market

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What is Leap Market?

LEAP Market is an alternative market for SMEs and companies to raise funds. Creates a conducive marketplace for fund raising bringing together potential SMEs and companies, intermediaries and qualified Sophisticated Investors onto a single platform

What is the objective of Leap Market?

To support the national development agenda of SMEs. for SMEs and companies create a platform to raise funds. For Sophisticated Investors, provides an alternative and complementary platform to invest in the growth of SMEs and companies.Provides access to a wider pool of potential investments for Sophisticated Investors

Who are the ones eligible for listing on the LEAP Market?

All public companies with a clearly identifiable core business and incorporated in Malaysia are eligible to list on the LEAP Market.

Source : www.bursamalaysia.com

Beware of unofficial websites using SSM name

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Companies Commission of Malaysia (SSM) advised the public to be wary of websites that use the name of SSM for the purpose of renewal of the Certificate of Registration on-line after receiving many complaints about the website using the name of the SSM offers Registration Certificate renewal business on-line by charging unreasonable amounts. Official website of SSM is www.ssm.com.my and ezbiz.ssm.com.my.

source from www.ssm.com.my

http://www.bayabumi.com.my / 016-4445511 / info@bayabumi.com.my