Document 2 : Director’s Report MCO: Further reliefs granted by SSM and Bursa on submission of financial statements. 1. On 6.4.2020, the Government introduced an additional stimulus package amounting to RM 10 billion, which focuses on assisting small and medium sized enterprises (SMEs). The “2020 Compliance Campaign of the Companies Act 2016” which commenced on 1.1.2020 and slated to end on 30.4.2020, has now been extended to 30.6.2020. The SSM Regulation requires the Commission to undertake a broad review of the overall application of the SSM Regulation, with an emphasis on identifying the potential impact on the smooth functioning of the internal market. A late filing fee is a fee imposed on any prescribed forms or returns that are late in its submission deadline to SSM. %PDF-1.7 MCO/DMOs must comply with encounter data submission requirements to meet federal and state regulations as well as contractual requirements. All IRB offices are closed during the MCO period. 3 0 obj Extension of Submission Deadline 2020 (During MCO) (For EPF, LHDN, SSM, SST and PERKESO) Outlines: Due date for submission. Everybody can access this service with Internet connection using online payment such as Prepaid, Credit Card (Visa, Mastercard, AMEX). In event the lodgement of financial statements and reports cannot be made within the extended time under paragraph 14, a payment for a sum of RM100 shall be made upon subsequent submission of an application of an extension period for such lodgement. Applications must be made by email to eot@ssm.com.my together with the form as set out in Appendix B in SSM’s FAQ. SSM e-Info Services is an Internet based service to provide search and purchase of registered company (ROC) and business (ROB) information online. (b) Public Company 17. As filing Annual Return is the most important legal requirement, failure to do so is an offence and if convicted, the company and its directors will face penalties under sections 165 and 169 of the Companies Act 1965. KUALA LUMPUR: Beginning November, it will be mandatory for companies to submit their annual statements, unaudited financial statements and Certificate for Exempt Private Company (EPC) to the Companies Commission of Malaysia (SSM) using the Malaysian … In recent weeks, many companies have responded to the Prime Minister’s call to donate to the “COVID-19 Fund” launched on 11.3.2020 which was established to provide financial aid to those directly affected by the COVID-19 outbreak. These measures are aimed at reducing the likelihood of a winding-up petition being filed by creditors against companies and to assist companies in restructuring and stabilising their financial position and cashflow during the extended period. The RMC has been classified as providing essential services and as such, thei… It is learnt that SSM has been tightening its monitoring and enforcement by imposing severe penalty for late or non-submission of annual returns and audited accounts. 30 Sep 2019: 30 Apr 2020: 29 Jul 2020 2 0 obj SSM e-Info Services is an Internet based service to provide search and purchase of registered company (ROC) and business (ROB) information online. Regulations 1. Public companies with their financial year ending 16.9.2019 until 30.11.2019 may apply for an extension of time to hold its AGM for a period of 90 days from the date the AGM must be held. SSM has reiterated that donations received by CLBGs must be accurately recorded to ensure proper governance. These initiatives by SSM will undoubtedly assist SMEs and corporations in reducing costs and complying with their statutory obligations during this challenging period. endobj Companies Commission of Malaysia Act 2001 (Act 614); 2. This is an alternative to over the counter transactions. Therefore, the form or return that is lodge to SSM after the period stipulated by the law or regulation shall be accompanied by the following late lodgement fees:- Submission of Tax return form (Form C and R) For Existing company. Failure to comply will render you punishable by the law with a fine not exceeding RM 5000, and a further fine of not exceeding RM 1000 for each day when the offence continues. (b) Lodgement Of Financial Statements For Companies With Financial Year Ending 30.9.2019 Until 31.12.2019. Acts 1. Lastly, SSM has agreed to extend the compliance period of section 241 of Companies Act 2016 for company secretaries to fulfil their CPE requirements until 31.12.2020, subject to certain terms and conditions as set out in their FAQ. Petaling Jaya, Kuala Lumpur, Malaysia. In light of COVID-19 and the MCO as well as to ease the burden of complying with the Listing Requirements, Bursa Malaysia granted an extension of time to the listed companies with financial year ends of 31 December 2019, 31 January 2020 and 31 March 2020 to submit their annual report. MORATORIUM OF SUBMISSION OF STATUTORY DOCUMENTS TO SSM “In view of the Movement Control Order (MCO), SSM will grant a moratorium of 30 days from the end of the MCO to lodge all affected statutory documents with SSM. These documents include a company’s annual return, financial statements and filings relating to the updates of information in respect of shareholders, directors and officers and business address of a company. The government has extended the submission deadline due to MCO as below:- (c) Exemption From Obtaining Approvals For Companies Limited By Guarantee (CLBGs). This extension is granted to enable companies to have additional time to prepare their directors’ report, financial statements and carry out the auditing process. This can be depicted as follows: ©2020 ROSLI DAHLAN SARAVANA PARTNERSHIP. Subsequent to this announcement, the Companies Commission of Malaysia (SSM) on 10.4.2020 granted the following concessions: (a) Moratorium Of Submission Of Statutory Documents SSM has increased the moratorium period of 2 weeks to 30 days from the date of expiry of the Movement Control Order (MCO) for all companies and limited liability partnerships to lodge statutory documents. <>/Metadata 192 0 R/ViewerPreferences 193 0 R>> W��c"��&����i��~M��+ağ����-����`� ��S�%�*���N�籙�I SSM The summary for extension of time granted by the SSM is as follows: No Type of submission Existing due date Extension due date 1 Submission of statutory documents During MCO period 30 days after MCO period 2 During MCO period Lodgement of financial statements for the FYE 01.09.2019 until 31.12.2019 Extension of 90 days This report briefly analyses the central aspects of the SSM Regulation and of its application, listing the main findings. Within 7 months from accounting year end. R���dt,Ꮐ�"���oI�"u�e ���8Ļ�POy�Ox�w�������e��.������ڠ��;�r�"��b(3����Rkq�ؼ������T�9�J���.fZƇT =����C�+=(�z��OR~���TOe:VuKQ!�2�@.z�f{�joy��{���QÒ��6���+����/\������������M�S��m��w��?�s�^.���pǟ�n�x������%kx����%w�J�x���� ��. To encourage this noble cause, SSM has introduced an exemption for certain CLBGs from obtaining approval from the Minister or Registrar of Companies for solicitation of monetary donation from the public to help those affected by the COVID-19 pandemic. What is the extension deadline? SSM operates under acts and regulations that are listed as below: 1. Is There Any Penalty If We Fail to Lodge Annual Return? endobj Registration of Businesses Act 2016 (Act 197); 4. And others is effective as of 1 July 2019 lodgement or filing in. Involved in the validation process and monitoring of the ECB normally presents the report the! A1299 companies ( AMENDMENT ) Act 1971 ( Act 197 ) ; 5 ; 4 has reiterated that received! 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