Annual Compliances of a Sdn. Bhd. Company
When you have a registered private limited company, there are several matters that you as the director/directors of the company need to ensure every year. Here we explore what are the annual compliances of your company that you need to be aware of and some of the costs involved in running and maintaining a private limited company in Malaysia.
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Business License Renewal
Several types of businesses need a licence from the authorities before you can proceed. These business licences require timely renewal or you may be fined for not having a licence or for failure to renew it when it expires. You may need to renew the business licence anytime/as specified before the expiry date.
To determine if the nature of business you are carrying on requires a business license and how you may renew it, you may check it out at this website:
Alternatively, you may register and renew your business licence at malaysiabiz.gov.my, a one-stop online registration centre.
Deadline: Every year or every few years depending on the nature of the business of the company.
Business Enterprise Registration/Renewal
If you have a business enterprise (sole proprietorship/partnership / LLP) you may read the guidelines to know more on how to register/renew your business enterprise registration.
Submission of Estimated Tax
Submission of the estimated tax payable is calculated based on the estimated annual income of your company. You may appoint an accountant or tax agent to do this for you, or do it yourself.
A new start-up (companies): Within three (3) months of operation
Others: Thirty (30) days before the beginning of the year of assessment.
For further information, do read the following: http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=2&bt_posi=2&bt_unit=5050&bt_sequ=6&bt_lgv=2
Financial Statements and Directors’ Report Lodgement
All companies need to fix a financial year-end and appoint an auditor. The first financial year-end of the Company must be fixed within 18 months from the date of the incorporation of the Company, and thereafter annually.
According to Section 267 (3) (a), the Board of a newly incorporated company must appoint an auditor at least 30 days before the end of the period for the submission of the first financial statements to the Registrar.
Financial statements are usually prepared by an accountant and forwarded to the auditors to be audited. When the audited financial statements and report by auditors and statement by directors thereon are ready and are attested by the Commissioner for Oaths, they will be forwarded to the company secretary who will then circulate all these documents to the shareholders and auditors.
Circulation of the audited financial statements and reports by auditors, the statement by directors to the shareholders, must be carried out no later than 6 months from the date of the financial year-end unless an application of extension of time has been made to the Registrar of Companies. Once the audited financial statements, reports by auditors, the statement by directors have been circulated and approved by the shareholders, the Company Secretary is responsible for lodging the financial statements and the directors’ reports to SSM.
To be circulated between shareholders within six (6) months after the Financial Year End (FYE) and lodged with the Registrar of Companies, the SSM within thirty (30) days from the date of circulation.
Fees payable to the SSM: RM 50
Annual Return Lodgement
Every Malaysian registered company must lodge the Annual Returns (Section 68) with the SSM, within 30 days from the anniversary date of the incorporation of the Company. The company secretary will be the person who will fill in the forms and get the directors of the Company to approve the correctness of the information and any changes thereof before the annual return is submitted.
Deadline: Within thirty (30) days from the anniversary of the company's incorporation date.
Fees payable to the SSM: RM 150.00
Submission of tax return
The estimated tax payable and the actual amount to be paid might not be the same. Depending on the difference between the actual tax liability and the taxes to be paid, the company will have to either pay more or get a refund. You may engage a tax agent to submit your company’s tax returns.
Deadline: Within seven (7) months after the assessment year ends
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