The severity of the epidemic has prompted Malaysia’s government to reinforce a full lockdown again. What follows are the inevitable economic impacts. Hence, the recent announcement of the Strategic Programme to Empower the People and Economy (PEMERKASA PLUS) on 31st May 2020 is definitely a boon to the affected business owners .
4 Important Initiatives Involving the Companies Commission of Malaysia (SSM):
[Initiative 1] 30-day moratorium period of document submission to SSM (from the last date of ‘Total Lockdown’ Phase One, 14th June 2021).
[Initiative 2] Late submission fee exemption for statutory documents under the Companies Act 2016 and the Limited Liability Partnership Act 2012 (during the ‘Total Lockdown’ Phase One period, which starts from 1st June 2021 to 14th June 2021).
[Initiative 3] Time Extension for the following:
(a) Distribution of financial statements for the company;
(b) Compliances conducts of Annual General Meeting (AGM);
(c) Submission of financial statements for the financial year ended 1st November 2020 to 31st January 2021; and
(d) Waiver of application fee of RM100.00 for three (3) applications above.
[Initiative 4] Compound exemption on renewal delays, and business registration delays, extended until 31 December 2021.
SSM does not stop just there. It has also extended the period of its existing initiatives: 90% compound reduction for the cancellation of a company name (under the Companies Act 2016, Section 549/550). The compound reduction deadline changes from 30th June 2021 to 31st December 2021.
For further initiatives as announced by Malaysia’s Prime Minister, click here!