Publications
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Publication 1. Yearly charges to maintain a Sdn Bhd
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Before make decision to register a Sdn Bhd, you should aware the annual compliance costs to be spent on maintaining a Sdn Bhd.
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You shall have at least 4 professional to help you meet the compliance requirements.
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1. Company Secretary: take charge of secretarial matters and to comply with Companies Act 2016 with SSM.
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2. Accountant: to prepare the accounts book-keeping and full set management accounts.
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3. Auditor: to prepare the audited financial statements for submission to SSM.
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4. Tax agent: to prepare tax computation and do tax filing with LHDN.
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Publication 2: Choosing an auditor for your business
When choosing a prospective auditor, the company should ask about the qualifications of the individual or the firm:
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- What are your qualifications and what licences do you possess?
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- What is the basis on which fees are charged?
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- Do you have experience in this business sector?
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- What are the experience and qualifications of the persons who would be working on the audit?
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- What additional services can you offer?
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Publication 3: Non-compliance penalties under Companies Act 2016
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1. Section 68 (1)
A company shall lodge with the Registrar an annual return for each calendar year not later than thirty days from the anniversary of its incorporation date.
- Maximum penalty: RM50,000
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2. Section 248(1)
The directors of every company shall prepare financial statements:
(a) within eighteen months from the date of its incorporation; and
(b) subsequently, within six months of its financial year end.
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- Maximum penalty: RM500,000
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3. Section 258(1)
The circulation of financial statements and reports:
(a) for a private company, shall be within six months of its financial year end; and
(b) for a public company, shall be at least twenty-one days before the date of its annual general meeting.
- Maximum penalty: RM50,000
4. Section 259 (1)
A company shall lodge with the Registrar for each financial year the financial statements and reports required under this Act:
(a) in the case of a private company, within thirty days from the financial statements and reports are circulated to its members under section 258;
(b) in the case of a public company, within thirty days from its annual general meeting.
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- Maximum penalty: RM50,000
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5. Section 340(2)
For the purposes of subsection (1), the annual general meeting shall be held:
(a) within six months of the company’s financial year end; and
(b) not more than fifteen months after the last preceding annual general meeting.
- Maximum penalty: RM20,000
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