The Suruhanjaya Syarikat Malaysia or companies commission of Malaysia is abbreviated SSM. It is a single statutory body in Malaysia that regulates businesses and companies. SSM which came into being in 2002, is a statutory body formed as a result of a merger between the Registrar of Businesses (ROB) and Registrar of companies (ROC) in Malaysia. SSM is formed under the companies Commission of Malaysia Act 2001. The key function of this company is to serve as an agency to register businesses and incorporate companies as well as to provide business and company information to the public. The commission of Malaysia launched one the best services which is called e-Info Services for the purpose of allowing information on business and companies obtainable via its website.
In Malaysia, it is the leading authority for the improvement of corporate governance. It fulfills its function to ensure compliance with corporate legislation and business registration through comprehensive monitoring and enforcement activities so as to sustain positive development in the business and corporate sector of the Malaysia. In 2003 for the purpose of simplifying the process of incorporation in Malaysia as well as reducing businesses costs of compliance SSM began a review of companies act 1965.
Companies Commission of Malaysia e-Info Services
E-info one of the best internet based service which is able to provide search, business information, and purchase of company online. E-info is the best alternative to over-the-counter transactions. Having internet connectivity everyone can access it very easily. E-info is also an appropriate medium of payment. You can avail it 24 hours a day, 7 days a week and 30 days a month. Suruhanjaya Syarikat Malaysia web-based application for e-info services to search and purchase businesses/companies information online. The profile of any company which is provided by Companies Commission of Malaysia consists of 7 main data elements which are as follows.
- Company Charges
- Profit and Loss Account
- Corporate Information
- Company Financial Statement
- Summary of share capital
The profile of any business which is provided by e-info services of SSM consists of 3 main data elements which are as follows.
- Nature of Business
- Current Business owner
- Business information
What are the Legislations for Which SSM is Responsible?
Companies Commission of Malaysia or Suruhanjaya Syarikat Malaysia is responsible for the-the enforcement and administration of the following legislation.
- Registration of the Business Act 1956
- Companies Act 1965
- Limited Liability Partnerships Act 2012
- Kootu Funds Act 1971
- Trust companies Act 1949
- Any subsidiary legislation which is made under the act such as Companies Regulations 1966 or Registration of Business Rules 1957.
The Corporate Law Reform Programme of SSM
The corporate law reform of Suruhanjaya Syarikat Malaysia began in December 2003. It began when the review of the companies Act 1965 was initiated as a part of company’s commission of Malaysia strategic direction in facilitating the development of dynamic and conducive business and regulatory environment for the country. SSM established the Corporate Law Reform Committee which is also called CLRC to spearhead the review of the company’s act 1965. So here are the main objectives behind super head the review of companies act 1965.
- To create a regulatory and legal structure which is able to facilitate business?
- To promote protection and accountability of corporate members and directors taking into account the interest of other stakeholders in line with international standards.