What is SSM?
Suruhanjaya Syarikat Malaysia (SSM), also known in English as the Companies Commission of Malaysia (CCM) is a statutory body formed in 2002 as a result of a merger between the Registrar of Companies (ROC) and the Registrar of Businesses (ROB) in Malaysia.
What does SSM do?
The main activity of SSM is to serve as an agency to incorporate companies and register businesses, as well as to provide company and business information to the public.
More importantly, SSM is also responsible for regulating corporate and business affairs in Malaysia. This simply means that SSM is the body in Malaysia which monitors businesses to ensure that they are in compliance with the relevant legislation and laws in Malaysia. Examples of these acts and regulations include:
The Companies Act 2016
The Companies Commission of Malaysia Act 2001
The Registration of Businesses Act 2016
The Trust Companies Act 1949
Kootu Funds (Prohibition) Act 1971
The Limited Liability Partnerships Act 2012
What are SSM's functions and power?
To ensure that the provisions of the Companies Commission of Malaysia Act and laws are administered, enforced, given effect to, carried out and complied with;
To act as agent of the Government and provide services in administering, collecting and enforcing payment of prescribed fees or any other charges under the laws administered;
To regulate matters relating to corporations, companies and businesses in relation to laws administrated;
To encourage and promote proper conduct amongst directors, secretaries, managers and other officers of a corporation, self-regulated corporations, companies, businesses, industry groups and professional bodies in the corporate sector in order to ensure that all corporate and business activities are conducted in accordance with established norms of good corporate governance;
To enhance and promote the supply of corporate information under any of the laws administrated, and create and develop a facility whereby any corporate information received by the Companies Commission may be analysed and supplied to the public;
To carry out research and commission studies on any matter relating to corporate and business activities;
To advise the Minister generally on matters relating to corporate and business activities in relation to the laws administered; and
To carry out all such activities and do all such things as are necessary or advantageous and proper for the administration of the Companies Commission or for such other purpose as may be directed by the Minister.
How does my Sdn. Bhd. company report to SSM?
Your Company Secretary is the bridge between your company and SSM. This means that it is extremely important to appoint a Company Secretarial team which is familiar with the regulations spelled out by SSM.
Most of the company's decisions which are made at a managerial level, will likely involve the lodgement of relevant documents to SSM. It is the onus of the Directors of the company to keep their Company Secretary informed of any changes to the company, it's directors or it's shareholders, and cooperate with their Company Secretary to ensure that any deadlines set by SSM are adhered to.