According to Companies Act 2016 each company must comply with ;
- Submission of annual return to SSM every year (based on anniversary date of incorporation);
- Submission of audit report to the SSM every year (based on financial year-end) of the company.
Here is the summary table of common penalties for companies in Malaysia:
Failure to lodge Annual Return for the last three (3) years or more consecutively can lead to the striking off company’s name under Section 68(8) Companies Act 2016. If the owner of the company does not intend to continue the operation of the company, striking off company can be made voluntarily under the Section 431 Companies Act 2016 or request for striking off under Section 550. Please refer to CCM’s website www.ssm.com.my