As a business owner or entrepreneur, one of the crucial steps in establishing your company is registering it with the relevant government agencies. In Malaysia, this process is overseen by the Suruhanjaya Syarikat Malaysia (SSM), which serves as a statutory body regulating companies and businesses. With the introduction of Superforms by the Companies Commission of Malaysia (SSM), entrepreneurs can now streamline and simplify the company incorporation process. This comprehensive guide aims to provide a thorough understanding of SSM’s Superforms and their significance in facilitating efficient company incorporation in Malaysia.
Assuming you’ve explored the types of businesses you can incorporate in Malaysia and decided to go ahead with incorporating a Sdn Bhd in Malaysia, what’s next? First, you will have to familiarize yourself with the SSM Superform, starting with understanding what it is.
What is SSM Superform?
The SSM Superform is a digital tool introduced by Section 14 of the Companies Act 2016 (previously Form 6, Form 48A and M&A under the Companies Act 1965) to modernize and streamline the registration process for businesses. Traditionally, business registration in Malaysia involves multiple manual forms and a significant amount of paperwork. However, the introduction of the Superform has changed this process dramatically. It consolidates all the required information into a single digital form, simplifying the submission process and saving valuable time for entrepreneurs.
What are the benefits of using the SSM Superform for company incorporation in Malaysia
The SSM Superform is not just a digital tool; it’s a game-changer for entrepreneurs in Malaysia. The Superform makes the company incorporation process more straightforward, more efficient, and more accessible. By consolidating multiple manual forms into a single digital interface, it significantly reduces the paperwork involved, thereby reducing administrative burden. This allows businesses to be registered more quickly, which in turn allows entrepreneurs to focus on what matters most – growing their businesses. Equally important, the Superform is also designed to help ensure compliance with company registration and corporate legislation, making it an essential tool for every entrepreneur.
What is the Difference between Direct Incorporation and Name Search Reservation (Comparison Table)
Direct Incorporation allows you to register your company name as part of the incorporation process. On the other hand, Name Search Reservation allows you to reserve a company name before the incorporation process.
|Direct Incorporation||Name Search Reservation|
|Process||One-step process, simultaneous reservation of company name and submission of incorporation details||Two-step process, approval of the proposed name before proceeding to incorporation|
|Speed||Faster as it combines two processes into one.||Slower as it involves separate processes.|
|Risk of Application Rejection||Higher. If the chosen name is rejected, the entire application will be rejected.||Lower. The proposed name is approved first, reducing the chances of application rejection.|
|Total Fee||Incorporation fee of RM1,000.00||RM1,050.00 (plus RM50.00 for each additional name)|
|Name Reservation||Processed immediately once the proposed name is approved||Name reserved for 30 days (or up to 180 days as allowed by SSM) from the date of approval ||
Which one should you choose: Direct Incorporation or Name Search
The choice between Direct Incorporation and Name Search Reservation depends on a variety of factors such as the uniqueness of your chosen company name, the urgency of incorporation, and your readiness with required company details and relevant documents.
If your proposed company name is unique and unlikely to infringe on existing trademarks, Direct Incorporation could be a quicker route. However, if you wish to ensure the name is approved before proceeding with the other details, Name Search Reservation would be the preferred method.
How to Submit the SSM Superform in 5 Steps
The process of submitting incorporation particulars using the SSM Superform involves several steps:
- Access the MyCoID portal: The first step is to visit the MyCoID portal, the official online platform provided by SSM for company registration. Here, users can either register a new account or log in to an existing one to access the Superform.
- Provide company details: Once logged in, the Superform will prompt users to input various details about their company. These include:
- Proposed company name: The proposed company name must be unique and not infringe on any existing trademarks.
- Nature of business: Details about the nature of the business, such as the industry and specific services or products the company will offer, must be provided.
- Details of directors and shareholders: Comprehensive information about the proposed directors and shareholders is required. This includes their personal details, roles in the company, and distribution of shares among them.
- Provide information about the first company secretary: The Superform will also require information about the first company secretary, including their personal details and qualifications to serve in this role.
- The appointment of a company secretary at the point of incorporation is not mandatory. However, according to Section 236 of the Companies Act 2016, the Board of Directors must appoint a company secretary within 30 days from the date of incorporation of a company.
- According to the Companies Act 2016, a person who is a single director and a single member of a company can also act as the company secretary. However, it is important to note that the Act prohibits acts performed in a dual capacity, where an action is required to be done by both a director and a secretary. In such cases, the act must be executed by two different individuals.
- Provide the registered office address: Users should input the address of the registered office, which will serve as the official address where all communication and notices will be sent.
- Declaration and submission: The last step involves a declaration from the applicant affirming that all the provided information is accurate. After completing the Superform, users can proceed to submit it online.
You can refer to the Incorporation Guideline by SSM here.
In conclusion, the Suruhanjaya Syarikat Malaysia (SSM) plays a critical role in facilitating business registration and compliance in Malaysia. The SSM Superform simplifies the process of company incorporation, making it seamless and efficient. Whether you opt for Direct Incorporation or Name Search Reservation, understanding the features and advantages of each can help you make an informed decision. Remember, choosing the right method, providing accurate details, and ensuring compliance with the SSM guidelines can pave the way for a successful business launch in Malaysia.
At WeCorporate, our team of experienced professionals is equipped with an extensive understanding of the incorporation process in Malaysia. We can guide you every step of the way, ensuring the effective and smooth execution of your application. Whether it’s Direct Incorporation or Name Search Reservation, we know the ins and outs of navigating the SSM Superform and can assist you in making an informed decision.
FAQs About SSM Superform in Malaysia
- The Superform is part of SSM’s initiative to digitize and streamline the registration process. As such, it is now the standard method for registering a company in Malaysia.
- The Superform incorporates automated validation checks and prompts to ensure all necessary fields are filled correctly, thus reducing errors and inconsistencies that could potentially cause delays or rejections.
- Yes, the Superform is accessible 24/7 through the MyCoID 2016 portal. It allows applicants to fill out and submit incorporation particulars at their convenience.
- Generally, a company is permitted to submit its Constitution after incorporation. The company can adopt a Constitution through a special resolution and must lodge the Constitution with the Companies Commission of Malaysia (SSM) within 30 days after it is adopted. However, it is important to note that for a company limited by guarantee (CLBG), the Constitution must be submitted at the point of incorporation, as stated in Section 38 of the Companies Act 2016.
Niresh Kaur is a content development manager who writes for WeCorporate. She mainly writes legal articles, as well as analytical content that serves entrepreneurs with insights on the business scene in the APAC region.
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