It is important to note your important submission dates now that you have incorporated your company. Many of our clients are unsure as to their annual filing compliance requirements once they have incorporated their company in Malaysia.
Related read: 5 Steps on How to Set Up A Company in Malaysia
We have summarised the annual filing compliance requirements for Sdn Bhd and LLP businesses in Malaysia in the infographic below.
Setting of Financial Year End
Upon incorporating or registering your Sdn Bhd or LLP respectively, you will need to set your financial year end. You have the option of setting your financial year end anytime within 18 months from the date of incorporation/registration.
Companies Commission of Malaysia Compliance
One of the key differences between a Sdn Bhd and LLP is the compliance documents that are to be submitted to the Companies Commission of Malaysia (SSM). For example, for Sdn Bhd, you will need to file an Annual Return, whereas for an LLP, you will need to file an Annual Declaration.
A Sdn Bhd company can submit an unaudited report if you satisfy the following requirements as per the Practice Directive No.3/2017 issued by SSM:
1. Dormant Companies
- Your company has been dormant from the time of its incorporation; or
- Your company has been dormant throughout its current financial year and in the immediate preceding year.
2. Zero Revenue Company
- Your company does not have any revenue in the current financial year,
- Your company does not have any revenue in the immediate past two financial years, and
- Your company’s total asset in the current Statement of Financial Position does not exceed RM300,000 as well as in the immediate past two financial years.
3. Threshold Qualified Companies
- Your company has revenue not exceeding RM100,000 during the current financial year and in the immediate past two financial years,
- Your company’s total asset in the current Statement of Financial Position does not exceed RM300,000 and in the immediate past two financial years, and
- Your company does not have more than five employees at the end of its current financial year and in each of its immediate past two financial years.
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.
