Update on Corporate Secretarial Matters

Upcoming changes in the deadline of 30-days moratorium period for submission of statutory documents

The Companies Commission of Malaysia (“SSM”) announced that the 30-days moratorium period for an exemption of late submission fee for all statutory documents required to be lodged to SSM under the Companies Act 2016 during the MCO/Total Lockdown Period, shall be enforced from 1 December 2021 until 31 December 2021.

The submission of the statutory documents can be made via the following methods:

Service Counter (with appointment)
Dropbox (without appointment)
MBRS online platform
MyCoID online platform

Any late submission of statutory documents received by SSM after 31 December 2021 will be subject to the late submission fee as follows:

RM50 (late submission fee for more than 14 days but not more than 3 months)
RM100 (late submission fee for more than 3 months but not more than 6 months)
RM150 (late submission fee for more than 6 months but not more than 12 months)
RM200 (late submission fee more than 12 months)

Companies should submit the outstanding statutory documents within the given moratorium period to avoid any late submission fee to be imposed by SSM from 1 January 2022 onwards. Companies should also be aware of potential inconvenience faced due to the congestion during the last minute submissions at SSM service counter/online system.

Beneficial ownership framework in Malaysia

As previously highlighted in our Malaysia Newsflash and in an article about nominee shareholder structures and disclosure requirements in Malaysia, the Companies Commission of Malaysia (“SSM”) has issued the Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons (“Guideline”). The Guideline requires that entities must disclose the information about their ultimate beneficial owner. The implementation of the Guideline is still in a transition period which will likely end with the enforcement of the Companies (Amendment) Bill. The Companies (Amendment) Bill has not yet been tabled in Parliament. However, entities are encouraged to ensure compliance under the Guideline and should liaise with their company secretary about the compliance. SSM has also issued an FAQ on the ultimate beneficial ownership, and entities should make themselves familiar with the requirements.