COMPANIES
COMMISSION OF MALAYSIA REDUCES FEES FOR BUSINESS REGISTRATION /
INCORPORATION, WAIVES FEE FOR E-LODGEMENT
As part of the Government's
on going efforts to reduce the cost of doing business and spur the
domestic economy during the current economic slowdown, the Companies
Commission of Malaysia (SSM) has reduced the fees for the incorporation
of companies and registration of business by 10% to 15%, while the
e-lodgement subscription fee has been waived. The reduction and
waiver of the fees are effective for the period from
1
August 2009
to
31
March 2010.
The fee for incorporating a company with share capital of
RM100,000
and below, and to register or renew a business, has been reduced by
10%, while the fee for incorporating a company with share capital
exceeding RM100,000 and to increase a company's authorised share capital, has
been reduced by 15%. SSM Deputy Chief Executive
Officer (Services), Zahrah Abd Wahab Fenner said that the move would
benefit over 839,000 companies and 3.7 million businesses which have
been registered with SSM.
For 2009, SSM expects some 42,000 new companies to be incorporated and
320,000 new businesses to be registered. Meanwhile, the waiver of
the subscription fee to use SSM's e-lodgement service would encourage
more people to lodge or file the company and business statutory
documents online. Besides the fee reduction and waiver, the
Commission has also stepped up the training programmes under the SSM
Training Academy (COMTRACT); and has also reduced the standard course
fee to a flat rate of RM200 from RM250 to RM300 before. The
reduction of the training fees would encourage more participation by
the business community, which would encourage business practices and
increase the levle of corporate governance, she added.
SSM has also given a six-month moratorium for dormant companies to be
removed from the companies registry. These companies which apply
to be de-listed during the six-month period would be given discounts
or waivers on their outstanding fines and compound. Going
forward, SSM will look into having another alternative business model,
i.e. the limited liability partnership (LLB), which will incorporate
features in a partnership and a company. The LLP would complement
the existing methods of doing business in Malaysia.
Adapted from the NST Business times and The Edge Daily, 3 April 2009
