Register Your Business at Companies Commission of Malaysia’s Roadshow
Not Sure How to Register Your Business?
.
How many type of Business that is available for registration?
.
Want to Avoid Paying Middle Man?
.
Now you Can register Your Business and get all the above answer at Companies Commission of Malaysia’s Roadshow.
There would be FREE talk given by Bank Rakyat, Malaysian Administrative Modernisation and Management Planning Unit (MAMPU), Ministry of Finance, Perbadanan Usahawan Nasional Berhad (PUNB), Perbadanan Nasional Berhad (PNS), SME Corp Malaysia, Intellectual Property Corporation of Malaysia (MyIPO) and TEKUN Nasional.
Companies Commission of Malaysia(CCM) also know as Suruhanjaya Syarikat Malaysia(SSM) is the statutory body which regulates companies and businesses.
Companies wishing to operate in Malaysia must register with the Companies Commission of Malaysia (Companies Division).
CCM is the result of a merger between the Registrar of Companies (ROC) and the Registrar of Businesses (ROB) on 16 April 2002.
The main activity of CCM is to serve as an agency to incorporate companies and register businesses as well as to provide company and business information to the public.
As the leading authority for the improvement of corporate governance, CCM fulfils its function to ensure compliance with business registration and corporate legislation through comprehensive enforcement and monitoring activities to sustain positive developments in the corporate and business sectors of the Nation.
CCM is responsible for the administration and enforcement of the following legislation:
- Companies Act 1965 (Act 125);
- Registration of Businesses Act 1956 (Act 197);
- Trust Companies Act 1949 (Act 100);
- Kootu Funds (Prohibition) Act 1971 (Act 28);
- any subsidiary legislation made under the Acts specified above such as:
- Companies Regulations 1966; and
- Registration of Businesses Rules 1957.
Start your business in 3 steps
STARTING a business in Malaysia has been made simpler through a reform initiative by the Companies Commission of Malaysia (SSM) and the Malaysian Administrative Modernisation and Management Planning Unit (MAMPU).
Introduced last month, the initiative covers a broad range of aspects involving procedures, duration and costs involved in starting a business.
SSM along with MAMPU had formulated the initiatives towards facilitating the conduct of business in the country and improving Malaysia’s international ranking in the World Bank’s ‘Starting a Business’ assessment indicator, a global survey started in 2003.
The annual survey, in its seventh edition, The Doing Business 2010: Reforming Through Difficult Times (DB2010), has placed Malaysia at the 23rd spot out of 183 countries, down by two positions from the previous edition.
Malaysia’s ranking for the ‘Starting a Business’ indicator had also dropped from number 76 according to Doing Business (DB) 2009 to 88th place as per DB 2010.
In view of this, SSM and MAMPU entered into a strategic collaboration towards reforming the procedures involved in the ‘Starting a Business’ indicator.
The reform initiatives are primarily aimed at bringing change to the existing processes involved for the benefit of the corporate community apart from improving the country’s ranking internationally.
The exercise has been benchmarked against the processes identified by the World Bank’s publication as the basis for the reform initiative to be undertaken.
The measurement used for the ‘Starting a Business’ is based on the required procedures governing entry regulation as well as the time (measured in days where one procedure under normal circumstances is equivalent to one day) minimum capital requirement, and the cost of following the procedures involved.
The Doing Business assessment team from the World Bank will assess all four measurement components aforementioned by obtaining the information and feedback from the relevant Government agencies and selected industry members.
The feedback from both the public and private sector will later be consolidated to form the World Bank’s conclusions on the assessment areas prior to being published.
In this regard, the feedback from both the public and private sector is important to determine the country’s ranking.
SSM reform initiatives
Towards improving the existing processes involved for ‘Starting a Business’, SSM and MAMPU have conducted a business process re-engineering (BPR) in relation to the nine procedures identified by the World Bank.
The two important steps involved are:
> Identifying and clustering the existing work procedures in relation to the incorporation of companies; and
> Reconciling and internalising the business processes involved.
The description of the BPR process undertaken is illustrated in Graphic 1:
Using the DB 2010 assessment of the number of processes and days involved to start a business in Malaysia, the existing processes were then restructured.
Pursuant to the BPR, the stamping of the Memorandum of Articles of Association (M&A) involving the processes of procuring, affixing and cancelling revenue stamps was internalised in SSM.
Following the conferment of the power to cancel the revenue stamps commencing 1 January 2010 and the authorisation granted by the Minister of Finance for SSM to make available such stamps at its premises beginning April 1, 2010.
Previously, the procurement of revenue stamps was done at the post office or the IRB while the cancellation was done at the IRB’s office.
With the current reform, the stakeholders are now able to stamp the M&As at SSM.
The stamping of the M&A is later fused with the process of company name approval and lodgement of incorporation document via the concept of single counter interaction – this means all three procedures can be carried out via a single counter interaction with the stamping of the M&A taking place as SSM’s back-end process.
The stakeholders need only submit their unstamped M&As at the counter together with the application for company name and other incorporation documents where SSM will carry out the entire array of activities involved in the stamping.
Apart from the stamping of M&As, the stakeholders are now also able to procure the post-incorporation items such as the statutory books, share certificates and company seals simultaneously when filing the incorporation documents at SSM.
All three items are sold in a package at a price of RM100 which is considerably cheaper than the costs assessed by DB 2010 at RM350.
The company seals will be ready and couriered to SSM’s offices.
Stakeholders nationwide will receive their company seals the following day.
For Kuala Lumpur and Klang Valley, however, the company seals can be collected from SSM with the incorporation certificate on the same day.
This means the name approval, lodgement of documents, stamping of M&As and procurement of post incorporation items can all be done in a single process and can be completed within a single day.
SSM has set out specific parameters to enable the incorporation of new companies by way of conventional counter transactions to occur within one day. They are:
> Submission of incorporation documents by 12 noon;
> All documents submitted must be in order; and
> All payments due are made (either in cash, postal order, money order or bank draft).
Once all the requirements for the one day incorporation has been satisfied, the certificate of incorporation can be collected at SSM’s office by 5pm on the same day.
Apart from the reform in procedures involved, SSM also introduced the Incorporation Advisory Counters to further assist the stakeholders during the incorporation exercise.
Prior to the submission of the relevant documents for incorporation, the stakeholders may check and obtain advice regarding the documents to be lodged at the Incorporation Advisory Counters to ensure the smooth processing of applications.
Any shortcoming in relation to the forms submitted will be highlighted and this will eliminate the possibility of the application for incorporation being disapproved or taking more than one day.
Since the introduction of the new Clients Charter on 1 April, 2010 a total of 987 companies nationwide which had opted for the 1 day incorporation route had managed to get their companies incorporated within the same day.
The BPR carried out by SSM has resulted in the introduction of the new Clients Charter as in Graphic 2:
The compliance rate of SSM’s new Clients Charter so far stands at 100%.
Reform initiatives by MAMPU
An e-KL initiative by Mampu called myForms have enabled registration with IRB, EPF and SOCSO through one official Malaysian Government portal at malaysia.gov.my.
The portal is a one-stop online centre offering 45 services provided by 17 agencies is a gateway for public users and business communities to interact and transact with government agencies and provides an interactive online service across government agencies.
Information submitted by registered users in a single application will be transmitted to the various authorities involved in the approval value chain for processing.
Services provided are in three categories.
> For starting a business, registration can be made to IRB, EPF and SOCSO.
> To start business operations, companies c an apply for business and advertisement licences with the five Local Authorities within Klang Valley.
> For businesses already in operation and require assistance from the Government to expand their businesses, they can apply for loans, grants and incentives from various agencies such as SME Corp. Malaysia (SMECorp.), Malaysian Technology Development Corporation (MTDC), Perbadanan Nasional Berhad (PNS), Malaysian Industrial Development Authority (MIDA), SME Bank and Majlis Amanah Rakyat (MARA). Established IT companies can also apply to the Multi Media Development Corporation (MDec) for MSC status.
A one-stop myBayar centre for Government online payment has also been established for registered users to check and make multiple payments without the need of a bill or statement from the agencies.
Offering 30 payment services provided by 18 agencies, myBayar simplifies payment procedures through its user friendly features.
Among key features are:
> myBayar displays the amount to be paid or overdue extracted from agencies’ back-end systems.
> Users can view the bills or statements and make a choice to pay one or more bills (lump-sum payment) in just a single transaction.
> Payment can be made using credit card or by direct debit by selecting the list of banks under the Bank Islam Malaysia (BIMB) Financial Process Exchange (FPX) system.
> A single official receipt will be generated which can be printed by the users for later reference. Users are able to check payment history and reprint receipts anytime.
fr:thestar.com.my/news/story.asp?file=/2010/5/20/nation/6189075&sec=nation
Business registration reduced to one day via online
By FLORENCE A. SAMY
KUALA LUMPUR: Those who want to set up businesses can now simultaneously register with five government agencies online and complete the process within a day compared to 11 days previously.
The Malaysia Corporate Identity Number or MyCoID’s gateway system which was launched yesterday would also see information being transferred electronically without requiring a person to physically head to the five government agencies to register their business as is the current practice.
Prime Minister Datuk Seri Najib Tun Razak said the implementation of the MyCoID gateway system would help boost the country’s competitiveness globally, improve the delivery system and reduce the number of processes from nine to one.
“The concept is easy, quick and effective. Registration with various agencies is done through a one-touch point,” said Najib, whose speech was read out by Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob.
Najib said the system would also help improve Malaysia’s ranking with the World Bank’s “Doing Business” category from the current 23rd spot to 17 by next year.
On the price of RON97 petrol, Ismail said: “There is no reason for the people to panic or worry as over 90% of motorists use RON95 which is still at RM1.85 per litre,” he said yesterday after launching the Malaysia Corporate Identity Number or MyCoID’s second phase gateway system.
Ismail Sabri was commenting on the increase of RON97 petrol by 5 sen to RM2.15 per litre effective on Tuesday.
He also said the RON97 pricing would change every first of the month with oil companies having the option to increase the full amount or absorb some of the cost to create a healthy battle with their competitors.
On whether the prices of RON95 would be increased, Ismail Sabri said he did not expect it to increase this year, adding that such decisions were subject to Cabinet approval.
fr:thestar.com.my/news/story.asp?file=/2010/11/4/nation/7359289&sec=nation