Annual Compliance for a Private Limited Company (Sdn Bhd)
Did you know that as a private limited company (Sdn Bhd) owner in Malaysia, you have a responsibility to ensure your company meet business compliance as requested by Suruhanjaya Syarikat Malaysia (SSM) 🤨 Yes, that’s right - we are talking about financial statements, tax returns and so on.
With the list of different documents needed and deadlines to be met, it’s no surprise that a lot of business owners are still unsure and tend to miss the important submission date.
In response to the enquiries we received (especially from new business owners), we are sharing some routine compliance matters to take note of👇🏼
Routine Compliance Matters To Be Aware Of
Corporate Company Annual Services
All registered companies in Malaysia are all required to prepare statutory financial statements.
The financial reporting framework applies to all local companies registered here in Malaysia and this financial reporting framework serves as a guideline to ensure each criterion that is needed is being fulfilled.
Submission of Tax Estimates
Newly incorporated companies are required to submit its estimate tax payable within 3 months from the date of commencement of operations.
Note: Small and Medium Enterprise (SME) are exempted from submitting its estimate tax payable for the first 2 years of assessments from the date that it commenced business.
Preparation of Audited Financial Statements
Every company shall not later than 18 months from the date of incorporation and subsequently once every calendar year circulate to its shareholders, a copy of Audited Financial Statements made up to a date not more than 6 months from its financial year end.
Submission of Annual Return
A company is required to lodge a copy of its Annual Return with the Registrar within one (1) month from its anniversary date of incorporation.
Submission of Tax Return
A company is required to submit its tax return within 7 months from its financial year end.
Beneficial Ownership Reporting
The partners and compliance officers must ensure the Beneficial Ownership information are kept up-to-date. Failure to comply with the requirements is an offence under the Companies Act 2016.
Submission of PCB-Regarding Statements
The company is required to submit Form E (Employer Return Form) to LHDN. Form E is a statement which state the employees’ and yearly deducted PCB.
If it’s too complicated or tedious to sort out by yourself, please feel free to engage our professional service. We will keep track of the deadlines and ensure everything is in check. You can contact us via WhatsApp https://wa.me/60122192492 📲