【Malaysia Company Registration Basics】 The Importance of Annual Filing for Malaysian Companies
Operating a company in Malaysia requires understanding and adhering to annual filing requirements. Under the Companies Act 2016, all registered and existing companies must submit annual documents on time. This is not only a legal requirement but also a crucial measure to protect company interests and enhance its reputation. Today, FOZL will detail the key points of annual returns and financial statements, providing a comprehensive understanding of this process. Understanding this information will allow for better management of company affairs, ensuring compliant operations, and improving the company's transparency and credibility.
What is an Annual Return?
An annual return is a document that companies must submit annually, containing important information about the company. This includes business activities, business locations, registered office, director details, company secretary, members, and their shareholdings. All this information must be submitted within thirty (30) days of the local company's anniversary date or the foreign company's registration date.
Submitting this document informs stakeholders that the company still exists on the anniversary or registration date of the submitted year. The information provided generally helps stakeholders gain an overall understanding of the company.
What are Financial Statements and Reports?
Financial statements are another important document that companies must submit annually. These documents contain key information about the company's financial health and profit potential, allowing stakeholders to assess the company.
Company directors are responsible for maintaining internal control systems and keeping proper accounting records and other records to prepare true and fair company financial statements.
Here is the schedule for annual filing documents:
Failure to submit annual returns or financial statements on time may result in penalties of up to RM 50,000.
If you are considering registering a company in Malaysia, establishing a new factory, etc., FOZL is your best choice. We have extensive experience and a professional team dedicated to providing customized solutions for our clients. Contact the FOZL team; we are here to serve you.
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