Frequently Asked Question (FAQ)
The Malaysia Companies Act 2016 requires each company in Malaysia to have at least one company secretary. The Companies Commission of Malaysia (also called SSM) which oversees company incorporation in Malaysia requires the company secretary as the contact point for correspondence with any company operating in Malaysia.
To incorporate local company, the applicant has two options:
Direct incorporation – the applicant needs to complete the application for company’s name and incorporation through MyCoID 2016 system and the its fee is RM1,000;
Name reservation – the applicant needs to complete the information for application for company’s name through MyCoID 2016 system and its fee of RM50 for each name applied.
If the proposed company’s name is approved by SSM:
Direct incorporation – the application to incorporate the company would be directly forward via system to the officer for further verification; or
Name reservation – the approved company’s name is reserved for 30 days from the date of approval. The applicant then could further apply for incorporation with a fee of RM1,000.
Once submitted, the application is processed within three (3) working day. If the application complies with all requirements, which then approved, the applicant will receive notice and approval of registration via their emails.
The certificate is provided upon request with prescribed fee.
The requirement for foreign director/member:
- Must be above 18 years old.
- Those who named as the director of company should have a principal or only place of residence within Malaysia (Section 196 (4) (a) of the Companies Act 2016).
What is the necessary action to be taken by a company if the company wish to appoint more than one company secretary?
A company secretary or more than one company secretaries may be appointed within 30 days after the company incorporated. Their appointment should be done via MyCoID 2016 system provided that they must be the registered professional user.
The company can change back to its old name within 12 months if that name is available.
The company can use the old name after 12 months if the company name is available.
You are disqualified from being a director; and
Prohibited from taking part directly or indirectly in the management of any company.
You should do the following immediately:
Inform the Board of Directors and the company secretary regarding your bankruptcy status;
Resign as a director and request the company secretary to update your resignation by lodgement of Notification Of Change In The Register Of Directors, Managers And Secretaries to CCM;
Ensure the number of directors in the company which is not less than 2 directors for public company or at least 1 director for private company after your resignation.
I am undischarged bankrupt. What should I do if I wish to act as director or take part in the management of any company?
- You must :
Apply leave from Official Receiver;
- Apply leave from the Court.