MINISTER’S MESSAGE

Assalamualaikum Warahmatullahi Wabarakatuh,
Salam Malaysia MADANI,

It is with great pleasure that I extend my warmest congratulations to the Companies Commission of Malaysia (SSM) for the successful completion of another remarkable year, as detailed in the Annual Report 2023.

The Malaysia MADANI concept, introduced by the Honourable Prime Minister Datuk Seri Anwar Ibrahim, highlights values that align closely with the principles of corporate transparency. By emphasising inclusivity, integrity, and accountability, the concept sets a framework that can drive positive changes in governance and corporate practices. As the Malaysian business and corporate community embraces this concept, it will foster corporate transparency and strengthen trust among stakeholders, contributing to a more ethical and accountable business environment in Malaysia.

YB DATUK ARMIZAN MOHD ALI

Minister of Domestic Trade and Cost of Living

Malaysia

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CHIEF EXECUTIVE OFFICER’S REVIEW OF THE YEAR

Assalamualaikum Warahmatullahi Wabarakatuh,
Salam Malaysia MADANI,

I am pleased to present the 2023 Annual Report of the Companies Commission of Malaysia (SSM). This year represents a significant period for SSM as we strive to fulfil our vital role as both a facilitator and regulator of businesses in Malaysia. Despite the numerous challenges arising from the dynamic global economy and the swiftly changing business landscape, SSM remains unwavering in our commitment to supporting the nation’s economic recovery and growth.

In 2023, SSM was played a crucial role in spearheading Malaysia’s post-pandemic recovery through a variety of initiatives and programmes. This Annual Report underscores our continuous efforts to cultivate a more favourable business environment, promote growth in the corporate sector, strengthen corporate compliance, safeguard stakeholder interests and enhance investor confidence in the Malaysian economy.

YBHG. DATUK NOR AZIMAH BINTI ABDUL AZIZ

Chief Executive Officer

Companies Commission of Malaysia

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DOWNLOADS

1

MINISTER’S MESSAGE

2

CHAIRMAN’S FOREWORD

3

CHIEF EXECUTIVE OFFICER’S REVIEW OF THE YEAR

4

STATEMENT ON
CORPORATE GOVERNANCE

5

KEY STATISTICAL INFORMATION 2023

6

MANAGEMENT REPORT

7

FINANCIAL STATEMENT

8

ANNUAL REPORT 2023

NINE (9) SSM INITIATIVES IN 2023 TO FACILITATE BUSINESS COMMUNITY

• 90% Compound Reduction for Companies with ‘Dissolved’ Status

  INITIATIVE 1

  Compound Reduction of 90% from the original value for companies with ‘dissolved’ status under the CA 1965 and the CA 2016.

  Total companies that have received a 90% compound reduction:

  • CA 1965: 1,211
  • CA 2016: 3,614

  (11 January 2023 - 31 December 2023)

  01

• 90% Compound Reduction for Common Offences under the CA 2016

  INITIATIVE 2

  Compound Reduction of 90% from the original value of the compound for common offences under the CA 2016.

  A total of 16,093 companies have received a 90% compound reduction

  (11 January 2023 - 31 December 2023)

  02

• Continuation of 90% Compound Reduction for All Offences under the CA 1965

  INITIATIVE 3

  Continuation of Compound Reduction of 90% from the original value of the compound for all offences under the CA 1965.

  A total of 5,724 companies have received a 90% compound reduction

  (11 January 2023 - 31 December 2023)

  03

• Free Registration of SSM BizTrust

  INITIATIVE 4

  The free registration of SSM BizTrust has been extended until 31 December 2023, which includes the use of the SSM BizTrust QR Code, automatically available to registered Limited Liability Partnerships (LLPs).

  Total registrations of SSM BizTrust from 1 January until 31 December 2023: 1,038,901

  04

• Continuation of Skim Pendaftaran Perniagaan Percuma ( SPPP )

  INITIATIVE 5

  The continuation of the SPPP offers FREE registration for new businesses to the following groups:

  • B40 Group Entrepreneurs: 15,845
  • Full Time Students: 27,862

  (1 January 2023 - 31 December 2023)

  05

• Continuation of Skim 1 OKU 1 Perniagaan ( S101P )

  INITIATIVE 6

  The continuation of the implementation of S101P provides FREE business registration and business renewal registration for people with disabilities.

  • Registration: 1,719
  • Renewals: 3,100

  (1 January 2023 - 31 December 2023)

  06

• Continuation of Proposal to Amend Provisions under the CA 2016

  INITIATIVE 7

  The proposal to amend provisions under the CA 2016 related to the Corporate Rescue Mechanism (CRM) and the Scheme of Compromise or Arrangement continued in 2023.

  On 28 November 2023, the Companies Bill (Amendment) 2023 was tabled and approved in the Dewan Rakyat. Subsequently, the Bill was presented for the Second and Third Readings in the Dewan Negara on 13 December 2023 and was approved on the same day.

  07

• Continuation of Proposal to Introduce Provisions Relating to Corporate Rescue Mechanism under the LLPA 2012

  INITIATIVE 8

  The proposal to introduce provisions relating to the Corporate Rescue Mechanism under the LLPA 2012 has been distributed to various stakeholders, including the Attorney General’s Chambers (AGC), Ministry of Finance (MOF), Legal Affairs Division of the Prime Minister’s Department (BHEUU, JPM) and Ministry of Home Affairs (KDN) for feedback.

  The AGC responded on 12 December 2023, while the MOF and BHEUU provided feedback on 18 December 2023 and 19 December 2023, respectively.

  08

• Compound Reduction of 90% for Common Offences under the LLPA 2012

  INITIATIVE 9

  A compound reduction of 90% from the original value of the compound for common offences under sections 68(2) and 68(3) of the LLPA 2012 was initiated on 3 July 2023.

  Total LLPs that have received a 90% compound reduction: 1,698

  (3 July 2023 - 31 December 2023)

  09