Latest from the Office of SSM for EzBiz Online Users

Covid-19 has hit the entire world hard. However, it has made us realize the value of time and money, as well as how important it is to reduce the financial and compliance burden.

Latest Update on SSM for EzBiz Online Users

Suruhanjaya Syarikat Malaysia (SSM), the Companies Commission of Malaysia, has introduced several initiatives to assist companies facing financial complexities due to the Covid-19 pandemic. In its efforts to streamline the financial reporting process and ease the compliance burden on companies, the SSM has undertaken the following initiatives:-

• Replacement of User Account Activation Process via Email

SSM has enforced the activation of the EzBiz Online user accounts through the ezbiz.ssm.com.my portal, which is introduced to replace the user account activation process via email. As a result, the application process for activation of the EzBiz Online system user account via email has also been terminated w.e.f February 10, 2021.

Please note: Users who have already submitted an application and received a query via email must take necessary actions.

For in-depth information, please refer to the procedure for registering a user account through the EzBiz Online System on SSM’s official portal by following the below link:-

https://www.ssm.com.my/Documents/PANDUAN.pdf

• SSM is Providing an Extension of Time (EOT)

In its effort to decrease the compliance burden on the corporate community, SSM has provided an extension of 90 days to companies and eligible entities to hold their annual general meeting, circulate financial statements, and lodge those statements to the SSM. This extension is provided to companies and corporations with a financial year-end beginning April 1, 2020, to July 31, 2020.

The EOT, as mentioned above, will be for a period of 90 days from the original expiry date of circulation and lodgement of financial statements; or March 31 2021, whichever is later.

Please note: All applications regarding the same must be submitted to SSM by March 31, 2021, via email.

For more information on the EOT, please follow the below link:-

https://www.ssm.com.my/Documents/FAQ.pdf

• Compound Reduction of 90%

Another significant initiative introduced by SSM is the Compound Reduction Initiative for companies looking to get struck-off. Under this initiative, the corporate community is eligible to enjoy a compound reduction of 90% on the compound’s original value. Through this initiative, eligible entities can reduce the cost burden on directors looking to close the company.

The objective behind launching this initiative is to encourage the corporate community to apply for striking off if the company is not conducting any operations or business activities. Furthermore, the SSM also intends to ensure that only active companies remain on its registry.

For more information on this initiative, please follow the below-mentioned link:-

http://www.maicsa.org.my/media/5638/technical_announcements_200923_1_1.pdf If you are striving to seek professional guidance on reducing the compliance burden and staying relevant with the changing requirements of SSM, stay tuned to the DataTracks blog.