The establishment of Suruhanjaya Syarikat Malaysia or popularly known as SSM has meant a great deal to businesses and companies. Although already a very organized country in terms of procedures, SSM further added to the efficiency of registrations, incorporations and the overall compliances in the business industry. As SSM becomes the central and only agency for all corporate registrations and related transactions, more companies, from small to big enterprises, are encouraged to pursue and start their venture in Malaysia. This efficiency also contributes to the promotion of business ownership in Malaysia.
For small to medium businesses, the prospect of opening a company may seem daunting and impossible. With little to zero idea on the processes and requirements, just thinking of who to deal with, then the payment of fees to the rest of the processing will seem impossible to start-ups. But all these are a thing of the past, with the creation and the corresponding government mandate of SSM, everything there is to know about having a business in Malaysia is available in their website. Though not its main intent, the establishment of SSM has benefited and encouraged small businesses in Malaysia. To illustrate, here are a few ways SSM has made operating a business a doable goal.
1. Business based fees
SSM fees cover all types of businesses and companies. And, with this broad coverage, it is not surprising that SSM procedures and processes are matched to the size and scope of businesses. An example of this is SSM’s implementation of business-based fees. It will be unreasonable for any agency to charge across the board fees for varying industries and sizes of business. In simpler terms, the fees for multinational companies will be an unreasonable fee to charge to small businesses. Hence, to address this, the business-based fees were implemented instead.
2. Availability of offline and online registration
Business registration connotes a tedious and time consuming endeavor. Big companies may see this task as a normal and routinary requirement that can be done by one of their numerous employees. However, for smaller businesses or for sole proprietors, business registration is a hurdle. This is not the case now, because of the availability of the online and offline options in the SSM Registration form, the hurdle before becomes a smaller speed bump that is easier to conquer. With SSM offices located in key locations and as the online processes improving significantly, applications are much easier to process and complete. Thus, even individual business owners are encouraged to register.
3. Audit Exemptions
Another prospect most business frown over is the annual auditing of accounts. It is not that companies have something to hide, but aside from the cost of hiring auditors, an annual audit seems a waste if a small company with basic general ledgers and accounts is able and competent to prepare its own accounting books. Consequently, as a measure to address this, SSM has implemented a directive to exempt certain private companies that meet specific criteria.
Registration in SSM is government-mandated in Malaysia. And because of this businesses are required to transact and process with SSM. Fortunately, with the improvements made by SSM, the task of registering and complying has never been easier. As a result, more and more companies, regardless of size, are encouraged to register and open up ventures.