Changes will always be present when it comes to running a business. For example, there may be changes in staff, management, and operations all the time. However, there are specific changes that you need to file to the Companies Commission to properly reflect your business information. Recall that during the initial SSM registration, you declared company information like your business name, details about shareholders, and company address. If there are changes to this information, there is a proper process to update your company information.
The most common company information that needs an update includes changes in the business name, address, business type, owner’s information, and branch particulars. Of course, the private limited company must have followed the regulations to enact these changes. There must have been voting, issuance of the resolution, and other steps must have been taken to make the change valid. Afterward, the Registrar must be notified within the prescribed period.
To notify the SSM, there are documents you need to submit, forms to furnish, and fees to pay. To properly file the company information change, here is a summary of the steps and requirements you will have to comply with.
File the Change in Company Name
Changing your company name is like changing the identity of your business, so to process this with SSM is like registering as a new business. The rules for company names will still apply, meaning you cannot use an existing name of another company. The change must be properly voted upon through a meeting made by a special resolution. The company will then notify the Registrar within 30 days from the date, whether a resolution for a company name change is approved or declined.
The company secretary is in charge of processing the company name change with SSM. The secretary will complete form PNA.42 for the approval of the new business name. Once the SSM issues its approval, you must register your new business name within one month from the date of approval. After paying the fees, the Registrar will issue a Notice of Registration signifying the success of the transaction. For 12 months from the date of the change, the company must display their old name, together with their new one, in publications or other documents.
File the Change in Other Company Information
Other company changes like changes in address, business type, branch particulars, and owner information do not need any prior approval. The process is also less strict but may require various documents for filing. To process the registration of new company information, every owner or partner must complete Form B (Registration of Changes in Business Particulars). They may submit the form online via SSM Ezbiz Online services or directly through SSM’s counter.
The documents that must be attached along with the form include the following:
- Identity card of owners or partners
- For a change in business type, the original business registration certificate
- For the death of a partner or owner, a copy of the death certificate
- Approval from relevant agencies for certain types of business
Furthermore, if the company is adding new partners, they must also follow the rules for partners or associates. That is, they must be citizens or permanent residents of Malaysia age 18 years old and above. Additionally, the owner or partner whose information needs changing needs to come to the SSM’s counter.
Company information changes must be registered within 30 days from the day of enactment. The fee for the registration of change of business particular is RM20, change of branch address RM5, and information printout RM10. Within one hour from the application and payment, the applicant can expect completion of the process.
Updating your company information in the Registrar’s records is crucial in cases of disputes against or involving your company. For example, your missing or wrong information can be used against you under proceedings. Under the law, failure to update business details is an offense liable for a fine not exceeding RM10,000 or imprisonment, or both.
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