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 Business

SSM offers 70% discount to companies to settle compounds

18th April, 2017

KUALA LUMPUR: The Companies Commission of Malaysia (SSM) is offering 70 per cent discount for compounds imposed on companies and company directors, beginning now until May 17, 2017.

Minister of Domestic Trade, Cooperatives and Consumerism, Datuk Seri Hamzah Zainudin, said the move was taken in conjunction with the 15th anniversary of SSM, which was incorporated on April 16, 2002.

“We hope the traders will take this advantage over the one month to settle their compounds. If not, they will be imposed a higher penalty if taken to court,” he said to the media at SSM’s 15th anniversary celebration here, Monday.

He said among the offences usually made by companies and company directors are failure to hold annual general meetings, failure to send and present financial statements, as well as failure to file annual statements to the SSM. Hamzah said to-date, the outstanding compounds were estimated at over RM10 million since 2012.

The number of companies incorporated with the SSM stands at 1,213,714 while the number of businesses registered totals 6,366,064, out of which 5,137,177 are sole proprietorship and 1,228,887 are partnership. Meanwhile, SSM Chief Executive Officer, Datuk Zahrah Abd Wahab Fenner said in conjunction with SSM’s 15th anniversary, it would launch the ‘My Inspiration Project’ competition.

She said it aimed to search for successful entrepreneurs to become ambassadors to motivate and inspire the public. “Those interested to participate in the competition must share their experiences on www.myinspirasiku.com,” said Zahrah.

The five winners selected will be taken on a roadshow to all SSM carnivals to share their experience and success. The first prize winner will take home RM10,000 cash, second prize winner RM5,000 and third prize winner RM3,000. –Bernama

   
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