If you’re one of those people who are on your journey to start a business, you might already know that almost everything that is related to starting a business or incorporating a company will need you to go through SSM.
However, if you’re still not sure, let’s first explain what is SSM.
What is SSM?
SSM (Suruhanjaya Syarikat Malaysia) is the statutory body formed by the government that helps overseas the incorporation of companies and registration of businesses. And if you didn’t know, Suruhanjaya Syarikat Malaysia is also commonly known as the Companies Commission of Malaysia in English.
If you’ve read our steps to start a business in Malaysia, entrepreneurs must first register their company with SSM before they are legally able to start and operate their business. And once you’ve done with the registration process, you will obtain an SSM certificate that commonly looks like this.
Make sure you’ve met the requirements
To take the first step to start your own business, you must first meet the requirements. It is like wearing shoes with the right size to take the first step.
Company:
- Minimum one director with at least the age of 18 years old or above
- Minimum one shareholder with at least the age of 18 years old or above
- Paid-up capital of at least RM1
- A local company secretary who has the credentials provided by SSM or a member of any professional body.
- A Malaysian registered address
Enterprise:
- Full-fledged Malaysian.
- Must be 18 years old or above.
- Business activities must be within Peninsular Malaysia and the Federal Territory of Labuan.
Why is SSM’s certificate so important?
SSM’s certificate serves as a document with the same importance as a Malaysian’s IC. Therefore, an SSM certificate essentially serves as evidence and confirmation that the company is real and has been duly registered. Every company with an SSM certificate will also have a special SSM number that can be used to track and trace the company's information on the SSM website.
To start a business you will first need to decide on what type of business entity you would like to start. To find the best type of business If you’re interested in what type of business entities are in Malaysia, click here to know more!
Once you’ve decided on what type of business you want to start as you’ll next need to use that information to register your very own business with SSM.
But how do you register your business with SSM? Well, you will have two options to do so. Online and offline.
How do you register with SSM?
In this age and era, online registration is the new norm. If you plan to register your business, you will first need to log in to SSM’s website to incorporate your company or ezbiz if you’re trying to start your own business. For more info about the differences, you can take a look at the article we have written here.
So now you’ve known what is SSM and how important let’s teach you the steps to get yourself registered.
1. Get yourself registered with SSM’s website
Once you reach SSM’s website. You will need to click the below and get yourself registered with SSM to even begin with anything.
2. Creating and registering your very own company name
Once you’ve registered yourself with SSM, here comes the hardest part to start your very own business. To come up with your very own company name. You might think that coming up with a company name is easy, but here’s the catch. It has to be unique to you!
So, with the use of SSM’s company name search function, you are able to detect if the name you created is unique or not.
Smartly use the search function to check if your desired name is taken or not. And if it’s taken, you have no choice but to choose another unique name.
However, you can also use an alternative way to check for your company name’s availability if SSM website is down or under maintenance.
3A. If you’re trying to register a company
If registering you’re trying to register a company:
1. Register an account at MYCoID portal.
2. Activate that account at a SSM counter
3. Once you’ve activated your account, your login credentials will be sent to your email
4. Search your company name on the direct incorporation application on MyCoID portal’s homepage.
5. Fill in the super form to clarify your proposed company name
6. Business code selection and description
7. Fill in the Directors' and shareholders' information
8. Submit the application
3B. If you’re trying to start a business
Fill in the Borang PNA42 and Borang A to get yourself registered with SSM if you’re trying to start a business.
Once your account is created, you can then proceed to fill in the Business Registration Form A (Borang A) online. This will require the below information:
- Business name
- Commencement date of your business
- Main address
- Address of other branches (if any)
- Information of owner and partners
- Type of business carried out
- Copy of a Partnership agreement (if any)
Ensure you have provided the requisite information to the SSM. Additionally, depending on your business type, you may need to provide documents such as a permit, license as well as a supporting letter from the relevant agency if it is mandatory by the Registrar of Business.
4. Complete your registration fee payment
If you’re trying to start a business, the price will be either RM30 using a personal name or RM60 using a trade name. Registration of branches will be RM5 each.
Once your payment has been received, you’ll need to keep a lookout for a notification from SSM confirming your business registration. You may obtain the Business Registration Certificate within one hour after payment.
On the other hand, if you’re trying to incorporate a company, you will need to pay RM1,000 as an incorporation fee to get a transaction receipt.
And once everything is settled, you will receive a notice of registration through your email.
*You will receive the notice of registration within 1 business day once your company has been successfully registered.
Embark on an exciting venture
Should you overlook the registration of your business, you may be fined up to RM50,000 and/or imprisoned for not more than two years. As such, it is imperative to register your business under SSM on time.
In conclusion, Suruhanjaya Syarikat Malaysia is an essential institution for entrepreneurs looking to start a business in Malaysia. By registering their company with SSM, entrepreneurs can ensure that their business is legally compliant and can benefit from the protection offered by Malaysia's regulatory framework.
