Annual Compliance Checklist for Sdn. Bhd.

Let’s not stop at mastering the monthly compliance requirements for Sdn. Bhd, which you have done in our previous article. Today we dissect the ins and outs of the annual compliance checklist and gear towards the complete legal operation of Sdn. Bhd. in Malaysia.

Business License Renewal

First, renew your business license or be fined. You may renew the certificate of business registration anytime before the expiry date, up to twelve (12) months upon the expiry date. Below are the ways to do it:

1. Online Services through Ezbiz Online;
2. Ezbiz Kiosk Machines, which are available at all SSM offices; or
3. SSM registered agents (Bank Simpanan Nasional & Bank Kerjasama Rakyat Malaysia)

Deadline: Every year or every few years

Guidelines for Renewal of Business Registration: https://www.ssm.com.my/Pages/Services/Registration-of-Business-(ROB)/Registration/GUIDELINES%20FOR%20RENEWAL%20OF%20BUSINESS%20REGISTRATION_new.pdf 

Submission of  Estimated Tax

Next, the estimated tax payable is calculated based on the estimated annual income of your company. You can assign an accountant or tax agent for this or have it done by the owner of the company. 

Deadline: 

New company: Within three (3) months of operation

Others: Thirty (30) days before the beginning of the year of assessment

Further Information: http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=2&bt_posi=2&bt_unit=5050&bt_sequ=6&bt_lgv=2 

Submission of PCB-Regarding Statements

Employers need to submit Form E (Employer Return Form) and the monthly tax deductions to LHDN. On the other hand, employees will receive Form EA/(C.P. 8A), which is the Statement of Remuneration from Employment, before March every year prior to the income tax submission.

Deadline: 31st March of next year

Forms available here: http://www.hasil.gov.my/bt_goindex.php?bt_kump=2&bt_skum=3&bt_posi=0&bt_unit=12&bt_sequ=12&bt_lgv=2 

Financial Statements and Directors’ Report Lodgement

There are several documents in need. Financial statements are prepared by accountants and audited by an auditor. While the auditor will prepare the auditor report, the director will need to prepare the director’s report. The company secretary will circulate all these documents to shareholders and auditors upon the signing of oaths. In addition, the company secretary is responsible for lodging the financial statements and the directors’ reports to SSM.

Deadline: To be circulated between shareholders within six (6) months after the Financial Year End (FYE) and lodged within thirty (30) days.

Annual Return Lodgement

If you do not have any changes regarding your business information within the year, employers still need to lodge this information by preparing an annual return to SSM. Your company secretary will be the go-to person for the annual return lodgement.

Deadline: Within thirty (30) days from the anniversary of the company incorporation date

Submission of tax return

The estimated tax payable and the actual amount might not be the same. Depending on the difference between the actual tax liability and the taxes paid, employers will either pay extra or get a refund. There are two ways to settle the submission of tax. Employers may choose to get it done by themselves or engage an accountant or tax agent.  

Deadline: Within seven (7) months after the assessment year ends

If you wish to get rid of those never-ending paperwork, do contact us anytime via https://www.corpso.com/, your dedicated digital secretary at your fingertips.

Click here to read more about the monthly compliance that a Sdn. Bhd. should comply.