Annual Return for Foreign Companies in Malaysia
Lodgement of Annual Return of Foreign Company
The lodgement of an annual return for a foreign company under Section 576 of the Companies Act, Malaysia, is a crucial requirement to maintain the company's registration and compliance with local laws. Here's a breakdown of the process:
Understanding Section 576:
Purpose: This section mandates foreign companies to file an annual return with the Companies Commission of Malaysia (CCM) to provide updated information about their operations and financial status in the country.
Requirements: The return must include:
The company's name, registered office address, and nature of business
The names, addresses, and occupations of directors and officers
Details of the company's registered agent in Malaysia
A declaration of the company's financial position and compliance with local laws
Any changes in the company's structure, ownership, or operations
Lodgement Procedure:
Obtain the Form: Download the prescribed annual return form from the CCM's website or obtain it from their offices.
Complete the Form: Accurately fill in all the required details, ensuring that the information is up-to-date and consistent with the company's records.
Attach Supporting Documents: Submit any necessary supporting documents, such as copies of the company's constitution, resolutions, and financial statements.
Pay the Filing Fee: Submit the required filing fee to the CCM. The fee amount may vary depending on the company's size and nature of business.
Submit the Return: Lodge the completed form and supporting documents with the CCM either in person, by post, or electronically through their online portal.
Important Considerations:
Timelines: The annual return must be filed within a specified period after the company's financial year-end. Failure to comply with the deadline may result in penalties or even the deregistration of the company.
Financial Statements: Foreign companies may need to submit audited financial statements along with the annual return, especially if they have a significant presence or operations in Malaysia.
Local Agent: The registered agent in Malaysia is responsible for ensuring that the company complies with local laws and regulations. They can provide guidance and assistance with the lodgement process.
Additional Tips:
Keep Records: Maintain accurate and up-to-date records of the company's operations, financial transactions, and changes in directors and officers.
Online Services: Utilize the CCM's online services for convenient and efficient filing of the annual return.
By following these guidelines and complying with the requirements of Section 576, foreign companies can ensure their continued registration and operation in Malaysia.
Filing Fee
Submit the required filing fee to the CCM. The fee amount is RM500.00.
How Bestar Can Help with the Annual Return Process
Bestar can provide invaluable assistance in ensuring that a foreign company's annual return is filed correctly and on time. Here are some ways we can help:
1. Understanding the Requirements:
Interpreting Regulations: We can explain the specific requirements of Section 576 and any other relevant regulations.
Identifying Necessary Documents: We can help determine which documents need to be submitted along with the annual return.
2. Preparing the Annual Return:
Completing Forms: We can assist in filling out the annual return form accurately and comprehensively.
Gathering Information: We can help gather the necessary information from the company's records, such as financial statements, director details, and registered office address.
3. Ensuring Compliance:
Reviewing Financial Statements: We can review the company's financial statements to ensure they meet local accounting standards.
Advising on Tax Implications: We can provide guidance on any tax implications related to the annual return.
4. Meeting Deadlines:
Tracking Timelines: We can help track the deadline for filing the annual return and ensure that it is submitted on time.
Managing Extensions: If necessary, we can assist in obtaining extensions for filing the annual return.
5. Addressing Queries:
Communicating with Authorities: We can communicate with the Companies Commission of Malaysia (CCM) on behalf of the company to address any queries or concerns.
Resolving Issues: If there are any issues or discrepancies, we can help resolve them promptly.
6. Providing Ongoing Support:
Advising on Changes: We can provide advice on any changes to the company's structure or operations that may affect the annual return.
Maintaining Compliance: We can help the company maintain ongoing compliance with local laws and regulations.
By engaging Bestar, foreign companies can benefit from our expertise and avoid potential penalties or legal issues related to the annual return process.
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