SSM has announced the implementation of “SSM’s 2020 Compliance Campaign of the Companies Act 2016” starting from 1 January 2020 until 30 April 2020. Through the implementation of this campaign, SSM will provide a maximum compound reduction rate of 90% from the original compound rate imposed under the Companies Act 1965 (CA 1965) and the Companies Act 2016 (CA 2016) for the following situations:
|a)||Active companies which have updated lodgement of annual statements and financial statements based on the provisions of the CA 1965/CA 2016;|
|b)||Dormant/inactive companies which have made requests for cancellation of the company name pursuant to section 550 CA 2016; or|
|c)||Company secretary who has given written feedback on notice pursuant to section 7 (11) (b) of the CA 1965|
The campaign is another SSM's initiative to increase the compliance rate.
In addition, the implementation of this campaign is to assist SSM to update and coordinate the latest register of company records in order to ensure that the information lodged at SSM is accurate, relevant and up-to-date.
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