Following the recent Annual Dialogue 2022 conducted by Suruhanjaya Syarikat Malaysia (SSM) on 6 October 2022, SSM provided the presentation slides and Summary of Issues and Feedback for the public.
Issues that have been addressed include the change of the MSIC Code.
Currently, a company intending to change its business address (including branches) and/or nature of the business can only notify SSM of such changes through the lodgement of an Annual Return.
Nevertheless, SSM is aware of the need and urgency of the information about the changes in the business address (including branches) and/or the nature of the business and be reflected as part of the company’s profile due to the requirements of some other authorities.
According to Practice Directive no. 2/2017 (revised), where a company has resolved to change its business address (including branches) or its nature of business, the company is required to notify SSM within 14 days from the date of such change [The notification shall be in a form and manner as specified in Schedule B of the Practice Directive 1/2017].
Suppose the company's nature of business changes. Is it required for the secretary to file the modifications to the MSIC Code following PD2/2017?
Information on the MSIC Code and the nature of the business included in the company profile:
regarding the nature of business and the MSIC description, there are many mistakes due to inaccurate information. This is especially true for companies that have only recently been established after filing their annual return.
be the basis for the rejection of the application for the licence because the authorities discovered the information on the company profile was incorrect
Feedback:
Changes to the MSIC code can be filed under PD2/2017, which can then be used for archival reasons. The company can acquire a copy of the document that displays the MSIC code.
In addition, SSM is aware of the potential issues that may develop throughout acquiring company profiles with an incorrect MSIC Code description. SSM is looking into this issue now, and they are working on building a strategy to deliver MSIC Code Description specifically designed for each company.