SSM offers 90% discount on compounds under Companies Act 1965

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KUALA LUMPUR: From March 1 to June 30, the Companies Commission of Malaysia (SSM) will slash compounds by 90% for all offences under the abolished Companies Act 1965, said the Domestic Trade and Consumer Affairs Ministry (KPDNHEP).

Its minister, Datuk Seri Alexander Nanta Linggi, said the discount offer was an initiative to help ease the burden of corporate entities in the midst of the Covid-19 pandemic and boost economic recovery in line with the aspiration of Keluarga Malaysia.

"SSM will continue implementing initiatives introduced last year like the Prihatin Business Registration Scheme which offers free registration to entrepreneurs in the B40 group and full-time students of IPT ," he said in a statement on Sunday . Nanta said SSM would extend until Dec 31, 2022 the free registration of SSM BizTrust for entities registered with SSM and improve certain provisions under the Companies Act 2016 relating to the corporate rescue mechanism.

He said this would also involve provisions on the corporate rescue mechanism under the Limited Liability Partnerships Act 2012.

 

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