Companies Commission of Malaysia (SSM) has announced the following 7 New Measures to ease the burden of businesses impacted by Covid-19 pandemic:

1️⃣ Automatic 30 days moratorium from the final day of the MCO for companies to lodge their statutory documents with SSM.

2️⃣ 3 months’ extension for the lodgement of financial statements for companies with financial year ended 30 September 2019 to 31 December 2019. Companies are required to apply to SSM for record purposes and the application fee of RM100 is waived.

3️⃣ Extension of time will be given until 31 December 2020 for the company secretaries to comply with Section 241 of the Companies Act 2016 (Act) (Practising Certificate matters).

4️⃣ The current indebtedness threshold is increased from RM10,000 to RM50,000 under Section 466 Act, until 31 December 2020, to reduce action to wind up companies; The period to answer a notice of claim is lengthened to 6 months compared to the current 21 days.

5️⃣ Extending the deadline of SSM’s 2020 Compliance Campaign of the Companies Act 2016 to 30 June 2020, which provides a compound reductions of up to 90% for several offences under the Act.

6️⃣ Companies Limited by Guarantee (CLG) (Charitable Companies) who have obtained approval from LHDN are allowed to collect donations from the public to help the sections of society facing hardships due to COVID-19 without the approval from the Registrar. For CLG who have yet to obtain approval from LHDN, are allowed to collect donations from the public, but they must make formal application to the Registrar within 30 days after the MCO ends.

7️⃣ For companies that are due to hold annual general meeting are allowed to apply for an extension of up to 3 months after the MCO ends, to hold it. The application fee of RM100 for the time extension is waived.