No, SSM is not a business license. SSM stands for Suruhanjaya Syarikat Malaysia, which is the Companies Commission of Malaysia. It is a governmental agency responsible for the regulation and registration of businesses in Malaysia, but it does not issue business licenses.
A thorough response to a query
SSM, which stands for Suruhanjaya Syarikat Malaysia, is not a business license but rather the Companies Commission of Malaysia. This governmental agency plays a crucial role in regulating and registering businesses in Malaysia, ensuring compliance with laws and regulations. While SSM does not issue business licenses, it serves as a central authority for managing company records and facilitating the incorporation process.
An interesting quote regarding the importance of regulatory bodies in business comes from former U.S. Secretary of Labor, Robert Reich: “Without adequate regulatory oversight, greed can put short-term profits ahead of long-term safety. Regulation can help prevent financial fraud, protect civil liberties, and establish a fair marketplace.”
To provide more context, here are some interesting facts about SSM and its role in Malaysia’s business landscape:
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History: The Companies Commission of Malaysia (SSM) was established in 2002 under the Companies Commission of Malaysia Act. Its formation aimed to streamline and modernize business registration processes.
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Registration of Companies: SSM is responsible for the registration and incorporation of companies in Malaysia. It oversees the process of establishing various types of businesses, including private companies, public companies, foreign companies, and more.
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Business Information Repository: SSM maintains a comprehensive database of registered companies, which is publicly accessible. This database serves as a valuable resource for individuals, businesses, and authorities to verify company information, track ownership, and monitor compliance.
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Business Name Registration: SSM facilitates the registration of business names, allowing individuals and partnerships to operate under a registered name. This promotes transparency and helps prevent unauthorized use of business names.
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Business Compliance: SSM plays a crucial role in ensuring businesses comply with relevant laws, regulations, and reporting requirements. It monitors compliance through annual filings, financial statements, and audits, contributing to a more transparent business environment.
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Online Services: SSM provides a range of online services to facilitate business registration and management. These services include online company registration, name searches, submission of annual returns, and access to company information.
A possible table format for comparing SSM and a business license:
| SSM | Business License | |
|---|---|---|
| Issuing Authority | Companies Commission of Malaysia (CCM) | Local governmental authorities |
| Scope | Registers and regulates companies | Grants permission to operate |
| Registration Process | Incorporation and business name | License application and renewal |
| Compliance Monitoring | Ensures compliance with laws and regulations | Ensures adherence to specific guidelines |
| Validity | Ongoing registration | Renewable periodically |
Remember, SSM in Malaysia focuses on regulating and registering companies rather than issuing business licenses. Understanding the distinction between the two is important for entrepreneurs and business owners operating in Malaysia.
See a video about the subject.
In this YouTube video titled “How to Register SSM Online | Beginner’s Guide to Sole Proprietorship,” the narrator provides a step-by-step guide to registering for an EasyBiz account, which is an online portal for SSM related matters. The process includes filling out registration information, verifying personal details, uploading necessary documents, and making the registration fee payment. The video emphasizes the importance of accuracy and compliance with the registration requirements. It also mentions that physical verification may be necessary once the Movement Control Order is lifted. This section serves as a beginner’s guide to registering for SSM online and setting up a sole proprietorship business in Malaysia.
Other viewpoints exist
So, an SSM certificate basically acts as proof and an acknowledgement that the business is legitimate and has been legally registered. Every business that has the SSM certificate will have a unique SSM number that can be used to track and trace the business’s details on the SSM’s website.
According to the Companies Act, all companies are regulated by the Companies Commission of Malaysia (SSM). In operating business in a physical location (office, shops etc) and in specific to certain industries, every company must obtain a business license.
I am confident you will be intrigued
Thereof, Do I need SSM?
Answer will be: It’s an offence to operate business without registering with SSM. You could be fined up to RM 50,000 or up to 2 years jail or both.
What are the responsibilities of SSM? The reply will be: SSM’s role is to improve corporate governance by serving as an enforcement and monitoring agent, handling company incorporation and business registration as well as providing company and business information to the public.
Regarding this, When was SSM established? SSM came into operation on 16 April 2002. The main activity of SSM is to serve as an agency to incorporate companies and register businesses as well as to provide company and business information to the public.
What are the different types of business licenses in Malaysia? The answer is: Generally, Malaysia’s business licenses are divided into 3 categories: General licenses from local town councils. Industry or sector specific licenses from government ministries. Activity specific licenses.
Likewise, Do I need a license if my business is registered with SSM? Even though businesses have been registered with SSM, business owners are responsible to obtain licenses, permits or approval letters from other relevant authorities in order to operate their businesses.
What is SSM & how to register a business in Malaysia? Generally speaking, SSM is the government agency that regulates and oversees corporate and business affairs in Malaysia. If you are starting a business soon in Malaysia, please be sure you have read this article before you proceed your business registration and company incorporation procedures with SSM.
What is SSM business code? Sdn. Bhd. is one of the type of business code SSM. A Sdn Bhd company is a private company limited by shares. It is a separate legal entity which is capable of earning incomes, owning properties, signing contracts, suing another entity, and getting sued on its own name, separating your liabilities from the company itself.
What does SSM stand for? The Companies Commission of Malaysia or Suruhanjaya Syarikat Malaysia (SSM) is a statutory body formed as a result of a merger between the Registrar of Companies (ROC) and the Registrar of Businesses (ROB) in Malaysia which regulates companies and businesses. SSM search into operation on 16 April 2002. Interestingly, you can r egister SSM online.
Similarly one may ask, What is a SSM certificate & how does it work? So, an SSM certificate basically acts as proof and an acknowledgement that the business is legitimate and has been legally registered. Every business that has the SSM certificate will have a unique SSM number that can be used to track and trace the business’s details on the SSM’s website. Where I Should Display ?
Correspondingly, What is SSM biztrust?
The reply will be: As credibility is one of the most important aspects of a website, SSM also introduces SSM BizTrust, which acts as a seal of assurance that this website or business has complied with SSM’s principles and criteria. Thinking of starting an online business but don’t plan to register your business with the SSM?
Hereof, How to register a business name in SSM? Response to this: Examples of trade names include Lucky Catering, Star Enterprise or Bubbles Laundry. Business owner’s who want to register their company trade name must fill out form PNA42 (Borang PNA42). You can find this form at the registered SSM official portal or download it from the link.
Subsequently, Why can’t I renew my SSM business through ezbiz online?
In reply to that: If you haven’t renewed your SSM business over 1 year (after the expiration date), it is likely that your business has been expired and terminated, and thus not able to renew through ezBiz online. You might want to read: How to register and renew SSM business through ezBiz online