There is a Facebook post circulating around in regarding Companies Commission of Malaysia  ( SSM)  issuing compound to a company amount to RM5,000 that didn’t comply to the SSM act Section 30(2)(b) AS2016 where the company failed to publish its company registration number in its website. 

 

 

The post spread like wildfire among the web developer community as most of the people didn’t know about this rule until the compound was issued. In order to verify if this is true, we’ve contacted SSM to confirm if this is not fake news. We’ve emailed to SSM since Nov 2021, as usual, the response is always slow for certain government department in Malaysia, and recently we only receive the confirmation from the compliance department in SSM in regarding the issue.

It’s true that a company should publish its company reg number in its website under the act of Section 30(2) AS2016. So what is this Section 30(2) AS2016?

According to SSM explanation, a company has to publish its company official name and reg number in the following mediums, 

 

  • Official letter, notice, and electronic mail (email).
  • Website.
  • Bill of exchange, promissory note of debt, endorsement, order form.
  • Signed cheque.
  • Invoices, claim form, resit, credit note.
  • Any kind of company official documents. 

Source: https://www.maicsa.org.my//media/6464/technical_announcements_211011_3_1.pdf

 

According to the act, section 30(2) AS2016 (*take note that the act section mention in our email communication with SSM is 30(2)(b) AS2016), the compound that will be given isn’t more than RM50,000, this is makes thing scarier as one company can receive any amount of compound with not more than RM50,000 by just not publish its company registration number on website or other mentioned mediums. 

Here’s the question,  is SSM going strict enforcement to look for each of the companies and issue them compound for not comply? So far we don’t receive any complaints from our clients or friends who owns company and have yet to publish their company reg number in its website. There are several comments from the netizens on their own experience well there is one pretty interesting that their website being blocked by MCMC for ignoring the compound letter from SSM. 

This isn’t something ambiguous anymore as it’s a written law that we should comply. To avoid further surprise from getting any kind of unexpected “love letter” from the authorities, please display the required information in your website, it won’t cost a lot for you and would save you from all the possible risk of abiding by the law.