Frequently Asked Question
What is the maximum extension period of submission that SSM approves?
As of 2016, the Malaysian Companies Act allows for a maximum extension period of 6 months for the submission of audited financial statements. However, this is subject to the approval of the Registrar of Companies (SSM). Factors that SSM will take into consideration when approving or rejecting an extension request include the size and complexity of the company, as well as any previous history of late submissions.
How long does it take to get approval for an extension?
It can take a few weeks to a few months to get approval for an extension from the Malaysian Companies Commission (MCC). The MCC will review your company’s financials and business plan to make sure that extending your operating hours is in line with your goals and will not put your company at risk. They also assess whether or not there is a demand for your product or service during the extended hours. If everything looks good, you should receive approval within a few weeks. However, if the MCC has any concerns, it could take longer.
How to apply to extend the submission period of an audit report?
According to the Malaysian company law 2016, any company that wishes to extend the submission period of the audit report must submit an application to the Registrar of Companies. The Registrar may approve or reject the application, depending on various factors such as the company’s financial position and compliance with other reporting requirements. If approved, the extension will be granted for a specified period of time.