By the end of this sub unit, you should be able to:
1. Describe the various functions played by the CCM.
2. Explain the services offered by CCM.
3. Discuss the operations and powers granted to CCM.
Companies Commission Malaysia (CCM) or “Suruhanjaya Syarikat Malaysia” came into operation on 16 April 2002 after the corporatisation of the Registry of Companies (ROC) and Registry of Business (ROB). Under the enabling of statute, the Companies Commission of Malaysia Act 2001 (Act 614) also enables the merger of the two Registries and the vesting of the two Registries as the Commission.
Pursuant to the Companies Commission of Malaysia Act 2001 (Act 614), CCM is formed as a statutory body which regulates companies and businesses. The setting up of the Commission is also the forefront towards a market economy in Malaysia. Its objectives are to be more market focus, less regimented in bureaucracy and adopting management approach with market strategy.
The main activity of CCM is to serve as an agency to incorporate companies, register businesses as well as to provide company and business information to the public. CCM has evolved since 2002, it has implemented a friendly business approach to incorporation via its website www.ssm.com.my. This enables a corporate entity to be incorporated within a day as long as documents submitted for incorporation are in order.
The offices of ROC and ROB are still the regulators who ensure compliance with business registration and corporate legislation through comprehensive enforcement and monitoring activities to sustain positive developments in the corporate and business sectors of Malaysia.
CCM is responsible for the administration and enforcement of the following legislations:
* Companies Act 1965 (Act 125).
* Registration of Businesses Act 1956 (Act 197).
* Trust Companies Act 1949 (Act 100).
* Kootu Funds (Prohibition) Act 1971 (Act 28).
* any subsidiary legislation made under the Acts specified above such as:
– Companies Regulations 1966; and
– Registration of Businesses Rules 1957