16 Exempt private companies

Exempt private companies

1. An exempt private company is a private limited company.

2. The shares of an exempt private company should not be held and are not held directly or indirectly by any corporation.

3. An exempt private company cannot have more than 20 members.

4. An exempt private company need not file its annual accounts with the Companies Commission of Malaysia (CCM) for the information of the public.

5. However, an exempt private company needs to file with CCM a certificate that is signed by the director of the company, the secretary and the auditor of the company stating that:

a. The Company has kept proper accounting record and other books during the financial year.

b. The audit report on the accounts is not qualified neither did it contain any comments made under Section 174(3) of the Act.

c. As at the date to which the accounts are drawn up, the company appears to be able to meet its liabilities as and when they fall due.


BCS 202/05 Corporate Compliance Management Copyright © 2011 by Wawasan Open University. All Rights Reserved.


Comments are closed.