When you register company in Malaysia, you need to know how to maintain the company in Malaysia. Normally, to maintain the company in Malaysia is very simple. The most important of the maintenance of the company apart from tax & Audits, is Annual General Meeting which commonly referrers to AGM.
Under the section 143(1) of the Companies Act 1965, all new Companies established in Malaysia is required to hold its first Annual General Meeting (AGM) within eighteen (18) months from the date of incorporation of the Company in Malaysia.
Annual General Meeting may sometimes be referred to as Annual Company Shareholders Meeting.
According to the Section 169(1), the Board of Directors are to tabled the Audited Financial Statements upon the AGM within the period stipulated above or within six (6) months from the date of its financial year end, whichever the earlier.
Pursuant to the Section 165(4), the Companies are required to lodge its Annual Return and Audited Financial Statements to Companies Commission of Malaysia (SSM) within one (1) month after the date of its AGM held.
Failing to comply any of the above sections will result in fine and penalty imposed by the SSM. Thus, it is important for all directors to understand their rights and responsibilities in complying to the above requirements to avoid any unnecessary charges by the SSM.