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SSM Annual Report 2014

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SSM Annual Report 2014 LAPORAN TAHUNAN 2014 The Ease of Doing Business Index report issued by The World Bank, too, has ranked Malaysia at 18th place, compared to 20th position previously. Moreover, in the IMD World Competitiveness Yearbook 2014 report, Malaysia’s ranking has risen to 12th position from No. 15. The Hon. Dato’ Sri Mohd Najib bin Tun Abdul Razak Prime Minister of Malaysia (Source : The Hon. Prime Minister’s Speech at the Launch of the Reports for the 2014 GTP (Government Transformation Program) and ETP (Economic Transformation Program)) 2 SSM’s VISION STATEMENT To Be A World Class Corporate Registry And Regulatory Authority That Meets Business Needs Through Effective Registration, Information, Regulation And Advice. STRATEGIC THRUSTS 1. Promoting and driving good governance to enhance a conducive business environment. 2. Delivering innovative products and services to meet stakeholder needs. 3. Providing superior service delivery COVER through operational excellence. CONCEPT 4. Generating synergies through strategic collaborations. Inspiring Transformation 5. Evolving to a ‘knowledge driven organisation’ to develop competitive The concept of the triangle reflected in the cover design of the annual report resembles intelligence. the inherent strength of SSM. The triangular element is inspired by the pyramidal shape 6. Driving high performance culture which represents tenacity, strength, security, through capacity and capability building. determination, vivacity and integrity in developing an excellent organisation. 7. Optimising ICT to enhance efficiency, This triangular element is also depicted as effectiveness and enterprise agility. a constant forward movement to achieve excellence and inspire transformation towards growth and expansion of the Malaysian economy at both the domestic and international levels. The hues and colours of the design portray the clients of SSM from all levels and communities. Visuals used illustrate the important role played by successful entrepreneurs registered under SSM. CONTENTS Minister’s Message Chairman’s Foreword Chief Executive Officer’s Review of The Year Companies Commission of Malaysia (SSM) Commission Members Executive Management 2014 Economic Review and SSM’s Key Statistical Analysis Management Reports:- • Service Delivery • Enforcement Initiatives • Regulatory Reform Initiatives • Stakeholders’ Engagement and Collaborations • Companies Commission of Malaysia Training Academy (COMTRAC) Challenges and The Way Forward 2015 Statement of Internal Control Financial Statements INSPIRING TRANSFORMATION MINISTER’S MESSAGE 149 COMPANIES COMMISSION OF MALAYSIA ANNUAL REPORT 2014 I have observed with great interest that SSM has introduced new measures to improve efficiency and competitiveness of our domestic corporate landscape and investment climate for international investors and business communities with the objective of making Malaysia the preferred business destination in the region. The 6% growth rate recorded by Malaysia for the year Investors” which have all received encouraging 2014 indeed shows that the nation has emerged in ranking in the 2015 Report unveiled in October 2014. good shape from the global economic slowdown and plummeting growth in the European region. According Similarly in other authoritative surveys, Malaysia to Bank Negara, this growth was driven mainly by climbed three notches to rank at number 12th amongst robust domestic demand and primarily by private 60 countries in the aspect of competitiveness of nations sector activity. Amidst the nation’s economic growth, according to the World Competitiveness Yearbook I have observed with great interest that Companies (WCY) 2014 issued by the Institute for Management Commission of Malaysia (SSM) has introduced new Development (IMD) based in Switzerland. In the year measures to improve efficiency and competitiveness 2013, Malaysia was ranked at the 15th position. of our domestic corporate landscape and investment climate for international investors and business The positive global perspective on Malaysia correlates communities with the objective of making Malaysia the with the statistics recorded by SSM for 2014 when preferred business destination in the region. there was sustainable growth in the number of new registrations of business entities. The year 2014 saw New initiatives have to be introduced to ensure that an increase of 6.2% in the total number of companies the corporate landscape remains competitive as registered compared to the same period in 2013, well as possesses the depth and breadth in driving while the number of new limited liability partnerships our national growth agenda. SSM has to ensure an (LLP) registered an additional 60% compared to the efficient, effective and facilitative investment climate previous year. Meanwhile for businesses, there was through programmes that streamline regulatory and a marginal 0.9% increase in new registrations of sole corporate management processes. These processes proprietorships and partnerships compared to 2013. should be on-going in tandem with the ever changing Overall as at 31 December 2014, a total of 5.6 million global climate. businesses, 1.1 million companies and 3,744 limited liability partnerships were registered. It is encouraging As a result of the various on-going initiatives undertaken to note that, despite the gloomy global economy in 2014, the International Finance Corporation of the outlook, Malaysia’s economy remains vibrant with a World Bank Doing Business 2015 Report (DB2015) healthy growth in registration of new business vehicles which covers 189 countries, reported that Malaysia reflecting the resilience of the nation’s economy was elevated to the 18th position compared to the against global volatility. previous year report in which Malaysia was placed in the 20th position. This indicates that Malaysia is SSM continued to ensure effective deliverables of constantly improving her competitive performance its functions under the Companies Commission of globally. The findings of the Doing Business indicators Malaysia Act 2001 in 2014. SSM successfully tabled were studied and served as input for the initiatives to the Companies Commission of Malaysia (Amendment) improve the business environment. SSM has been the Act 2015, Registration of Businesses (Amendment) Act key contributor for the World Bank’s Ease of Doing 2015 and Limited Liability Partnerships (Amendment) Business survey in several indicators such as “Starting Act 2015 in the Parliament. The amendments to the a Business”, “Getting Credit” and “Protecting Minority Companies Commission of Malaysia Act 2001 will 150 INSPIRING TRANSFORMATION allow SSM to execute its powers and carry out its good governance practices with the hope that they functions more proficiently. SSM was conferred with are ultimately translated into institutional changes for new regulatory powers for enforcement activities for sustainable business operations. Such developments all Acts administered by SSM under the Companies would be consistent with the programmes’ primary Commission of Malaysia (Amendment) Act. objective of creating awareness among small and medium enterprises (SMEs) and encourage adoption SSM has been making significant strides in of integrity and corporate responsibility framework transforming the way we do business in Malaysia by in building a transformation model which is all closing counter services nationwide in tandem with encompassing and inclusive of the stakeholders. global practices. Its commitment to ease incorporation process through online services can be seen in the In support of the introduction of the Goods and successful implementation of the mandatory online Services Tax (GST) by the government on 1 April 2015, incorporation via the MyCoID portal throughout SSM took the initiative to provide free awareness Malaysia. The journey started on 16 May 2013 and training to the petty traders, small and medium size diligently continued to be extended to the rest of enterprises (SMEs) and the public about GST. A the country on a phased approach covering Labuan, good understanding of the fundamentals of GST will Melaka and Perlis on 28 August 2014, followed by enable the public and entrepreneurs to be prepared Kelantan, Pahang and Terengganu on 3 November for GST while petty traders and entrepreneurs could 2014 and later in Johor, Pulau Pinang, Sabah and also play an effective role in helping the Government Sarawak effective 11 December 2014. disseminate information about GST to the public. A GST awareness programme was organised at the Rural As a result, there has been a surge in the usage of Transformation Centre (RTC) Kota Bharu, Kelantan online services namely name search application which attracted more than 405 participants. Futher, and incorporation of companies. A total of 33,728 SSM also conducted GST awareness programmes companies were successfully registered through the at Kuala Lumpur, Terengganu, Johor Bahru and Alor MyCoID portal which was introduced as part of SSM’s Setar which were attended by 1,136 participants. The transformation in public service delivery from counter valuable insights gained from the programme would service to online services. enable them to prepare for the imminent changes in the way business is conducted in the future. I have also observed that SSM is committed to executing its role as a promoter of corporate I believe SSM will continue to march forward and responsibility and towards this end, I was proud to achieve even more in the year 2015. The proactive launch
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