Low Volume Company or Business

Planning to register a company or business, what do I need?

Frequently Asked Questions

Operating a low-volume business? Here is what you need to know about audit exemptions and compliance in Malaysia.

Eligible private companies may claim audit exemption if they meet phased thresholds under SSM PD10/2024 directive.

For financial years starting 2025, turnover below RM1,000,000 qualifies under SSM’s audit-exemption practice directive.

Companies with total assets below RM1,000,000 for 2025 financial period qualify for audit exemption status.

To qualify, companies must employ ten or fewer staff by year-end per audit exemption criteria 2025.

Yes, all companies regardless of volume must file Annual Returns within thirty days after incorporation anniversary.

Yes, even exempted companies must maintain proper registers, records, and minutes per Companies Act 2016.

Yes, a qualified company secretary must be appointed within thirty days of incorporation per statutory law.

Yes, one individual may serve both roles provided the director resides ordinarily in Malaysia per SSM.

Yes, companies must comply with contractual or financing audit requirements even if SSM exemption applies.

Yes, once a company exceeds any criteria, it loses audit exemption for that financial year automatically.

No, only private companies registered under Companies Act 2016 may qualify for audit exemption status.

Yes, companies must prepare annual financial statements even if no audit is legally required under PD10.

No, all companies must still file annual income tax returns to LHDN regardless of activity volume.

No, statutory registers, minutes, and records must be kept accurately regardless of audit exemption eligibility.

Thresholds rise gradually: 2025 RM1m/10 staff, 2026 RM2m/20 staff, 2027 RM3m/30 staff under PD10/2024.

No, corporate governance, disclosure, and compliance obligations remain though audit may be waived if eligible.

Yes, directors or shareholders may appoint auditors voluntarily even if the company meets exemption criteria.

Yes, companies must lodge unaudited financial statements via MBRS to confirm audit exemption status annually.

No, filing deadlines remain the same; financial statements must be submitted within statutory timelines to SSM.

Refer to SSM Practice Directive PD10/2024 and LHDN resources for full compliance and procedural guidance.
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