Learn more about how to start a business / company in Malaysia and how to operate it properly under the laws of Malaysia. If you're starting up new, the articles are very useful for new business owners too.
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What is a Financial Year End?
The financial year is a period in which the financial statements of the company are made up.
Your company’s financial year end will be the basis of which your corporate income tax, Annual General Meeting (AGM) if any, and lodgement date of financial statements with the Registrar are determined.
Although the Companies Act 2016 (‘Act’) does not specify the date of the financial year end, the Act requires that every company must prepare its first financial statement within 18 months from the date of incorporation, and subsequently within 6 months from each financial year end. The audited financial statements must be approved by the board of directors, and further circulated to its shareholders, directors, and auditor. After which, the company is required to lodge the financial statements with SSM within 30 days from the date of circulation.
How do I choose my Financial Year End?
We would advise to take into consideration the following factors when deciding the Financial Year End of your company:
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