Corporate Services

Is this your situation?

  • Investing in Malaysia?
  • Setting up an entity?
  • Looking to reduce fixed costs?
  • Wanting to focus on core deliverables & less on non-core activities?
  • Fighting talent shortage & attrition?
  • Struggling with lengthy and repetitive processes?
  • Not getting accurate, timely or quality information?
  • Need help managing HR information, accounting records & meeting statutory compliance requirements?

Our team of experienced Corporate Services professionals provides practical and effective assistance in the area of corporate secretarial, accounting and payroll functions to enable timely satisfaction of statutory compliance requirements.

How can we help?

We offer an array of business process outsourcing options to businesses whether they are small/medium sized companies, large multinationals, new start ups or established organisations.

  • We listen, assist & deliver
  • Benefit from competitive pricing
  • Gain access to internal expertise and specialisation
  • Highest level of confidentiality and professionalism
  • Leverage on PwC’s global network
  • Build excellent rapport with regulatory authorities
  • Get solutions tailored to your needs
  • Focus on the core aspects of your business and leave the worries of non-core activities to PwC
  • Better use of financial resources for core business activities rather than investing on overheads, such as office space and computers

Our services include:

Corporate Secretarial

  • Incorporation/ Registration of entities with the Companies Commission of Malaysia

  • Registration and renewal of Representative/ Regional Office

  • Corporate Secretarial Services on a retainer basis

  • Drafting of Constitution

  • Submission of Annual Return (AR), Certificate for Exempt Private Company and Unaudited Financial Statements, Financial Statements and Reports (FS) and Exemption Applications (EA) which are related to the FS and AR applications

  • Preparation of documents in relation to restructuring such as transfer of shares

  • Assist in the stamping of transfer documents and agreements

  • Members’ voluntary liquidation, striking-off of companies and cessation of foreign branch

  • Advisory services

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Accounting / Bookkeeping

  • Set-up and maintain Charts of Accounts and General Ledger

  • Prepare Monthly Management Accounts Report e.g. Profit & Loss, Balance Sheet and Trial Balance

  • Accounts Payable – data capture, payment processing and aged creditor report

  • Accounts Receivable – data capture, collection processing and aged debtor report

  • Staff Expense Claims –  data capture and perform audit checks according to company policies and procedures

  • Fixed Asset – Compute depreciation and maintain Fixed Asset Register

  • Liaise with auditors, such as providing documentation for verification and coordination for field audit

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Payroll

  • Monthly Payroll Services (for locals and expatriates)
  • Computation of gross to net salary with statutory matters handling, payroll reporting and salary crediting
  • Annual Return of Remuneration by Employer (Form E and EA)
  • Other payroll related services (payroll process review, initial payroll set up, payroll system implementation, employer and employee registrations and etc)
  • Human Resources (leave and time and attendance monitoring).

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Malaysian Business Reporting System (MBRS)

  • eXtensible Business Reporting Language (XBRL) tagging services as used in the MBRS
  • Preparation of Annual Returns (AR) and Financial Statements and Reports (FS) in MBRS format
  • Preparation of Certificate for Exempt Private Company and Unaudited Financial Statements (with effect from November 2018) in MBRS format
  • Preparation of Exemption Applications (EA) which are related to the FS and AR applications (tentatively with effect from the first quarter of 2019) in MBRS format

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Malaysian Business Reporting System (MBRS)

In 2018, Suruhanjaya Syarikat Malaysia (SSM) announced a submission platform based on the eXtensible Business Reporting Language (XBRL) format. This submission platform is known as the “Malaysian Business Reporting System” (MBRS) which allows for the annual filing of:

 

  • Annual Returns (AR) (with effect from November 2018)

  • Financial Statements and Reports (FS) (tentatively with effect from the first quarter of 2019)

  • Certificate for Exempt Private Company and Unaudited Financial Statements (with effect from November 2018)

  • Exemption Applications (EA)  related to the FS and AR applications (tentatively with effect from the first quarter of 2019)

     

The three (3) main components within MBRS are:

1.       MBRS Taxonomy

2.       MBR Preparation Tool (mTool)

3.       MBRS Portal (mPortal)

 

In XBRL terms, a taxonomy is a dictionary of reporting labels formulated based on prevailing accounting and regulatory frameworks. Accordingly, the guiding principles behind the MBRS is based on the financial and non-financial scopes of the Companies Act 2016, and applicable approved accounting standards for financial statements namely the Malaysian Private Entities Reporting Standards (MPERS) for private companies or Malaysian Financial Reporting Standards (MFRS) for public companies.

As part of the SSM XBRL initiative, the mTool allows companies to prepare their FS and AR in line with MBRS filing requirements and SSM Taxonomy (SSMxT), which is then submitted digitally to SSM using the mPortal. This excludes banking, financial and insurance institutions regulated under Bank Negara Malaysia which are exempted from MBRS filing for financial statements. MBRS templates have been designed to reflect the presentation of ARs as far as possible, and in facilitating the preparation of these statements in XBRL.

In line with these new requirements, we provide XBRL tagging services as a standalone service or in conjunction with the MBRS AR submission. If you’re looking for a more efficient way to file your AR and FS, our team of experienced MBRS professionals will ensure ease of transition to the new MBRS platform.

 

Contact us

Lee Shuk Yee

Tax Executive Director, PwC Malaysia

Tel: +60 (3) 2173 1626

Gan Pei Tze

Tax Partner, PwC Malaysia

Tel: +60 (3) 2173 3297

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