1) Convert your Sdn Bhd to PLT (Limited Liability Partnership, LLP),

      PLT does not require the statutory audit, then why you still paying the audit fee? convert to PLT for cost-saving.

      Remark:

  1. Sdn Bhd and PLT, both are a separate entity and having tax treatment and tax rate by LHDN.
  2. PLT more simplify and flexible than Sdn Bhd. (Sdn Bhd is bound by 620 sections in the Companies Act, 2016, while PLT bound by 92 Sections in the Limited Liability Partnership Act. 2012)
  3. SSM encourages family businesses to operate in PLT for cost-saving and flexibility.

2) No requirement for audit Dormant / Inactive Sdn Bhd (>= 3 years) by the Companies Act, 2016 (Practising note 3/2017)

        Dormant / Inactive Sdn Bhd does not require to perform the statutory audit under the new Companies Act, 2016. Then why you still paying the audit fee?

    Remark, Dormant / inactive Sdn Bhd means:

  1. Dormant companies - A company is dormant in a financial year if the company does not carry on business and there is no accounting transaction that occurred since the incorporation date OR current and immediate preceding financial year is no dormant.
  2. Zero Revenues Companies - No revenue in the current and immediate preceding financial year, total asset <=RM300,000
  3. Qualified Companies - Revenue <=RM100,000, Total asset <= RM300,000 and <=5 employees (at year end date) for current and immediate  two (2) preceding financial year.
  4. However, the said Act requires Sdn Bhd to file/lodge with SSM, your unaudited financial statements pursuant to Section 258 and 259.

Contact us for further advice.