Malaysia: Companies required to update info in ESD accounts annually
What is the change? Malaysia’s Expatriate Services Division has launched an SSM (Companies Commission of Malaysia) e-info update function in the ESD portal for companies to update their e-info, and beginning Aug. 1 it will be mandatory for companies to update their e-info annually.
What does the change mean? The purpose of the annual updating requirement is to ensure that authorities are making their decisions on employment pass applications based on the most recent company information.
- Implementation time frame: Aug. 1.
- Visas/permit affected: Employment passes and professional visit passes.
- Who is affected: ESD-registered companies.
- Impact on processing times: Companies that fail to provide e-info updates annually may have their employment pass and professional visit pass applications put on hold.
- Business impact: ESD-registered companies should plan to update their business information every year, as well as provide updates on any changes, including those to their address, financials, directors, shareholders or other details that affect their business profile.
Background: Currently, the MYXpats Centre manages the system manually and the system will notify companies if their information requires updates.
BAL Analysis: Companies should note that the MYXpats Centre may use the e-updates to track companies’ business profiles and that companies should expect additional requests for information or documentation to support their business presence in Malaysia.
This alert has been provided by the BAL Global Practice group and our network provider located in Malaysia. For additional information, please contact your BAL attorney.
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