Application for Change of Name of Company in Malaysia
- Roger Pay
- Jul 7
- 6 min read
Company Name Change in Malaysia
Changing a company's name in Malaysia is a process governed by the Companies Commission of Malaysia (SSM). Here's a general outline of the steps involved:
1. Name Search and Application for Availability:
Check Availability: The first and most crucial step is to ensure your proposed new company name is available and complies with SSM guidelines. This includes ensuring it's not identical or deceptively similar to an existing company, offensive, misleading, or associated with government/royal titles.
Application: Your appointed company secretary will lodge an application for the name search and reservation via SSM's online system (MyCoID). There's a fee of RM50 for this.
Name Reservation: If approved, the proposed name will be reserved for 30 days from the date of notification. This period is critical to complete the rest of the process.
2. Hold a General Meeting and Pass a Special Resolution:
Shareholder Approval: Once the new name is reserved, you need to formalize the change by holding a general meeting of shareholders or directors.
Special Resolution: At this meeting, a special resolution must be passed to officially approve the name change. A special resolution generally requires at least 75% voting rights from members.
3. Submit Application to SSM:
Required Documents: Within the 30-day reservation period, your company secretary must submit the necessary documents to SSM. These typically include:
A copy of the application and reservation for name availability.
A copy of the approval notification email for the name reservation.
The application for change of name under Section 28(1) of the Companies Act 2016.
A copy of the special resolution.
Filing Fee: A filing fee of RM100 is payable to SSM for the change of name application.
4. Receive Confirmation from SSM:
Notice of Change of Name: Upon compliance with the procedures and submission of duly completed documents, SSM will issue a Notice of Change of Name (often referred to as Section 28 notice) within 1-3 working days. This notice confirms the new name and its effective date.
Certificate of Change of Name: A Certificate of Change of Name can be requested from SSM upon payment of the stipulated cost.
5. Post-Approval Procedures and Important Considerations:
Display Both Names: For at least 12 months from the date of the new name's approval, your company must display both the old and new names on all official documents, business letters, invoices, websites, and branding materials. This is usually done by stating "New Company Sdn. Bhd. (Formerly known as Old Company Sdn. Bhd.)" or "New Company Sdn. Bhd. (f.k.a. Old Company Sdn. Bhd.)".
Update Stakeholders: It's essential to notify all relevant stakeholders about the name change, including:
Banks and Financial Institutions: Update your company's bank accounts and inform your bank.
Tax Authorities (LHDN): Update your company's profile with the Inland Revenue Board.
EPF and SOCSO: Update your company's profiles with the Employees Provident Fund and Social Security Organisation.
Clients, Suppliers, Vendors, and Partners: Inform them of the change.
Update Legal Documents: All legal documents, contracts, agreements, business licenses, employment contracts, and company records must be updated to reflect the new name.
Common Seal: Consider updating your company's common seal with the new name.
Role of Company Secretary: In Malaysia, your appointed company secretary plays a crucial role in managing the entire name change process, from name search and application to preparing resolutions and lodging documents with SSM.
It's always advisable to work closely with your company secretary or a professional firm specializing in corporate services to ensure a smooth and compliant name change process.
Fees
When changing a company name in Malaysia, there are several fees involved, primarily payable to the Companies Commission of Malaysia (SSM) and professional fees to Bestar.
Here's a breakdown of the fees:
1. SSM Fees (Mandatory):
Name Search and Reservation:
RM 50: This fee is payable for each proposed name search and reservation for a period of 30 days. If you need to extend the reservation, it will be another RM50 for every 30 days or part thereof, up to a maximum of 180 days.
Application for Change of Name:
RM 100: This is the filing fee paid to SSM when you submit the official application for the change of name under Section 28(1) of the Companies Act 2016.
Total Minimum SSM Fees: RM 150 (RM50 for name reservation + RM100 for name change application)
2. Professional Fees:
Bestar will charge professional fees for our services, which include:
Consultation and Advice: Guiding you through the process, checking name suitability, and explaining legal requirements.
Preparation of Resolutions: Drafting the necessary directors' and shareholders' resolutions (special resolution).
Lodgment with SSM: Handling the online application and physical submission of documents to SSM.
Post-Approval Follow-up: Assisting with updating other relevant authorities (banks, LHDN, EPF, SOCSO) and advising on compliance for the display of both names.
Disbursements: Covering minor costs like printing, courier, and other out-of-pocket expenses.
Range for professional fees: Bestar quotes a total package including SSM fees as low as RM600. The professional fees alone can range from RM300 to RM550 or more, depending on the complexity.
Other Potential Costs:
New Common Seal: If your company uses a common seal, you'll likely need to get a new one with the updated company name.
Printing and Branding: Costs associated with updating business cards, letterheads, signage, website, and other branding materials.
Legal Fees: If you require legal advice for contracts or specific circumstances related to the name change, this would be an additional cost.
In summary, expect to pay:
RM 150 directly to SSM for the name change process.
Professional fees to Bestar, which will be the bulk of the overall cost.
How Bestar can Help
Bestar plays a pivotal role in assisting with a company name change in Malaysia. While some steps might seem straightforward, the complexities of corporate law and the need for precision make our expertise invaluable.
Here's how we help:
1. Expert Guidance and Compliance:
Knowledge of Regulations: We are well-versed in the Companies Act 2016 and other relevant regulations set by the Companies Commission of Malaysia (SSM). This ensures that every step of the name change process complies with the law, minimizing the risk of errors, delays, or penalties.
Advisory Role: We advise on the suitability of proposed names, ensuring they are not identical or deceptively similar to existing names, offensive, or misleading, which are common reasons for SSM rejections.
Staying Updated: Corporate laws and regulations can change. Bestar stays updated on these changes, ensuring your company remains compliant throughout the process.
2. Streamlined Process Management:
Name Search and Reservation: We efficiently conduct the necessary name searches with SSM and handle the application for name reservation, ensuring the proposed name is secured for your company.
Documentation Preparation: We prepare all the required legal documents, including:
Directors' Resolutions: To approve the proposed name change and convene a general meeting.
Special Resolution: For shareholders to formally approve the name change, which requires specific wording and adherence to voting requirements (typically 75% majority).
SSM Forms: Accurately completing and lodging the various forms required by SSM for the name change.
Filing with SSM: We handle the entire submission process to SSM, whether online via MyCoID or physically, ensuring all documents are correctly submitted within the stipulated deadlines (e.g., within the 30-day name reservation period).
3. Time and Resource Savings:
Efficiency: Our experience allows for a quicker and more efficient process, reducing the time and effort you and your team would otherwise spend navigating the procedures.
Minimizing Errors: Incorrectly filed documents or procedural mistakes can lead to significant delays and additional costs. Bestar's expertise minimizes such errors.
Focus on Core Business: By outsourcing the name change process, you can focus on your core business operations without getting bogged down in administrative and legal complexities.
4. Post-Approval Support:
Notice of Change and Certificate: We ensure you receive the official Notice of Change of Name from SSM and assist in obtaining the Certificate of Change of Name.
Liaison with Authorities: We can assist in notifying and updating other relevant government agencies and statutory bodies, such as:
Inland Revenue Board (LHDN)
Employees Provident Fund (EPF)
Social Security Organisation (SOCSO)
Local councils for business licenses
Updating Company Records: We will update the company's statutory registers (e.g., register of members, directors, and secretaries) and other internal records to reflect the new name.
Advising on Post-Change Requirements: We will remind you of the requirement to display both the old and new company names on all official documents and correspondence for a period of 12 months.
5. Corporate Governance and Best Practices:
Ensuring Proper Procedures: Beyond just legal compliance, we ensure that the name change process adheres to good corporate governance practices, enhancing the company's integrity and transparency.
Record Keeping: We maintain accurate and up-to-date corporate records, which are vital for future reference, audits, and legal compliance.
In essence, Bestar acts as your expert guide and administrative arm, ensuring your company name change in Malaysia is executed smoothly, legally, and efficiently, allowing you to transition to your new identity with confidence.