What is the registration of charges with SSM?

SSM fine director RM50,000 for failure to keep the instrument of charges.

01What are charges

A mortgage and any agreement to give or execute a charge or mortgage whether upon demand or otherwise.

02Type of Charges

a) Fixed Charge A charge which attaches to specific/ fixed assets owned by the company.The company cannot deal with the assets (example dispose of the property or machinery) without prior consent.

b) Floating Charge A charge is held over current assets that can change over time.The company can deal with the charged assets to maintain its business.

03When to lodge a charge?

Statement of particulars with/ without debenture needs to be lodged within 30 days from the date of creation of the charge. (unless accompanied by a court order for extension of time).

Certificate of Registration of Charge will be issued.

04When there is a charge, subsequently there will be discharged

When the debt of charge has been paid or satisfied, the company shall lodge

• Memorandum of satisfaction of charge;
• Evidence of satisfaction of charge;
• Statutory declaration verifying memorandum

Due date:Within 14 days from the date of satisfaction of charges.

Registration fee :Local company RM50.00 ; Foreign Company RM150.00

Upon successfully registering for discharge, a Certificate for Discharge will be issued.

05KTP/THK Key Takeaways

Keep these at the register office for any inspection.

1. The certificate of charge and

2. The certificate of discharge

The following offenceis subject to a fine not exceeding RM50,000

1. Keep instruments of charges

2. Register of charges

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