GUIDELINES ON COMPANY LIMITED BY GUARANTEE. These Guidelines are issued pursuant to section 20C of the Companies Commission of Malaysia Act 2001.
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1 GUIDELINES ON COMPANY LIMITED BY GUARANTEE These Guidelines are issued pursuant to section 20C of the Companies Commission of Malaysia Act A. INTRODUCTION 1. A company limited by guarantee (CLBG) is a public company incorporated with the principal liability of its members limited by the constitution to such amount as the members undertake to contribute to the assets of the company if the company is wound up. 2. Activities of a CLBG must be in line with the objects as specified in paragraph 5. A CLBG may only hold any land or property if it is issued with a license by the Ministry of Domestic Trade, Cooperatives and Consumerism (Minister). 3. There are two types of CLBG under the Companies Act 2016 (CA 2016): (a) (b) CLBG without the word "Berhad" or "Bhd"; and CLBG with the word "Berhad" or "Bhd". 1
2 B. INCORPORATION UNDER SECTION 45 CA A CLBG may be incorporated by lodging an application to the Registrar together with a constitution. 5. A CLBG can only be formed for the following objects: (a) providing recreation or amusement; (b) promoting commerce and industry; (c) promoting art; (d) promoting science; (e) promoting religion; (f) promoting charity; (g) promoting pension or superannuation schemes; or (h) promoting any other objects useful for the community or country, such as: (i) environment; (ii) health; (iii) education; (iv) research; (v) social; or (vi) sports. 6. For avoidance of doubt, no other company can be formed for purposes specified under paragraph If any Ministry, Government Agency or authorities intends to incorporate a CLBG, an approval letter from the Ministry, Government Agency or authorities is required to be submitted together with the application to incorporate the CLBG. 2
3 Requirement of founder or director 8. A founder or director of a CLBG must be a person who is fit and proper and is not disqualified under the CA For the purposes of determining whether a person is fit and proper, the Registrar may: (a) consider the experience, qualification and competency of the founder or director which would assist him in carrying out his duties as director of the CLBG; (b) consider the reputation, character and integrity of the founder or director; (c) conduct a security vetting on the potential founder or director, and a safety filter (security vetting) for the potential founder or director shall be conducted by the Royal Malaysian Police and/or other agencies. Appointment of director 10. The Registrar may, if he is satisfied that the applicant is fit and proper and competent to perform the duties of a director under this Act, approve the applicant as a director of a CLBG. Requirement as to constitution 11. Unlike any other company, a company limited by guarantee is required to have a constitution with the following requirements: (a) (b) the name of the company; the objects of the company; 3
4 (c) (d) (e) the amount up to which the member undertakes to contribute to the assets of the company in the event of its being wound up; the full names, addresses and occupations of the subscribers; and a statement that the subscribers are desirous of being formed into a company in pursuance of the constitution. 12. A CLBG shall submit its constitution to the Registrar upon an application for incorporation. The CLBG may adopt the model constitution prepared by the Registrar. Amendment of constitution 13. Prior approval from the Registrar must be obtained to amend the constitution of a CLBG. Segmental Reporting 14. The Registrar may require a CLBG to submit a segmental reporting together with its financial statements. General prohibitions 15. A CLBG must ensure that none of its members or directors uses the company or its financial resources to conduct any form of political or unlawful activities. Other general requirements 16. Unless prior approval has been obtained from the Registrar, a CLBG: 4
5 (i) (ii) (iii) (iv) (v) is prohibited to appoint new directors; is prohibited from paying any fees, salaries, fixed allowances or any benefits to its directors; must use the profits and other income for the purposes stated in the objects of the company; is prohibited to solicit any contribution or donation or make any money collection from the public; and is required to comply at all times with all the provisions set forth in the constitution, other than the conditions mentioned above. C. LICENCE TO OMIT THE WORD BERHAD OR BHD 17. A CLBG may apply to the Minister for a licence to omit the word Berhad or the abbreviation Bhd from its name. However, any CLBG intending to use the words Yayasan or Foundation must omit the word Berhad or Bhd from its name. 18. Subject to paragraph 21, the Minister may impose terms and conditions as he thinks fit in approving the application. 19. If a CLBG fails to comply with any of such terms and conditions, the license may be revoked. D. OMITTING THE WORD BERHAD OR BHD AT THE END OF THE EXISTING CLBG UNDER SECTION 45(3) CA A CLBG which had been incorporated for a period of three (3) years may also apply to omit the word Berhad or Bhd. 5
6 21. The basis to support the approval of omitting the word Berhad or Bhd is that the CLBG must have a fund amounting to RM1 million cash. The CLBG is required to get all of the cash has been pledged by potential contributors within six (6) month after it is established. 22. A CLBG with the word Berhad or Bhd could omit the said word subject to the approval of the Minister and the terms and conditions of licence as provided in paragraph The CLBG must provide an information with comments on the financial position at least for the last three (3) years and the latest financial statements for the period of three (3) years, audited and presented at the annual general meeting. 24. A licence under section 45(3) or (4) CA 2016 is issued once the application obtains the approval of the Minister. E. LICENCE TO HOLD, DISPOSE OR CHARGE LAND OR PROPERTY UNDER SECTION 45(4) CA 2016 Application to hold, dispose or charge land or property 25. A CLBG shall not hold, acquire, charge, mortgage, sell, lease or dispose, a land or property unless a licence has been obtained from the Minister. 26. A CLBG shall hold, acquire, charge, mortgage, sell, lease or dispose, the land or property subject to the approval of the Minister and the terms and conditions of licence as provided in paragraph 27. 6
7 Terms and Conditions of licence to hold, dispose or charge land or property 27. The Minister may impose special terms and conditions relating to the holding, acquiring, charging, mortgaging, selling, leasing or disposing the land or property as he thinks fit. F. SUBMISSION OF APPLICATIONS TO SSM 28. For ease of reference, a checklist of items to be submitted when making any applications pursuant to this Guidelines is attached in Checklist 1 to 7. An application may be rejected for failure to meet the requirements in Checklist 1 to Where necessary, the Registrar and the Inland Revenue Board may be in liaison when processing any application. G. CLBG INCORPORATED PRIOR TO THE COMMENCEMENT OF THE COMPANIES ACT 2016 Object clause which falls outside the scope of Guidelines 30. For the avoidance doubt, in the event that any CLBG incorporated pursuant to corresponding previous written law have objects that fall outside the list provided for in paragraph 5, such CLBG shall be deemed to have been properly incorporated under the Companies Act Any licences issued by the Minister pursuant to corresponding provisions under the Companies Act 1965 are still valid until 7
8 otherwise revoked. Similarly, CLBG which are issued with the licences are bound by the terms and conditions attached with those licences. REGISTRAR OF COMPANIES COMPANIES COMMISSION OF MALAYSIA 31 January 2017 Checklists 1 to 7 Examples 1 to 5 Sample of CLBG Constitution 8
9 CHECKLIST 1 SECTION 45(3) COMPANIES ACT 2016 (CA 2016) LODGEMENT OF APPLICATION FOR THE MINISTER S APPROVAL - LICENCE TO OMIT THE WORD BERHAD OR THE ABBREVIATION BHD FROM A CLBG s NAME (i) For new incorporation of a CLBG; or (ii) From an existing CLBG A. APPLICATION FEES 1. A payment of RM700 as the required fee for: Using a gazetted word Omission of the word Berhad/Bhd Perusal of the Constitution OR A payment of RM400 as the required fee for: Omission of the word Berhad/Bhd Perusal of the Constitution 2. Payment can be made to Suruhanjaya Syarikat Malaysia (SSM) by cash/ money order/ bank draft/ banker s cheque. B. DOCUMENTS TO BE ENCLOSED 3. Application letter Contents of the application letter: Justification and purpose for: Using the word Yayasan/Foundation/Institute. CHECKLIST 1 PAGE 1
10 Omission of the word Berhad/Bhd. Reasons for incorporating the CLBG under CA 2016 and not under the Societies Act State two categories of the CLBG based on the objects under section 45(1) CA Explanation and justification by the promoter for the use of the proposed name. Any supporting letter from any government agency for the use of the proposed name (if applicable). 5. Detailed activities to be carried out. 6. Statutory Declaration by the promoter and proposed director confirming whether such an application has been made under the Societies Act If yes, to provide the supporting documents. 7. A copy of Application and Reservation for Availability of Name / Form 13A (Companies Act 1965). 8. A draft copy of Constitution. 9. A copy of I.C/ passport of the promoter and proposed director. 10. Biodata, qualification and experience in charitable activities for each proposed director and promoter. Please refer to the format in Example A letter of consent to act as a promoter from each promoter. 12. A letter of consent to act as a director from each director. 13. Information on the contributor/donor confirming the financial contribution of RM1 million to be made within 6 months from the date of incorporation. A contributor can be either an individual or a company. Please follow the respective procedure below. (a) Individual who acts as a contributor/donor The supporting documents are: A Statutory Declaration by the individual contributor and the amount that the contributor has agreed to contribute; and CHECKLIST 1 PAGE 2
11 The latest bank statement OR fixed deposit receipt. (b) Company which acts as a contributor/donor The supporting documents are: A resolution by the company the contents of which should among others include the amount that the company has agreed to contribute; Latest bank statement of the company; and Latest Audited Financial Statement of the company. 14. For new CLBG incorporation, an estimated/forecasted income and expenditure for a period of 2 years from the establishment of the CLBG. Estimated income and expenditure statement should show the contribution from the donor. Please refer to the format in Example For existing CLBG which intends to omit the word Berhad/Bhd, the CLBG must provide its Audited Financial Statements for the last 3 years which have been laid at its annual general meeting. C. LODGEMENT 16. The documents are required to be lodged with the payable fees at the address below: SURUHANJAYA SYARIKAT MALAYSIA LEVEL 17, MENARA SSM@SENTRAL NO. 7, JALAN STESEN SENTRAL 5 KUALA LUMPUR SENTRAL KUALA LUMPUR CHECKLIST 1 PAGE 3
12 CHECKLIST 2 SECTION 45 (1) COMPANIES ACT 2016 (CA 2016) LODGEMENT OF APPLICATION FOR THE REGISTRAR S APPROVAL - FORMATION OF A COMPANY LIMITED BY GUARANTEE (CLBG) WITH THE WORD BERHAD A. APPLICATION FEE 1. A payment of RM200 as the required fee for: Approval by Registrar Perusal of the Constitution 2. Payment can be made to Suruhanjaya Syarikat Malaysia (SSM) by cash/ money order/ bank draft/ banker s cheque. B. DOCUMENTS TO BE ENCLOSED 3. Application letter Contents of the application letter: Reasons for incorporating the CLBG under the CA 2016 and not under the Societies Act State 2 categories of the CLBG based on the objects under section 45(1) CA Explanation and justification by the promoter for the use of the proposed name. Any supporting letter from the relevant government agency for the use of the proposed name (if applicable). CHECKLIST 2 PAGE 1
13 5. Detailed activities to be carried out. 6. Statutory Declaration by the promoter and proposed director confirming whether such an application has been made under the Societies Act If yes, to provide the supporting documents. 7. A copy of Form 13A (Companies Act 1965) / a notification letter by SSM under reservation of name. 8. A draft copy of Constitution. 9. A copy of I.C/ passport of the promoter and proposed director. 10. The biodata, qualification and experience in charitable activities for each proposed director and promoter. Please refer to the format in Example A letter of consent to act as a promoter from each promoter. 12. A letter of consent to act as a director from each director. 13. An estimated/forecast income and expenditure for a period of two years within the establishment of the CLBG. Please refer to the format in Example 4. C. LODGEMENT 14. The documents are required to be lodged with the payable fees at the address below: SURUHANJAYA SYARIKAT MALAYSIA LEVEL 17, MENARA SSM@SENTRAL NO. 7, JALAN STESEN SENTRAL 5 KUALA LUMPUR SENTRAL KUALA LUMPUR CHECKLIST 2 PAGE 2
14 CHECKLIST 3 SECTION 45 COMPANIES ACT 2016 (CA 2016) LODGEMENT OF APPLICATION FOR THE MINISTER S / REGISTRAR S APPROVAL - APPOINTMENT OF DIRECTOR / TRUSTEE OF A COMPANY LIMITED BY GUARANTEE (CLBG) A. APPLICATION FEE 1. Payment of the required fee of either: (a) RM300 - Approval by Minister only applicable to CLBGs with license conditions issued by the Minister pursuant to section 24(3) of the Companies Act 1965 (CA 1965); or (b) RM100 - Approval by Registrar applicable to all other CLBGs which do not fall under category 1(a) above. 2. Payment can be made to Suruhanjaya Syarikat Malaysia (SSM) by cash/ money order/ bank draft/ banker s cheque. B. DOCUMENTS TO BE ENCLOSED 3. Application letter Contents of the application letter: Reasons for the appointment of the new director. Main activities of the CLBG. CHECKLIST 3 PAGE 1
15 4. A copy of the Notice of Registration / Certificate of Incorporation (Form 8) under CA A copy of Constitution. 6. A copy of the licence under section 45(1) CA 2016 / a copy of licence pursuant to section 24(1) CA 1965 (Form 15) and the licence conditions issued under section 24(3) of CA A copy of I.C/ passport of the proposed director. 8. The biodata, qualification and experience in charity activities for each of the proposed director. Please refer to the format in Example A copy of the Director s Resolution pertaining to the approval for the appointment of the new director to be signed by a Director and a Company Secretary. 10. A statutory declaration from a person before appointment as a director pursuant to section 201 CA 2016 / Form 48A (CA 1965). 11. A copy of approval letter from the Director General of the Inland Revenue Board of Malaysia for tax exemption under subsection 44(6) of the Income Tax Act C. LODGEMENT 12. The documents are required to be lodged with the payable fees at the address below: SURUHANJAYA SYARIKAT MALAYSIA LEVEL 17, MENARA SSM@SENTRAL NO. 7, JALAN STESEN SENTRAL 5 KUALA LUMPUR SENTRAL KUALA LUMPUR CHECKLIST 3 PAGE 2
16 CHECKLIST 4 SECTION 45 COMPANIES ACT 2016 (CA 2016) LODGEMENT OF APPLICATION FOR THE MINISTER S / REGISTRAR S APPROVAL - AMENDMENT OF CONSTITUTION FOR COMPANY LIMITED BY GUARANTEE (CLBG) A. APPLICATION FEE 1. Payment of the required fee of either: (a) (b) RM300 - Approval by Minister only applicable to CLBGs with license conditions issued by the Minister pursuant to section 24(3) of the Companies Act 1965 (CA 1965); or RM100 - Approval by Registrar applicable to all other CLBGs which do not fall under category 1(a) above. 2. Payment can be made to Suruhanjaya Syarikat Malaysia (SSM) by cash/ money order/ bank draft/ banker s cheque. B. DOCUMENTS TO BE ENCLOSED 3. Application letter Contents of the application letter: The purpose and reasons for amendment of the Constitution. The main activities of the CLBG. To notify whether any amendment has been made before. 4. A copy of the Certificate of Incorporation (Form 8) / Notice of Registration. 5. A copy of the Constitution. CHECKLIST 4 PAGE 1
17 6. A copy of the licence under section 45(1) CA 2016 / a copy of the licence pursuant to section 24(1) CA 1965 (Form 15) and the licence conditions issued under section 24(3) of CA 1965 (if applicable). 7. A copy of the Resolution/Minutes signed by each member pertaining to the approval for the amendment of the Constitution to be acknowledged by a Director and a Company Secretary. 8. A copy of Appendix A. Please refer to the format in Example A copy of Appendix B. Each amendment is required to be clarified by taking into account the following: Purpose / Reason Justification The impact before and after the amendment Contradiction with CA Please refer to the format in Example One compact disc (CD) containing Appendices A & B in Microsoft Words format. 11. A copy of letter from the Inland Revenue Board of Malaysia pertaining to an application by the CLBG on amendment of M&A/constitution under Tax Exemption under subsection 44(6) Income Tax Act A copy of approval letter from the Director General of the Inland Revenue Malaysia for Tax Exemption under subsection 44(6) Income Tax Act C. LODGEMENT 13. The documents are required to be lodged with the payable fees at the address below: SURUHANJAYA SYARIKAT MALAYSIA LEVEL 17, MENARA SSM@SENTRAL NO. 7, JALAN STESEN SENTRAL 5 KUALA LUMPUR SENTRAL KUALA LUMPUR CHECKLIST 4 PAGE 2
18 CHECKLIST 5 SECTION 45 (4) COMPANIES ACT 2016 (CA 2016) LODGEMENT OF APPLICATION FOR THE MINISTER S APPROVAL - TO HOLD, ACQUIRE, CHARGE, MORTGAGE, SELL, LEASE OR DISPOSE LAND OR PROPERTY BY A COMPANY LIMITED BY GUARANTEE (CLBG) A. APPLICATION FEE 1. A payment of RM300 as the required fee for: approval by the Minister; and each land / property. 2. Payment can be made to Suruhanjaya Syarikat Malaysia (SSM) by cash/ money order/ bank draft/ banker s cheque. B. DOCUMENTS TO BE ENCLOSED 3. Application letter Contents of the application letter: Reasons or purpose to hold, acquire, charge, mortgage, sell, lease or dispose the land / property. If the transaction is for the holding of land / property, to explain the source of funds, the manner of land / property settlement and payment arrangement. Price/value of the land / property. Main activities of the CLBG. 4. A copy of the Notice of Registration / Certificate of Incorporation (Form 8) under the Companies Act 1965 (CA 1965). 5. A copy of the Constitution. CHECKLIST 5 PAGE 1
19 6. A copy of the licence under section 45(1) CA 2016 / a copy of licence pursuant to section 24(1) CA 1965 (Form 15) and the licence conditions issued under section 24(3) of CA 1965 (if applicable). 7. List of lands / properties that the CLBG currently owns pursuant to section 45(4) CA 2016 / 19(2) CA An explanation on the current status of each land / property, the current usage and the development that has been made over the land / property. 8. Description of the land / property in both Malay and English languages. This description must be similar with the information contained in the agreement / deed of gift / master title / strata title / other supporting documents. 9. A copy of the agreement / deed of gift / master title / strata title / other supporting documents relevant to the land / property transaction. 10. Audited Financial Statements for the last two years. 11. Financial impact to the CLBG if it holds, acquires, charges, mortgages, sells, leases or disposes the land / property. 12. A copy of the Director s Resolution pertaining to the approval to hold, acquire, charge, mortgage, sell, lease or dispose the land / property. 13. A statement on Arm s Length Transaction by all directors/trustees confirming that they do not have any interest in the land / property transaction. C. LODGEMENT 14. The documents together with the payable fees are required to be lodged to the address below: SURUHANJAYA SYARIKAT MALAYSIA LEVEL 17, MENARA SSM@SENTRAL NO. 7, JALAN STESEN SENTRAL 5 KUALA LUMPUR SENTRAL KUALA LUMPUR CHECKLIST 5 PAGE 2
20 CHECKLIST 6 SECTION 45 COMPANIES ACT 2016 (CA 2016) LODGEMENT OF APPLICATION FOR THE MINISTER S / REGISTRAR S APPROVAL - SOLICITATION OF DONATION FROM THE PUBLIC BY A COMPANY LIMITED BY GUARANTEE (CLBG) A. APPLICATION FEE 1. Payment of the required fee of either: (a) (b) RM300 - Approval by Minister only applicable to CLBGs with license conditions issued by the Minister pursuant to section 24(3) of the Companies Act 1965 (CA 1965); or RM100 - Approval by Registrar applicable to all other CLBGs which do not fall under category 1(a) above. 2. Payment can be made to Suruhanjaya Syarikat Malaysia (SSM) by cash/ money order/ bank draft/ banker s cheque. B. DOCUMENTS TO BE ENCLOSED 3. Application letter Contents of the application letter: The purpose and reasons for solicitation of donation from the public. Main activities of the CLBG. 4. A copy of the Notice of Registration / Certificate of Incorporation (Form 8) under the CA A copy of the Constitution. CHECKLIST 6 PAGE 1
21 6. A copy of the licence under section 45(1) CA 2016 / a copy of licence pursuant to section 24(1) CA 1965 (Form 15) and the licence conditions issued under section 24(3) of CA 1965 (if applicable). 7. A copy of the proposal for the solicitation of donation: Contents of proposal: Objectives and procedures of the donation solicitation. Activities planned for the solicitation of donation. Targeted audience for the solicitation of donation. Targeted maximum and minimum collections. 8. A copy of the donation process which among others should contain the donation procedure, process flow-chart, funds management and handling, funds recording manner and cash flow, funds processing and the persons in charge of managing the whole donation process. 9. Statutory Declaration by the director/trustee confirming adherence to the relevant requirements as per Example A copy of the Directors Resolution pertaining to the approval for solicitation of donation to be signed by a Director and a Company Secretary. 11. The latest Audited Financial Statements of the CLBG. 12. A copy of approval from the Director General of the Inland Revenue Board of Malaysia for Tax Exemption under subsection 44(6) of the Income Tax Act C. LODGEMENT 13. The documents together with the required fees are to be lodged at the address below: SURUHANJAYA SYARIKAT MALAYSIA LEVEL 17, MENARA SSM@SENTRAL NO. 7, JALAN STESEN SENTRAL 5 KUALA LUMPUR SENTRAL KUALA LUMPUR CHECKLIST 6 PAGE 2
22 CHECKLIST 7 SECTION 45 COMPANIES ACT 2016 (CA 2016) LODGEMENT OF APPLICATION FOR THE MINISTER S / REGISTRAR S APPROVAL - PAYMENT OF SALARIES, FEES, FIXED ALLOWANCES & OTHER BENEFITS TO THE DIRECTOR OF A COMPANY LIMITED BY GUARANTEE (CLBG) A. APPLICATION FEE 1. Payment of the required fee of either: (a) RM300 - Approval by Minister only applicable to CLBGs with license conditions issued by the Minister pursuant to section 24(3) of the Companies Act 1965 (CA 1965); or (b) RM100 - Approval by Registrar applicable to all other CLBGs which do not fall under category 1(a) above. 2. Payment can be made to Suruhanjaya Syarikat Malaysia (SSM) by cash/ money order/ bank draft/ banker s cheque. B. DOCUMENTS TO BE ENCLOSED 3. Application letter Contents of the application letter: The purpose and reasons for the relevant payment to the director. Main activities of the CLBG. 4. A copy of the Certificate of Incorporation (Form 8) / Notice of Registration. CHECKLIST 7 PAGE 1
23 5. A copy of the Constitution. 6. A copy of the licence under section 45(1) CA 2016 / a copy of licence pursuant to section 24(1) CA 1965 (Form 15) and the licence conditions issued under section 24(3) of CA 1965 (if applicable). 7. List of the directors/independent directors. 8. List of the full time staff, position and the job scope of the staff. 9. Current benefits of each director. 10. The job scope, duties and expertise of each director. 11. An agreement between the director and the CLBG for the payment of such salaries, fees, fixed allowances and other benefits to the director which contains:. Amount of the salary, fee, fixed allowances and other benefits; A confirmation by the CLBG the proposed amount of the salaries, fees, fixed allowances and other benefits are reasonable. 12. An acceptance letter from each director agreeing to receive the salaries, fees, fixed allowances and other benefits in the CLBG. 13. Members Resolution from each member pertaining to the approval for such payment of salaries, fees, fixed allowances and other benefits to the director and confirming that such payment to the director is for the purpose of achieving the object of the CLBG. 14. Audited Financial Statements for the last three (3) years years of yearly estimated/forecasted income and expenditure after such salaries, fees, fixed allowances and other benefits have been paid. 16. A copy of an approval letter from the Director General of the Inland Revenue Board of Malaysia for tax exemption under subsection 44(6) of the Income Tax Act CHECKLIST 7 PAGE 2
24 C. LODGEMENT 17. The documents are required to be lodged together with the payable fees at the address below: SURUHANJAYA SYARIKAT MALAYSIA LEVEL 17, MENARA NO. 7, JALAN STESEN SENTRAL 5 KUALA LUMPUR SENTRAL KUALA LUMPUR CHECKLIST 7 PAGE 3
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