All-in-One Eco Package
Now you can choose from our bundling service to include secretary, accounting, financial statements and tax services, all-in-one, a BETTER price !
Now you can choose from our bundling service to include secretary, accounting, financial statements and tax services, all-in-one, a BETTER price !
Go for simplified filing and lower maintaining fees. Applicable to AE Eligible companies only. Check your eligibility from us now.
We afraid to say it is not that possible. If the bundle package does not fit your need, you may choose the single service instead from our list.
Yes, director is advised to submit the annual tax return to LHDN so as to prove that you are actually dormant. We will provide free advice in this case.
Dormant company is qualified for audit exemption if it has been dormant from the time of its incorporation; or it is dormant throughout the current financial year and in the immediate preceding financial year.
A threshold-qualified company is qualified for an audit exemption if it fulfils the following criteria:
(a) It has revenue not exceeding RM100,000 during the current financial year and in the immediate past two (2) financial years;
(b) Its total assets in the current Statement of Financial Position does not exceed RM300,000 and in the immediate past two (2) financial years; and
(c) It has, at the end of its current financial year and in each of its immediate past two (2) financial years’ end, not more than five (5) employees.
For companies electing for audit exemption, companies are required to lodge a full set of an unaudited financial statements accompanied with a statement that the company is qualified for audit exemption and that the company receives no request from its shareholders that audit must be conducted for a particular year.
The dormant company shall appoint an auditor in this case. However, the audit fee is lower than that of active company. If this dormant company remains its dormant status in next following year, then it will be eligible for audit exemption.
A company is dormant in a financial year if the company does not carry on business and there is no accounting transaction occurred. “Accounting transaction” means a transaction, accounting or other records of which is required to be kept under section 245(1) of the CA 2016, excluding a transaction arising from any obligations that the company is required to abide by any laws to pay and its related costs to comply.
A zero-revenue company is not equivalent to dormant company. Zero-revenue company does not have revenue received or receivable, but dormant company does not carry on business at all. Thus dormant company only have basic expenses incurred in maintaining the company e.g. secretary fee and government licensing fee.