Form 49 & Form 24: Understanding Statutory Forms for Sdn Bhd

Introduction

Did you know that failure to notify the Companies Commission of Malaysia (SSM) about director or shareholder changes can result in penalties of up to RM50,000?

Whether you’re starting a business or managing an existing one, understanding statutory forms like Form 49 and Form 24 is critical for compliance. These forms—once the cornerstone of corporate governance under the Companies Act 1965—have since been replaced under the Companies Act 2016. Yet, they remain highly relevant, especially for historical records, legal matters, and regulatory reviews.

In this blog, we break down what Form 49 and Form 24 are, how they’ve changed, and what you need to know now to keep your Sdn Bhd company fully compliant and protected.

TL;DR: What You Need to Know About Form 49 & Form 24 for Your Sdn Bhd

Old forms, new rules—but the stakes remain high.

• Form 49 tracked changes in directors, managers, and secretaries under the Companies Act 1965.

• Form 24 reported new share allotments and shareholder details.

• The Companies Act 2016 replaced both forms with streamlined, event-based filings—Section 58 (for officers) and Section 78 (for share allotments).

• These updates matter because banks, investors, and SSM still rely on accurate company data.

• Outdated or missing filings could cost your company fines, delays, or lost opportunities.

👉 Let Grof help you stay compliant as one the top corporate services provider in Malaysia

What Is Form 49 and Why Does It Still Matter Today?

What is Form 49?

Form 49 was the official form under the Companies Act 1965 used to notify SSM about changes in a company’s officers—this includes directors, managers, and company secretaries. Every time a new officer was appointed or removed, Form 49 had to be submitted within 30 days.

📌 Key Details Included:

• Full names and NRIC/passport details of officers
• Residential addresses
• Date of appointment or resignation
• Officer’s designation (e.g., director, secretary)

What Replaced Form 49?

The Companies Act 2016 introduced a more streamlined, event-driven filing system. Under this, Form 49 was replaced by Section 58 of the Companies Act 2016 handling notifications of changes in the register of directors, managers, and secretaries. While you no longer submit a “Form 49,” the information it conveyed remains a critical part of your company’s official records. You now submit these changes through prescribed forms or online platforms provided by the Companies Commission of Malaysia (SSM), often through SSM’s MyCOID portal.

Why Form 49 Still Matters

Even though Form 49 is no longer filed, older companies may still hold legacy documents in Form 49 format. These documents remain useful for:

• Opening corporate bank accounts
• Securing business loans
• Investor due diligence
• Government tenders or grants

📌 TIP: If you’re unsure how to access legacy or updated records, Grof can provide you the corporate solutions you’re looking for.

Understanding Form 24 – Allotment of Shares & Shareholders

When a company issues new shares, it must record that event officially. Form 24 served this exact purpose under the Companies Act 1965. It documented every allotment of shares—ensuring that shareholders, share classes, and payments remained transparent and compliant.

What Is Form 24?

Companies used Form 24 to submit a return of allotment. This form recorded key details, including:

• Full names of allottees (new shareholders)

• Number and type of shares allotted

• The consideration paid (cash, property, or otherwise)

This statutory form maintained transparency in ownership and protected all parties in case of disputes or verification checks.

What Replaced Form 24?

Under the Companies Act 2016, the process became more efficient. Instead of using Form 24, companies now comply through Section 78 – Return of Allotment of Shares.

This modern provision simplifies reporting. It allows companies to notify the Companies Commission of Malaysia (SSM) through event-driven electronic filings, often handled directly by your company secretary using digital platforms.

Why Shareholder Records Still Matter

Even though Form 24 no longer exists, accurate shareholder records remain essential for:

• Dividend distributions

• Ownership verification (e.g. for banks, investors, or tenders)

• Legal compliance under CA 2016

• Company restructuring or fundraising

Errors or delays in share allotment reporting can trigger penalties or compliance issues with SSM.

By ensuring timely updates under Section 78, your Sdn Bhd strengthens its transparency, legal standing, and appeal to potential investors.

Why These Forms (and Their Replacements) Matter for Your Sdn Bhd

Ensuring your company’s officer and shareholder data is up to date isn’t just about ticking a box—it’s about business protection and credibility.

Here’s why it matters:

• Transparency: Shows who controls and owns the company
• Official Verification: Required by banks, investors, and regulators
• Avoiding Fines: Non-compliance leads to penalties or company strike-off
• Reflecting Changes: Key for mergers, acquisitions, or capital raising

Keeping these records updated is not optional—it’s mandatory under SSM compliance.

How to Obtain or Verify Form 49 and Form 24 Information

Need to access your company’s officer or shareholder records?

Here’s how:

• MyData SSM: Download digital company profiles
• SSM e-Info: Access public info and filings
• Certified True Copies (CTC): For legal use and bank requirements

Need help retrieving these? 👉 Grof can handle this entire process for you.

How Grof Keeps Your Sdn Bhd Compliant

Staying compliant with Malaysia’s Companies Act doesn’t need to be complex.

At Grof, we provide:

• ✅ Company Secretarial Services
• ✅ Annual Return & Board Resolution Filings
• ✅ SSM Notifications (Section 58, 78, etc.)
• ✅ Company Incorporation & Compliance Advisory

You focus on growing your business—we’ll handle the paperwork and keep the SSM happy.

Conclusion & Next Steps

Understanding the evolution from Form 49 and Form 24 to Section 58 and Section 78 helps you maintain proper company governance and stay compliant.

Whether you’re appointing new directors or issuing new shares, keeping your statutory documents updated ensures your Sdn Bhd stays in good standing with SSM—and protects your business credibility.

🔐 Grof is here to help you manage these filings and more—efficiently, accurately, and affordably. Ready to ensure your business is fully compliant? Speak to our expert team today!