MBRS submission is one of the most important things to comply with whether you are a small-scale business or large business corporation. Malaysian Business Reporting System is an online-based submission platform, allowing paperless business reporting or reduced submission of annual returns in hard copies.
All businesses need to comply with the requirement to submit their annual returns and financial statements and reports. MBRS submission requires you to know some basic features of the Malaysian Business Reporting System such as access and usage of the MBRS Portal. Comprehensive knowledge and understanding of the portal will enable you to comply with the creation and filing of the report without any inconveniences, delays, or errors.
MBRS Submission through the MBRS Portal
Different companies could benefit from using the system whether they are Sdn Bhd or Bhd and Foundations. Businesses that utilize the Malaysian Business Reporting System could save time and money throughout the process.
For instance, the conventional or manual way of submitting business reports require the one in charge to bring the documents to SSM. This could mean bringing the documents in huge volumes and putting up with thousands of other submissions in a day, especially during peak seasons. SSM then scans the documents manually, inputting them into the SSM system, and going through the process painstakingly.
However, in the case of MBRS submission, you can significantly reduce human errors as well as processing time. Businesses could experience the best results up front from the system due to its secured feature regardless of whether you are dealing with high traffic submission or otherwise. The filing process is flexible especially to companies in terms of accessing the portal anytime, anywhere.
Introduction to the MBRS Portal
The online submission platform called MBRS Portal Application is the next generation online-based filing system for Malaysian companies. The portal allows companies to comply with submitting their full set of annual return, exemption application, and financial statements. The MBRS submission is based on the filing requirements of the MBRS and SSM Taxonomy. The integrated platform is SSM’s vision in creating a system for data filing, which is consistent with other systems while ensuring a comprehensive business reporting landscape.
More MBRS Benefits
Malaysian Business Reporting System is a platform where you can submit your business reports in compliance with the Companies Act 2016 for Malaysian companies. On top of complying with the requirements, MBRS submission is also necessary in order to lessen your reporting burdens. Moreover, it improves the scope of a business’s routine analysis as well as provides a good basis for a company’s decision-making processes.
According to SSM, the platform could also be a supervisory portal that allows monitoring and regulating all qualified Malaysian companies today. Some of the primary portal conventions of MBRS include the Start Date with an asterisk, denoting a mandatory field, which preparers should not leave blank. MBRS submission requires all preparers to familiarize with the other components such as the Submit button, User-Entry field, Drop-Down List, Choose File, CheckBox, and Data Picker field.
Read more about how to use and benefit from MBRS on our blog.