The Companies Commission of Malaysia (SSM) officially launched the MBRS 2.0 Mandate on 25 September 2024, with full enforcement beginning 1 December 2024. From this date onwards, all corporate filings—annual returns, financial statements, and exemption applications—must be submitted exclusively via the enhanced Malaysian Business Reporting System (MBRS 2.0). Manual submissions are no longer accepted under this mandate. 

This development marks more than a regulatory formality—it signifies a pivotal modernization of Malaysia’s corporate compliance framework.

SSM MBRS 2.0 Mandate Overview

The MBRS 2.0 Mandate ushers in a digital-first era that promises greater accuracy, data consistency, and streamlined processes for both businesses and regulators. For company secretarial firms, this mandate brings not only new compliance responsibilities but also an opportunity to embrace automation and deliver value-added services with higher efficiency. 

Whether you’re a solo practitioner or part of a large secretarial services firm, understanding the new expectations under MBRS 2.0 is not just important—it’s essential. This blog aims to serve as a practical guide for company secretarial firms to decode the MBRS 2.0 Mandate, understand its implications, and prepare efficiently for the regulatory shift. 

What Is MBRS and Why Does It Matter?

The Malaysian Business Reporting System (MBRS) is an online submission platform introduced by the Companies Commission of Malaysia (SSM) to streamline the filing of annual returns, financial statements, and exemption applications under the Companies Act 2016. It is built on the XBRL (eXtensible Business Reporting Language) standard—an international framework that facilitates the digital reporting of financial and non-financial information. 

The Evolution from MBRS to MBRS 2.0 

Introduced in 2018, the Malaysian Business Reporting System (MBRS) was a bold step toward digitising corporate compliance in Malaysia, allowing companies to submit statutory documents online instead of over the counter. For company secretaries, this meant reduced paperwork, faster turnaround times, and improved process efficiency. However, as Malaysia’s corporate governance requirements matured and international best practices evolved, the need for a more structured, intelligent, and scalable platform became evident. 

Recognising these growing demands, the Companies Commission of Malaysia (SSM) unveiled MBRS 2.0—an upgraded, XBRL-based platform that builds on the foundation of its predecessor while offering advanced features for error minimisation, data validation, and seamless interoperability. 

MBRS 2.0 is not just an enhancement—it represents a paradigm shift. By integrating the eXtensible Business Reporting Language (XBRL) framework, it aligns Malaysia’s corporate filing system with global digital reporting standards. The platform aims to create a transparent, efficient, and fully digital ecosystem that enhances data quality, reduces compliance costs, and strengthens the overall regulatory framework. 

Key Compliance Dates and Phases of MBRS 2.0 Implementation 

To ensure a smooth and structured rollout, SSM has introduced MBRS 2.0 in three distinct phases. Understanding these timelines is critical for company secretarial firms, who will be on the front lines of compliance execution. 

MBRS 2.0 Phase 1 – Effective from 1 December 2024 

Phase 1 focuses on unaudited financial and statutory submissions under the Companies Act 2016. From this date, the following documents must be filed exclusively through the MBRS 2.0 platform: 

1. Annual Return (AR) under the Companies Act 2016 
2. Unaudited Financial Statements and Reports (AR) under the Companies Act 2016 
3. Certificate for Exempt Private Companies (EPC) under the Companies Act 2016 
4. Application & Filing of Rectification / Court Order for Unaudited AR and AR under the Companies Act 2016  

Application for extension of time under the Companies Act 2016: 

1. v) Extension of time for filing of EPC certificate
2. vi) Extension of time for Unaudited AR

vii) Extension of time for AR 

MBRS 2.0 Phase 2 – Effective from 1 March 2025 

Phase 2 expands the scope of mandatory digital filing to include financial institutions and foreign entities: 

For Financial Institutions (Regulated by Bank Negara Malaysia – BNM): 

1. AR under the Companies Act 1965 
2. AR under the Companies Act 1965 
3. Certificate for EPC under the Companies Act 1965 
4. AR for Financial Institutions regulated by Bank Negara Malaysia (BNM) under the provisions of the Companies Act 1965 and Companies Act 2016 
5. Statutory Declaration and Financial Statements and Country of Origin (Head Office) Reports for Foreign Companies 
6. Application & Rectification / Court Order Submission for Annual Return and Audited PK under the Companies Act 1965. 

MBRS 2.0 Phase 3 – Starting 1 June 2025 

The final phase mandates digital filing of audited financial statements for all companies: 

1. Audited Financial Statements and Reports of all companies under CA 2016. 
2. Application for rectification / Court Order filings for Annual Return and Audited Financial Statements and Reports. 
3. Application for extensions of time and all other Exemption Applications in relation to Financial Statements and Reports under CA 2016. 

By June 2025, the transition will be complete- bringing all corporate filings under the MBRS 2.0 umbrella and fully digitising the regulatory submission process in Malaysia. 

MBRS 2.0 Mandate 2025: A Defining Moment for Corporate Compliance 

The MBRS 2.0 Mandate 2025 is more than just a software update—it represents a paradigm shift in how Malaysian companies and their company secretaries interact with SSM for regulatory filings. From an expanded scope to stricter validations, MBRS 2.0 brings with it a set of rules, responsibilities, and expectations that must be understood thoroughly. 

Let’s explore the key changes that every company secretarial firm needs to be aware of. 

1. Expanded Scope of Filings

Under the MBRS 2.0 Mandate, SSM now requires the digital submission of not just annual returns (AR) and financial statements (FS), but also exemption applications, auditor’s reports, and certain director declarations through the enhanced platform. This eliminates previously allowed manual submissions and consolidates all corporate reporting into a unified digital environment. 

This expanded scope means that company secretaries must: 

• Understand new filing categories and templates. 

• Familiarize themselves with updated validation rules. 

• Coordinate more closely with auditors and finance teams. 

2. Mandatory Filing for All Entities by 2025

While MBRS was previously rolled out in phases, the MBRS 2.0 Mandate 2025 makes digital filing mandatory for all companies—private limited (Sdn. Bhd.), public listed, foreign subsidiaries, and companies limited by guarantee. 

There is no longer any room for ambiguity. Every entity registered under the Companies Act 2016 will need to comply, and company secretaries are the designated facilitators of this transition. 

3. Enhanced Validation Rules and Error Checks

One of the significant upgrades in MBRS 2.0 is the tightened validation mechanisms to ensure accuracy and consistency. Unlike MBRS 1.0, where some technical errors could bypass checks, MBRS 2.0 performs stringent validations based on: 

• Logical consistency (e.g., assets = liabilities + equity) 

• Format compliance (e.g., date formats, numerical values) 

• Referential integrity between related fields 

This will require company secretaries to verify all data meticulously before submission and adopt tools that assist in pre-validation and error resolution. 

4. Shift to XBRL-Based Financial Filings

The MBRS 2.0 Mandate enforces stricter use of XBRL standards for all financial statements. This means templates will now demand tagging of financial data using XBRL taxonomies, which can be overwhelming for firms unfamiliar with the language or tooling. 

This is where company secretarial firms must bridge their compliance expertise with technology adoption, especially by choosing reliable MBRS-compliant platforms such as IRIS Instant. 

5. Tighter Timelines for Submission

MBRS 2.0 introduces hardcoded deadlines within the system, reducing the tolerance for late submissions. The real-time system will flag delays and could lead to penalties or rejection of filings if timelines are not strictly followed. 

It becomes crucial for company secretaries to: 

• Track filing dates meticulously. 

• Implement workflow reminders. 

• Align with internal finance teams earlier in the year. 

6. Revamped User Interface with Role-Based Access

The user interface in MBRS 2.0 is redesigned to offer role-based access. As company secretaries, your role will involve: 

• Managing access for your internal staff. 

• Assigning preparer/reviewer roles. 

• Authorizing directors or auditors to validate sections. 

This structure demands internal process alignment within secretarial firms to make full use of access controls. 

7. Audit Trail and Version Control

One of the most welcomed features in MBRS 2.0 Mandate is the introduction of detailed audit trails and version history. Every action taken—from uploading data to submitting final documents—is logged and timestamped. 

For company secretaries, this means: 

• Better tracking of who did what and when. 

• Easy retrieval of previous filings for cross-reference. 

• Increased accountability within secretarial workflows. 

Why Company Secretaries Should Not Wait 

Delaying the transition to MBRS 2.0 compliance is no longer an option. The mandate is firm, the scope is wide, and the expectations are high. However, this also presents an opportunity—firms that adapt early will build trust and competitive advantage with clients. 

By becoming MBRS 2.0-ready, you not only avoid penalties but also position your firm as a forward-looking partner for your clients’ compliance needs. 

How IRIS Instant Helps Company Secretaries Simplify MBRS Filing 

While the MBRS 2.0 Mandate brings complexity, your response doesn’t have to be complicated. IRIS Instant is a leading MBRS solution developed specifically to help Malaysian companies and company secretarial firms file AR, FS, and exemption applications in full compliance with MBRS 2.0 requirements. 

Key Benefits for Secretarial Firms: 

• End-to-end MBRS compliance including AR, FS, and exemption filings. 

• Built-in MBRS taxonomy and business rules to eliminate guesswork. 

• Pre-validation checks and instant error resolution. 

• Role-based workflows for team collaboration. 

• Audit trail and secure data handling

Frequently Asked Questions on MBRS 2.0 Mandate 

• Do we still need to use mTool? 

It would be wise for company secretarial firms to take tech enabled solutions that offer complete reporting automation and support instead of mTool which is more manual in process. 

• Is there a training period for MBRS 2.0? 

SSM has conducted several workshops and will continue to provide resources, but company secretarial firms are expected to upskill themselves proactively. 

• Will SSM reject non-MBRS submissions in 2025? 

Yes. All eligible entities are required to file using MBRS 2.0. Paper submissions will not be accepted. 

Adapt Now, Lead Tomorrow 

The MBRS 2.0 Mandate isn’t just a regulatory obligation—it’s a wake-up call for company secretarial firms to embrace digital compliance. As stewards of governance and reporting, company secretaries are now more vital than ever in steering businesses through Malaysia’s evolving regulatory landscape. 

Equip yourself with the right knowledge, the right tools, and the right partner. With IRIS Instant, you can transition smoothly into MBRS 2.0 filing and unlock long-term efficiency, accuracy, and client satisfaction.