As of December 31, 2024, Malaysia boasts over 1.59 million registered companies and 9.34 million registered businesses, according to the Companies Commission of Malaysia (SSM). This expansive corporate ecosystem is now navigating a significant transformation with the rollout of the Malaysian Business Reporting System (MBRS) 2.0. 

For company secretaries and secretarial firms, adapting to this digital evolution is not just a necessity — it’s a strategic move to remain relevant, agile, and efficient. The question is: Are you future-ready? 

The Evolving Corporate Compliance in Malaysia 

Over the last decade, Malaysia’s corporate governance ecosystem has undergone a major transformation. Several key developments have catalyzed this shift: 

1. Digitalisation of SSM

The Companies Commission of Malaysia has progressively digitalized its services, including: 

• MyCoID 2016, for company incorporation and registration. 

• MBRS (Malaysian Business Reporting System), for XBRL-based submissions of annual returns and financial statements. 

• E-services portal, for electronic filing, company searches, and transactions. 

This digital infrastructure demands that company secretaries streamline their compliance processes and ensure submissions are accurate, timely, and digitally aligned. 

2. MBRS and XBRL Adoption

The MBRS platform, built on the XBRL (eXtensible Business Reporting Language) framework, represents a seismic shift from document-based to data-based reporting. Now, all annual returns, financial statements, and exemption applications must be filed in machine-readable formats. 

This move enhances transparency and data utility — but also requires new skills, tools, and understanding from corporate compliance professionals. 

3. Stricter Enforcement and Accountability

With increasing regulatory scrutiny, company secretaries must now be more proactive than reactive. Non-compliance can result in: 

• Monetary fines 

• Suspension of secretarial license 

• Reputational damage to clients 

Manual compliance practices no longer suffice in this high-stakes environment. 

Key Challenges Faced by Malaysian Company Secretaries 

Despite these advancements, many firms and professionals still face considerable challenges: 

• Manual workflows that are time-consuming and error prone. 

• Limited integration between data sources and compliance documentation. 

• Difficulties with XBRL tagging and MBRS validations. 

• Lack of real-time collaboration between internal teams and external clients. 

• High risk of non-compliance due to ever-evolving rules and formats. 

These challenges point to a common issue: an urgent need for modern compliance tools that eliminate inefficiencies and enable compliance-by-design. 

The Role of Technology in Modernizing Compliance 

Digital compliance tools are no longer “nice-to-have” — they are essential for future-readiness. A robust, intelligent compliance platform can help by: 

• Automating recurring compliance tasks 

• Reducing dependency on spreadsheets and manual documentation 

• Enabling real-time validation of MBRS submissions 

• Offering a centralized dashboard for tracking all compliance statuses 

• Facilitating secure collaboration with clients and stakeholders 

One such platform, IRIS Instant, has emerged as a key player for Malaysian company secretaries. 

Meet IRIS Instant: Your Smart Compliance Assistant 

Built specifically for the Malaysian corporate compliance ecosystem, IRIS Instant is a state-of-the-art platform designed to empower company secretaries and secretarial firms with end-to-end digital compliance capabilities. 

Here’s how IRIS Instant is reshaping the compliance journey: 

• MBRS-Ready, XBRL-Compliant 

IRIS Instant simplifies MBRS filing with built-in XBRL validation, intelligent tagging, and real-time checks. Say goodbye to last-minute rejections due to formatting issues or tagging errors. 

• Auto-Generated Templates 

Financial statements including notes to accounts can be generated and customized within minutes using auto-filled templates that pull data from integrated sources. 

• Multi-Company Dashboard 

Manage multiple client entities under a single, intuitive dashboard — perfect for secretarial firms serving dozens or even hundreds of companies. 

• Cloud-Based and Secure 

With bank-grade security and cloud accessibility, IRIS Instant ensures your data is safe, and accessible anytime, anywhere. 

• Powered by Proven Technology 

IRIS Instant uses the same XBRL International-certified validation engine that powers the MBRS mTool and mPortal — ensuring full alignment with SSM requirements. 

IRIS in Malaysia: A Strategic Partner for Compliance 

IRIS is no stranger to Malaysia’s regulatory landscape. The company has been a critical technology partner in: 

• MBRS Platform and Taxonomy development. 

• Powering the MBRS mTool and mPortal. 

• Providing XBRL services to Securities Commission Malaysia. 

• Delivering trusted e-invoicing via IRIS MyeInvois to LHDN. 

Now is the Time to Transition 

As the regulatory climate becomes more stringent and digital-first, adopting a modern compliance tool like IRIS Instant isn’t just an upgrade — it’s a future-proofing strategy. Here’s what forward-thinking company secretaries gain: 

• Time Savings: Drastically cut down the time spent on manual tasks. 

• Accuracy: Reduce human error and increase submission success rates. 

• Scalability: Seamlessly handle growing client bases without hiring additional staff. 

• Client Satisfaction: Offer a tech-savvy, responsive service experience. 

• Always Prepared: Stay audit-ready and compliant 24/7. 

Getting Started: Embrace the Change 

Change doesn’t have to be overwhelming. With IRIS Instant, onboarding is seamless: 

• Dedicated onboarding support 

• User training and helpdesk 

• Intuitive UI with minimal learning curve 

• Compliance updates automatically integrated 

The Future Belongs to the Digitally Ready 

The world of corporate compliance in Malaysia is undergoing a digital revolution. As a company secretary, you’re no longer just a compliance officer — you’re a strategic guardian of corporate integrity. 

Staying relevant means adopting the tools and technologies that empower you to meet modern expectations with speed, precision, and confidence. 

IRIS Instant is more than a tool — it’s your partner in progress. 

Ready to Simplify Your MBRS 2.0 Filings?

Don’t let manual processes slow you down. Whether you’re managing compliance for a single entity or hundreds, IRIS Instant empowers you with AI-powered XBRL tagging, automated validations, and expert review services — all in one secure, cloud-based platform. 

Experience it for yourself! Sign up for a free trial today and see how IRIS Instant reduces your turnaround time from 2 days to just a few hours.