About Companies Act 2016
Why Companies Act is important?
[UPDATE: The Bill has received Royal Assent on 31 August 2016 and has been gazetted on 15 September 2016 as the Companies Act 2016.]
Similar to taxation system, company is intertwined with how businesses operate and more importantly the cost involved in doing business. Having lots of outdated administrative requirements ingrained in the current Companies Act 1965, it is necessary to re-enact a modernised and cost efficient company law.
The key Purpose for the enactment of Companies Act is to :
Since Companies Bill 2015 itself is very bulky [it comprises of 620 sections and 13 schedules, 575 pages long – i.e. about 1 inch thick if printed].
If you think GST is exciting wait till you see the New company law
So many changes being incorporated, do take the time and effort to study or attend a company law course organised by us or any other organiser.
Ensure you are well informed and know what needs to be done in relation to those changes, especially if you are acting as a director, shareholder, company secretary, the legal team or accounting & finance.
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What are the Key Changes in Company Law?
Read our blogs below to find out more.
Companies Bill 2015
Company law has been approved by Parliament on 28 April 2016
Upon gazetting of this Bill, Malaysia will see a brand new company act. Where various radical changes has been introduced and crafted. It is another huge shift in how businesses will operation and administered. If you think GST is exciting, wait till you see Company Law. It is a total revamp.
Click on the button below to get a ebook version of the bill absolutely free.
Corporate Law Report
CLRC was set up in 2003. As a result of their hardwork and dedication a 234-pages report was formed. Where it was vested the duty to reformat and provide suggestion on how Malaysia company law should be presented. It took CLRC 5 years long of research, consultation and cross country and jurisdictional research to produce this report.
Click on the button below to get a ebook version of the report absolutely free.
Timeline to Publishing of Company Act
2003Established Corporate Law Reform Committee (CLRC)Suruhanjaya Syarikat Malaysia (SSM) established Corporate Law Reform Committee (CLRC) to review the Companies Act 1965, in order to keep up with the current and future needs of corporate structure in Malaysia.
2008CLRC Report PublishedThe CLRC report was published, having made reference to various cross jurisdictional benchmarking studies that have similar corporate structure as Malaysia, e.g. Australia, New Zealand, United Kingdom, Hong Kong and Singapore. The report is 234 pages long. The report comprises of the final recommendation and the reasons for such recommendation. Click here to view the CLRCreport