THE Companies Act 2016 (Act 777) and The Companies Commission (Amendment) Malaysia Act will come into operation on 31 January 2017.
Despite Companies Act 2016 received Royal Assent on 31 August 2016 (gazetted on 15 September 2016), the Act did not state what is the implementation date.
SSM side however has mentioned in press release that it will be implemented by stages from first quarter onward. Since then, many have been looking forward (including ourselves) to SSM's announcement.
The long awaited announcement has finally arrived.
The following is the extract of the announcement :
Dimaklumkan Suruhanjaya Syarikat Malaysia (SSM) akan menguatkuasakan Akta Syarikat 2016 secara berperingkat mulai 31 Januari 2017. "
It is very IMPORTANT TO NOTE that the current MyCoID Portal will close in stages from this coming Wednesday (25 January 2017) to Friday (27 January 2017). Therefore, existing MyCoID user refer to this schedule as to their application or any submission.
From 31.1.2017, the Portal MyCoID 2016 will operate via this link: https://mycoid2016.ssm.com.my/
This is an important step taken by SSM showing its commitment and readiness to adopt the long nurtured NEW and MODERNISED COMPANY LAW. However, in view that Company Act is a very bulky and important law in Malaysia, we still need to wait to grab our hand on the gazette order which will clearly indicate the implementation date of respective sections in the New Act, in order to plan and execute the respective provisions in the New Act appropriately.
In this regards, if we hear any news about the official gazetting Date of Commencement of Companies Act 2016 , we will keep you updated.
By the way, after Chinese New Year holidays please attend courses or seminars regarding this new Companies Act 2016 to make sure you know what are the things need to be done, before SSM start enforcement of penalties.