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Salient points of Malaysian Companies Act 2016

By April 1, 2018 No Comments
  1. Companies with single member / director.

A company can be  incorporated by a single member and that single member (natural person) can also be the sole director of the company. However, public companies are still required to have minimum 2 directors.

  1. Decoupling of lodgement of Annual Return & Financial Statements.

The Annual Return to be lodged based on the anniversary of the company’s (incorporation date). It must be submitted within 1month from the anniversary date and the financial statements to be lodged within  7 months from the financial year end.

 

  1. Constitution or Memorandum & Articles is now optional.

A constitution or  M & A  is optional for companies. The members and directors are given the prerogative to decide based on their preference. However, it is still required for a company limited by guarantee.

 

  1. No nominal/par value for shares.

Shares would not have a nominal/par value at the point of issue. The value will be based on the circumstances and needs of the company.

 

  1. Authorised Capital no longer required.

There is no longer a Authorised Capital concept under CA 2016. The company is only required to notify the issued and paid up capital and the related changes through the Return of Allotments.

 

  1. Abolition of requirement for AGM for Private Companies.

AGM is no longer a mandatory requirement for a private company. All decisions can be made through circular resolutions.  This includes the adoption of financial statements.

 

  1. Capital Reduction.

A reduction of capital can be carried out with the passing of special resolution and subject to a   solvency test. A court approval is no longer required.

 

  1. Abolishment of Statutory Declarations for newly Appointed Director.

Section 198 of CA 2016 states factors that disqualify a person from acting as a company director. CA  2016 no longer require for a person to make a statutory declaration. Only a written statement confirming the person is not disqualified to act as a director is sufficient.

 

  1. Annual Compliance

Section 198 of CA 2016 states factors that disqualify a person from acting as a company director. CA  2016 no longer require for a person to make a statutory declaration. Only a written statement confirming the person is not disqualified to act as a director is sufficient.

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Author: N.KRISHNAN