Companies Act 2016: Effective 31 January 2017

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Companies Act 2016: Effective 31 January 2017

In accordance with the federal gazette issued on 26.1.2017, Dato’ Seri Hamzah bin Zainudin, Minister of Domestic Trade, Co-operatives and Consumerism and Suruhanjaya Syarikat Malaysia (“SSM”) has announced that the Companies Act 2016 will be implemented effective 31st January 2017 (with the exception of section 241 and Division 8 of Part III). Download Companies Act 2016 here.

To facilitate the transition, a new portal called MyCoID 2016 will be accessible to the public from the 31st  of January 2017.

In an announcement dated 13.1.2017, SSM announced that a number of services will be available on the portal, including:

1. Registration of users;
2. Application of company name;
3. Incorporation of companies limited by shares;
4. Incorporation matters: nomination of the first co sec, lodgement of Constitution and e-stamping.
5. Return of allotment of shares;
6. Change in the Register of Members.

 

The Companies Act 2016 replaces the Companies Act 1965, which has been in place for the better part of last century. Companies should prepare themselves for the new act, as many are unaware of the amendments and changes.

Register to attend our talk Companies Act 2016 (stage 1 effective 31.1.2017) – A New Dawn for Companies in Malaysia on 16 March 2017 or sign up to our newsletter for more updates on Companies Act 2016.

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