KUCHING, Feb 27: Compounds for all offenses under the Companies Act 1965 repealed from March 1 to June 30 will be reduced by 90 per cent of the original amount.
This is the new initiative implemented by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) through its agency Companies Commission of Malaysia (SSM).
“The implementation of this new initiative is expected to help the business community to continue doing business in the challenging environment at the time, due to the Covid-19 outbreak,” said KPDNHEP Minister Dato Sri Alexander Nanta Linggi.
Meanwhile, he said SSM would continue with five other initiatives introduced in 2021 with some improvements, which includes the Caring Business Registration Scheme (SPPP), which offers free business registration to B40 group entrepreneurs and full-time IPT students.
SSM will also carry on with the 1 OKU 1 Business Scheme (S1O1P) for free, which is expected to encourage the OKU (special needs people) to venture into business legally.
While the registration period of SSM BizTrust to business entities registered with SSM for free is extended until Dec 31, SSM proposed amendments to improve the provisions under the Companies Act 2016 relating to corporate rescue mechanisms and compromise schemes or arrangements.
“These improvements and amendments will enable companies facing financial difficulties to apply for the appropriate corporate rehabilitation process so that the company can continue to operate.
“The bill for amendment will also introduce provisions to strengthen the policy on a comprehensive beneficial ownership reporting framework,” said Nanta in a statement today.
The last initiative involved SSM introducing provisions related to the corporate rescue mechanism under the Limited Liability Partnership Act 2012 for Limited Liability Partnership (LLP) entities facing financial difficulties.
The bill seeks to improve the existing legal framework related to corporate rehabilitation for LLPs and introduce provisions to strengthen the policy on a comprehensive beneficial ownership reporting framework.
KPDNHEP and SSM hope that these initiatives can help the country’s economic recovery in line with various initiatives implemented by the government.
For more information, the public can contact the SSM Call Center at 03-77214000 or email firstname.lastname@example.org. — DayakDaily