The New Companies Act 2016
The Companies Act 2016 (hereinafter CA 2016) has been implemented on the 31st January 2017. The CA 2016 has replaced the previous Companies Act 1965 (hereinafter CA 1965) and the changes were significant.
We would like to highlight 3 main significant changes :
1. the incorporation procedure,
2. the share capital and par value for shares,
3. the corporate rescue mechanism.
The New CA 2016 has affected the works of legal personnels, company secretaries, accountants and auditors, banks, and various government departments. The authority has not confirmed and formalised the legal documentations of the Company and it is expected to be implemented gradually.
Therefore we would like to seek the attention of the Directors and Shareholders on the above changes and we value your cooperation.
For any further inquiries and clarifications needed, please do not hesitate to contact us.