The Companies Commission of Malaysia (SSM) has announced that the Companies Act 2016 will be brought into force, in stages, starting from 31 January 2017.
What will be brought into force on 31 January 2017?
SSM will be launching its new portal MyCoID 2016 to replace the existing MyCoID portal. In particular, starting from 31 January 2017, SSM intends to have all incorporation of companies to be applied through the MyCoID 2016 portal. The functions on this new portal will cover:
- Registration of users.
- Application for company names.
- Incorporation of companies limited by shares.
- Incorporation matters: nomination of the first company secretary, and lodgement of the Constitution and e-stamping.
- Return of allotment of shares.
- Change in the Register of Members.
For the existing MyCoID portal, users will have to be aware of the brief transition stage, starting from 25 January 2017 onwards.
What are some of the uncertainties?
It is not clear if the Companies Act 2016 will be made effective on 31 January 2017 such that companies can be incorporated under the provisions of the new Act. For instance, whether companies can be incorporated with a single member, whether the constitution provisions would now apply and whether the newly incorporated companies will enjoy no-par value.
SSM had earlier stated that the intention was to bring most of the provisions of the new Act into force, except for the corporate rescue provisions of corporate voluntary arrangement and judicial management. It is not clear whether 31 January 2017 will see many of the provisions of the new Act coming into force.
Published by: THEMALAYSIANLAWYER.COM
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