News

KPDNHEP offers 90% compound reduction under Companies Act 1965

by AUFA MARDHIAH / pic by TMR FILE

THE Ministry of Domestic Trade and Consumer Affairs (KPDNHEP), through the Companies Commision of Malaysia (SSM), has offered a 90% reduction compound for all offences under the abolished Companies Act 1965.

Minister Datuk Seri Alexander Nanta Linggi said the discount is an initiative to help ease the burden of corporate entities in the middle of the pandemic and to boost economic recovery.

He said the ministry, through agencies like SSM, would continue with five initiatives introduced last year, but with certain improvements.

“SSM will continue implementing initiatives introduced last year like the Prihatin Business Registration Scheme (SPPP), which offers free registration to entrepreneurs in the B40 (bottom 40%) group and full-time students of IPT (institutions of higher learning),” he said in a statement yesterday.

“This new initiative aims to help the business community continue to do their business in this challenging business environment due to Covid-19 pandemic outbreak.”

The SPPP offers free business registration to B40 entrepreneurs and full -time IPT students, apart from continuing the implementation of the 1 OKU 1 Business Scheme for free to encourage persons with disabilities to venture into business legally.

SSM is also extending the registration period of SSM BizTrust to business entities registered with SSM for free until Dec 31, 2022.

To help companies operate and stay afloat, SSM have proposed an amendment to improve the provisions under the Companies Act 2016 related to corporate rescue mechanisms and compromise schemes or arrangements to enable companies facing financial difficulties to apply for an appropriate corporate rehabilitation process.

On top of that, the bill will also introduce provisions to strengthen the policy on a comprehensive beneficial ownership reporting framework.

Last but not least, SSM has also introduced provisions related to corporate rescue mechanisms under the Limited Liability Partnership Act 2012 for limited liability partnership (LLP) entities facing financial difficulties, aimed at improving the existing legal framework related to corporate rehabilitation for LLPs.

The bill in return will also introduce provisions to strengthen the policy on a comprehensive beneficial ownership reporting framework.

Zukri

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