Enterprise
A step in the right direction
Calyn Yap | 19 May 2017 00:30

The Companies Act 2016 and the Companies Regulations 2017 came into force on Jan 31 but there remains a startling lack of awareness among SMEs on the changes in laws regulating companies.

It is not surprising, considering that from over 350 provisions in the Companies Act 1965, the new CA 2016 Act 777 covers 617 provisions with major areas of reform.

 

That said, many applaud the new CA 2016 as it brings Malaysia up-to-date with regional peers, says Associated Chinese Chambers of Commerce and Industry of Malaysia SME and Human Resource Development Committee chairman Koong Lin Loong.

 

SME Association of Malaysia president  Datuk Michael Kang Hua Keon points out that SMEs lack the most awareness in changes on directors’ responsibilities. “I am in support of this policy that is relevant to the digital economic era. This is the right move, but CCM (Companies Commission of Malaysia) should give more education on director’s responsibilities,” he tells FocusM.