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Friday, June 2, 2017

Companies Act 2016 Major Changes

Companies Act 2016 implemented with effective from 31.1.2017. 
The previous Companies Act 1965 duly repealed.
Major Changes:- 
a) ONE PERSON company
b) NO MORE AUTHORISED CAPITAL required. No more nominal value or par value for each shares. Only remain paid up capital! Any future share issued will be at an issue price. The issue price may be determined by Board based on company performance.
c) NO MORE ANNUAL GENERAL MEETING. Audit report approved by Board and adopted by Members. Filing audit report with authority within 7 months from year end
d) ANNUAL RETURN will be filed within 30 days from company's anniversary date (i.e date of incorporation)
f) WITH NO CONSTITUTION, all changes in the company details, directorship, shareholdings etc will be governed by new Act
g) no compulsory to adopt COMMON SEAL
h) no compulsory to have SHARE CERTIFICATES


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