A notification was published by the Companies Commission of Malaysia (“SSM”) regarding the implementation of the Companies Act 2016 (“CA 2016” or “the Act”) on a gradual basis with the first phase being effective from 31st January 2017. Hence, with the introduction and enforcement of the first phase of the CA 2016, the Companies Act 1965 is annulled.
It is often perceived that incorporating a company is a burdensome procedure but hopefully after reading this article, I succeed in providing you with at least a minimum amount of reassurance that it is not as irksome as you would think.
Long gone are the days when it was enough for a Chief Financial Officer to know how to read and manage a balance sheet, track the ratios and run a company’s accounting department.
Technology has rapidly transformed the role of the CFO and the expectations the fellow C-suite executives have of the position. With access to significant and almost real-time data, many of the traditional expectations for CFOs — producing monthly financials or compiling budgets in thickly bound books (or the digital equivalent, spreadsheets) — are no longer sufficient. The CFO was historically characterized as the secret custodian of financial information and, in most circu...