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29 Requirements of a locally incorporated company

Requirements of a locally incorporated company

Once a company is already incorporated in Malaysia, it must adhere to the following:

1.  It must maintain a registered office in Malaysia where all books and documents required under the provisions of the Act are kept. The name of the company shall appear in legible romanised letters, together with the company number, on its seal and documents.

2.  It cannot deal with its own shares or hold shares in its holding company. Each equity share of a public company carries only one vote at a poll at any general meeting of the company. A private company may, however, provide for varying voting rights for its shareholders.

3.  It must appoint a company secretary who is a natural person of full age who has his principal or only place of residence in Malaysia. He must be a member of a prescribed body or is licensed by the ROC. The company must also appoint an approved company auditor to be the company auditor in Malaysia.

4.  It must have at least two directors who each has his principal or only place of residence within Malaysia. Directors of public companies or subsidiaries of public companies normally must not exceed 70 years of age. It is not incumbent that a company director should also be a shareholder.

 

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Requirements of a locally incorporated company Copyright © 2011 by Wawasan Open University. All Rights Reserved.

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