Companies Act 2016 and its impact to Businesses in Malaysia

Nabil Nazrin, Legal Counsel, Malayan Banking Berhad, Malaysia

Existingly, one can establish a business in Malaysia either by way of a sole proprietorship business, partnership business, Limited liability partnership business or as a company. Partnerships are governed by the Partnership Act 1961 whereas Limited liability partnerships are governed by the Limited Liability Partnership 2012. Companies formed in Malaysia were previously governed by the Companies Act 1965 ("CA 1965"). There are advantages and disadvantages in each type of business, depending on the criteria and risk appetite that one is looking at.

Nabil Nazrin is a Legal Counsel with the Commercial Banking & Corporate Functions, Group Legal, Malayan Banking Berhad ("Maybank"). He graduated with a LL.B (Hons) from Universiti Teknologi MARA, Malaysia and started his legal career in 2012 as a Legal Associate with Messrs. Shook Lin & Bok Malaysia, handling corporate, conveyancing and banking law matters. He joined Group Legal, Maybank in year 2016.

The Maybank Group is the largest banking group in Malaysia and has a strong regional presence in South East Asia with total assets of about Ringgit Malaysia 736 billion (as at 2016) and a staff strength of about 44,000. Maybank offers a comprehensive range of financial services ranging from corporate and consumer banking, investment banking, insurance and Islamic insurance asset management, Islamic banking, offshore banking, stock broking, venture capital financing and internet banking with 2,400 offices in over 20 countries.