Company Law 266 Assignment

The definition of company is 'A legal entity, by legislation, which permits groups of people, as shareholders, to apply to government for an independent organization to be created, which can then pursue set objectives ' (Duhaime, 2014).

Company is a form of corporation and regulated by the Corporations Act. The legal significance of being as a company is it exists as a separate legal entity and dependent upon human beings to make decisions on their behalf. The person who makes or participates in making decisions that affect the whole or a substantial part of the company’s business can be defined as a director. The legal definition of director is stated under section 9 of the Corporations Act[1] which indicates that, it is more appropriate to look at the function of the people rather than at the job title

Then, read the eligibility requirements of a business name holder and confirm it. There is a chance for people to make a double check of the application. Next, read the declaration and make it, and pay for this at the same time. The last step is that submit the transaction to ASIC and wait 2 working days. The most important thing is that the company’s name must not be registered and the name cannot similar to a business name which already registered because it would misleading consumers.

In the case of omitting the word “Berhad” or “Bhd”, according to Section 45(3) of Companies Act 2016, the company limited by guarantee may apply to the Minister for the the license to omit and he may impose terms and conditions which he thinks that it fits in approving. An application to the Registrar together with a constitution need to be submitted by companies limited by guarantee for incorporation (Mia.org.my,

The directors, who are responsible for the shareholders, will take responsibility for the company and its activities and finances. The companies should have their own bank accounts, and records must be kept of all expenditure and income. The company raises funds by levying subscription or other charges.

When the British colonized Malaysia, many changes were made. This includes major changes in the organizational structure. The demographic of the country was changed as well when the British brought in workers from China and India. The bureaucratic model of administration was gradually institutionalized based on the political neutrality and the hierarchical loyalty. After Malaysia gained independence in 1957, the new government inaugurated Weber’s bureaucratic model in the administrative field. (Essay: Bureaucracy in Southeast Asia - New Directions in Bureaucratic Change. (n.d.). Retrieved September 18, 2014). This shows that for a very long time Malaysians have been practicing the bureaucratic model. They have been taught and have adapted to accept the bureaucratic model. The citizens are used to it, so to change their entire organizational structure into the Japanese type would not only be a hassle, but problems will arise as it can’t adapt in the Malaysian way of

That why, government must be aware in order to estimate the number of quota of foreign workers to work in our country so that it will be reduce the impact the number of shortage labour from the local worker with increase the minimum of wage and benefit so that it attract local peoples to work in our own country and reduce the number of unemployment. Not only that, Malaysian also need to be more productive, creative and innovative and willing to be compete with foreigners so that they not easily to manipulate us in all of the organization. Lastly, regulation must be implement strictly so that any criminal, social problem or distribution bad ideology involve in foreigners must be zero like send them back to their own

　　Furthermore, the business area of the company include Kuantan area, Pekan , Temeroh, Raub, Mertakab, Kuala Terengganu, Kemaman and

It requires the business owners to fulfill many criteria that the governments want them to fulfill without hiding anything. Since the responsibility is huge, therefore every business owner needs to take care of many things which they find quite troublesome. In such a situation, the role of the companies that provide assistance in forming the company becomes extremely important. There are many such companies, among which the name of Your Company Formations Ltd. requires a great attention. These companies offer all tangible assistance at a very affordable manner. However, the companies offer quite a few advantages too. Following are some of these advantages:

A Bumiputera company must satisfy some criteria. Firstly, Established under the Companies Act, 1965. Then, Paid-up capital of at any rate RM25, 000. Moreover, shareholders are 100% Bumiputera and Board of Directors are no less than 51% Bumiputera. Plus, Managerial and Professional Staff are no less

Cheng and Kong formed a company called Jati Diri Sdn Bhd. It is a private company. Section 15 of the Companies Act 1965 defined a private company have to follow the characteristics which are the number of member must have minimum 2 and not more than 50 but excluded employees holding shares. Besides, it also restrict the right to transfer its shares and prohibits any invitation or offer of shares to outsiders or to deposit money with company.

Telekom Malaysia Berhad corporate statement is allocate to several category such as vision, mission, guiding principles, guiding values and new brand promise & tagline of the organization. For vision statement of Telekom Malaysia Berhad is ‘To make life and businesses easier, for a better Malaysia’. This refer to the service that TM Berhad were providing to Malaysian’s customers with a good service telecommunication for a better life and easy for businesses.

GLCs are defined as companies that have an essential business objective and in which the Malaysian Government has a direct controlling stake. Controlling stake alludes to the Government's capacity (not simply rate proprietorship) to appoint BOD members, senior management, make major decisions (e.g contract awards, strategy, restructuring and financing, acquisitions and divestments etc.) for GLCs either directly or through GLICs. (Khazanah Nasional, 2006).

Just like most of the countries, Malaysia also has our own central bank which has the monetary authority to oversea the financial system and the economy which is known as Bank Negara Malaysia (BNM). BNM was established on 24th January 1959 and Central Bank of Malaya Ordinance was provided the licensing and regulation of the business of banking in the Federation of Malaya. As time passed, BNM grew stronger and has more authority, supported by several act to ensure the stability of Malaysia Financial System. Currently, the bank is active in developing financial inclusion policy and is an important member of the Alliance for Financial Inclusion. The current governor of BNM is Tan Sri Muhammad bin Ibrahim who assumed the office of Governor on 1st May 2016, succeeding Dr. Zeti Akhtar Aziz.

The Salomon case reinforce the principle of limited liability companies or a separate legal entities from the people or alone. The Companies Act1862 stated that a company stated that a company has to have 7 share holders. So the conditions of the legislation was properly observed, the share holders could not financially pursuit in the individual capacity for the debts of the company. Salomon incorporated his business in accordance with the Act. He had taken all the shares except six shares that he had distributed among his wife, daughter and four sons.