List 5 business events in Malaysia
The law is so essential; the law is intriguing (Beatty and Susan 2005). Finally, each society and each entity of which we have some historical record has had some system of laws. Naturally, the systems have varied greatly in all sectors of human activities. In relation to a business environment, for example, when the jury awarded 8 million against a car manufacturer for a defective car design, it undoubtedly demonstrated the power of the law; the rights of the affected consumer in which they - the company must know these obligations or laws that govern its profit activities
In relation to the question previously acquired, there are a large number of laws that can directly or indirectly govern a particular business, particularly in Malaysia. However, the laws applicable to a business depend on the type of business. In the following paragraph, related laws will be highlighted according to the key area of a company. The key area is the laws that govern business training in Malaysia, others, such as the employment law, intellectual property, warranty and product liability and, last but not least, cyber law.
i) Law of the Malaysian Business Commission of 2001
- Laws govern business training
There are several types of company constitution in Malaysia, namely, sole proprietorship, general companies, private corporations and corporations. Each type of business and company has its own attributes in the form of its incorporation and management procedures, as well as the laws that govern them. Choosing the right type of commercial incorporation from the beginning will help the business administration run smoothly.
The business registry in Malaysia is managed by the Malaysian Business Commission (SSM) and is governed by the Malaysian Business Commission Act of 2001. Under the law, SSM is responsible for all types of business and records of companies that wish to train in the country. Before the establishment of SSM, the task was performed by the Companies Registry (ROB) and the Companies Registry (ROC).
Sole Proprietorship
Briefly, there is no law or act created for Sole Property. A person can simply register their business with SSM and with the registration number; The business is immediately valid for all types of commercial activity. However, a sole proprietor is subject to other contracts or civil laws, whichever is directly or indirectly bound or complied with.
Partnership
Unlike sole property, all companies are governed by the Companies Act of 1961. In the event that the partners make their own agreement, that agreement will prevail. However, for certain matters that do not cover within that agreement, the particular provisions of the Association Law will apply. Therefore, in a society, it is said that a written agreement should be drafted for the benefit of both parties.
Limited Partnership (SdnBhd) and Limited Partnership (Bhd)
Companies in Malaysia are governed by the Companies Act of 1965, which protects the rights and interests of shareholders and investors, and sets standards for the incorporation of companies, the formulation of constitutions, management and company closures. The laws also describe the need to have two members and for the limited liability company it is limited to 50 members. A minimum paid-in capital for a private limited company is RM 2. While higher disbursed capital is imposed for a public limited company (if you are looking to quote in Bursa Malaysia) (SSM).
ii) Employment Law of 1955
- Employment Law
A company will somehow need two or more workers. These are the people who will do most of the work during a business day and night. Workers can come from all kinds of backgrounds and lifestyles. And because of that reason, there may be a lack of communication, misconduct or other possible non-professional situation between employer-employee relationships. This relationship at work is what is known as labor relations. Therefore, certain rules under the provision of the employment law must be governed by the situation. To ensure that both parties can work effectively, safely and comfortably in any period of employment.
Labor laws provide the legislative framework for the labor relations system. The laws describe the rights and obligations of the parties in the workplace. The rights and obligations of employers and employees differ depending on whether the workers belong to a union or not. When none of the workers in a particular workplace have joined a union, the relationship between employees and the employer is generally individual
iii) Patent Law of 1983
A patent is a document issued by the government office that describes the invention and creates a legal situation in which the patented invention can normally only be exploited (manufactured, used, sold, imported) by or with the authorization of the patent holder. An invention is a novel idea that allows in practice the solution of a specific problem in the field of technology. Malaysia offers adequate services in the fields of industrial property for local and foreign investors. Patent protection in Malaysia is governed by the 1986 Patent Regulations.
iv) Law on goods and services tax of 2014
The GST Act 2014 is the new law and will definitely affect all businesses in Malaysia. Therefore, as of April 2015, companies are required to follow the new law. The goods and services tax (GST) is a multi-stage tax on internal consumption. GST will apply to all taxable supplies of goods and services in Malaysia, except those specifically exempt. GST will also be charged for the importation of goods and services to Malaysia. In addition, GST is also applicable to the entire supply chain in the economy, including manufacturing, distribution and retail industries. Almost all supplies in the manufacturing sector will be subject to GST, including the sale of finished goods, capital goods and reduced services to another establishment.
v) Malaysian Customs Law of 1967
Most manufacturing companies will be involved in the importation of raw materials or in the export of finished products. Therefore, the product implies in the import and / or export circle is governed by this law. The main concept of the legal provisions is to apply the customs control procedures stipulated by the law and the Customs Regulations of 1977
iii) Patent Law of 1983
A patent is a document issued by the government office that describes the invention and creates a legal situation in which the patented invention can normally only be exploited (manufactured, used, sold, imported) by or with the authorization of the patent holder. An invention is a novel idea that allows in practice the solution of a specific problem in the field of technology. Malaysia offers adequate services in the fields of industrial property for local and foreign investors. Patent protection in Malaysia is governed by the 1986 Patent Regulations.
iv) Law on goods and services tax of 2014
The GST Act 2014 is the new law and will definitely affect all businesses in Malaysia. Therefore, as of April 2015, companies are required to follow the new law. The goods and services tax (GST) is a multi-stage tax on internal consumption. GST will apply to all taxable supplies of goods and services in Malaysia, except those specifically exempt. GST will also be charged for the importation of goods and services to Malaysia. In addition, GST is also applicable to the entire supply chain in the economy, including manufacturing, distribution and retail industries. Almost all supplies in the manufacturing sector will be subject to GST, including the sale of finished goods, capital goods and reduced services to another establishment.
v) Malaysian Customs Law of 1967
Most manufacturing companies will be involved in the importation of raw materials or in the export of finished products. Therefore, the product implies in the import and / or export circle is governed by this law. The main concept of the legal provisions is to apply the customs control procedures stipulated by the law and the Customs Regulations of 1977
Read also: How to register a company in Malaysia
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