Fashion
Malaysia has one of the most complex corporate compliance regulations among 84 jurisdictions in the world, according to TMF Group’s Compliance Complexity Index.
Malaysia emerged as the fifth country in the world with the most complex corporate compliance regulation and second in Asia Pacific.
The ranking was based on the difficulty of adhering to local business regulations and associated issues – such as local reporting requirements, and the time taken to set up companies.
TFM Malaysia’s group managing director Sharon Yam said the index confirms the notion of Malaysia being reputed as one of the most complex jurisdictions for businesses to operate in.
“However, the government has enacted legislation that is causing drastic changes to the business landscape and compliance regulations, and may ultimately result in greater simplicity for businesses,” she said.
“With the introduction of an updated version of the 1968 Companies Act, out of date and time-sapping regulations have been replaced by more modern compliance standards. For example, the maximum age of directorship has been abolished, and companies are no longer required to state their shared capital. In the long term, this will make it easier for companies to comply with regulations, and Malaysia may begin to slide back down our list.”
The United Arab Emirates emerged as the country with the most complex regulations followed by, Qatar, China, Argentina and Malaysia.
TMF Group provides accounting, corporate secretarial, HR administrative and capital market support to companies of all sizes in more than 80 countries.
