Domestic Trade, Cooperatives and Consumerism Minister Hamzah Zainuddin said the Companies Act 2016 will ensure a more competitive and sustainable business environment in Malaysia.

“It transcends all fields which will shape business practices in Malaysia,” he said when launching the National SSM Conference 2017 here today.

He added that it would indirectly boost the government’s agenda of making Malaysia a high-income nation by 2020.

“The process and procedures of corporatising a company, the fees which must be borne and the outline of responsibilities and compliance of the company directors will also change after this new act,” he said.

Hamzah said the Companies Commission of Malaysia (SSM) had conducted a survey and grading process so that business practices in the country could be improved and be on par with international standards.

More than 1,000 participants are attending the two-day conference, which started yesterday, with the theme, “Implementing The Companies Act 2016: Moving Together. Greater Together”.