To Carry On Business As Farmers Companies in Malaysia
The Companies Act 2016 defines a ‘farmer’ as a person carrying on business as a farmer, whether or not as a sole proprietor, partnership, limited liability partnership, company or cooperative.
A ‘farmer company’ is a company that is carrying on business as a farmer and is registered as a farmer company under the Companies Act 2016.
The Registrar of Companies (ROC) will maintain a public register of farmer companies.
The key features of a farmer company are as follows:
-A farmer company must have at least 2 directors who are natural persons and are residents in Malaysia.
-A farmer company must have a minimum paid-up capital of RM50, 000.
-A farmer company is not required to hold an annual general meeting (AGM).
-A farmer company is not required to prepare audited financial statements.
-The directors of a farmer company are not liable for the debts of the company unless they have acted recklessly, with intent to defraud or in bad faith.
A ‘farmer company’ is a company that is carrying on business as a farmer and is registered as a farmer company under the Companies Act 2016.
The Registrar of Companies (ROC) will maintain a public register of farmer companies.
The key features of a farmer company are as follows:
-A farmer company must have at least 2 directors who are natural persons and are residents in Malaysia.
-A farmer company must have a minimum paid-up capital of RM50, 000.
-A farmer company is not required to hold an annual general meeting (AGM).
-A farmer company is not required to prepare audited financial statements.
-The directors of a farmer company are not liable for the debts of the company unless they have acted recklessly, with intent to defraud or in bad faith.
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