Are you aware that all transactions of your companies must be appropriately entered in the accounting and other records within sixty days of the completion of the transactions? This is the requirement pursuant to Section 245 of the Companies Act 2016.
Such accounting and other records must enable the preparation of the companies’ true and fair profit and loss accounts and balance sheets and must enable for the convenient and proper audit purpose.
The records must be retained by the companies for seven years. They shall be kept at the registered office, or at other places where the directors think fit, and shall at all times be open for inspection by the directors.
The records for operation outside Malaysia can be kept outside Malaysia provided such records shall be SEND and kept at a place in Malaysia and be made FOR inspection by directors at all times.
Conviction to this section: Fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.