Dear Valued Customers,
Welcome to our August newsletter! The months seem to fly by! August is an exciting month ahead for all of us in Malaysia.
Malaysia Celebrates Merdeka Day on 31 August
The 3E Accounting team wishes our fellow Malaysians Happy Merdeka Day! This year’s Merdeka Day theme is Malaysia Prihatin (Malaysia Cares). The theme was chosen to celebrate efforts made by everyone in the nation as we worked together to battle COVID-19, especially the front liners and essential workers.
3E Accounting Gains Foothold in Hong Kong
Our first announcement for August is that we have successfully expanded to Hong Kong! Launched 8 July 2020, we chose Hong Kong for two reasons. One, there continues to be a significant growth in foreign investors keen to set up a presence in Hong Kong due to its unique economic and geographic advantages. The second reason is that Hong Kong is a launchpad for those who are keen to tap into Mainland China, which is a growing market for all of us in Asia.
Updates to the MFRS
The Malaysia Accounting Standards Board (MASB) recently updated the Malaysia Financial Reporting Standards (MFRSs). The new amendments include improvements to the MFRS standards and contracts, among other things. These changes will take effect either on or after 1 January 2022. If a company wants to apply for the new reporting standards earlier, they can. Companies who need assistance with the latest amendments to the financial reporting standards can get in touch with us at [email protected].
RM14.2 billion in Facilitation Funds
To support the economy, the government has approved RM14.2 billion in facilitation funds. This is out of the RM20 billion under the Public-Private Partnership (PPP) approach. These funds are allocated mainly to assist the private sector in projects which support economic development.
Buy Over an Existing Business Instead of Starting a New One
Building a brand-new business from scratch is exciting. However, there is an alternative, perhaps a better one for most. Have you considered buying over an existing business? When you buy over a company, you gain so much more with your customer base, marketing leverage, employees and infrastructures. If you are interested, this is easily achievable by three simple steps: negotiating, drafting and notifying the SSM in Malaysia. More information is available here.
Until the next time we catch up, stay safe everyone!
Thank you.
Lawrence Chai
Founder, 3E Accounting Group
Read More in our E-Newsletter August 2020.
