Dear Valued Customers,
Welcome to our E-Newsletter September 2019!
3E Accounting understands that international expansion is more than a matter of geography but requires a transformational global strategy. Our professional one-stop solution has travelled from Malaysia to more than 60 countries across the globe in a very short span of three years. We are proud to announce that 3E Accounting International grown to 90 offices across all six continents with 1,300 staff internationally. The milestone achievement was featured in global advisory and consultancy platform, Consultancy.asia “3E Accounting International network reaches 60 member milestone”. We will not rest on our laurels and will continue to support local companies to tap on international markets by leveraging the expertise and experience of the 3E Accounting International network members across the globe. While we expand our global footprint aggressively through strategic alliances, we are committed to upholding the high standard and quality that our clients have come to expect.
3E Accounting Malaysia Capitalises on the Belt and Road Initiative (BRI) with its Global Network
Closer to home, 3E Accounting International network has given us an edge to reap the benefits of the Belt and Road Initiative. Despite not having a China desk, unlike the Big Four, 3E Accounting capitalised on the BRI by adopting a different approach. We reached out to China’s SMEs rather than huge government-linked corporations, by leveraging our fast-expanding global accounting network and help our clients to tap into the BRI anywhere in the world.
Malaysian Economy is in Great Shape!
Abundant natural resources and inherent economic strength have stood Malaysia in good stead to achieve higher growth rate with more structural reforms, according to Bank Negara Malaysia (“BNM”) Governor Datuk Nor Shamsiah Mohd Yunus. Malaysia’s economy has performed better than expected in the second quarter of 2019 at 4.9 per cent (4.5 per cent in the first quarter) and the commodity sector has been the main driver behind the second quarter’s growth.
Implementation of Automatic Reduction on Compound
The Companies Commission of Malaysia (“SSM”) has implemented the automatic compound rate reducing method to help the corporate community enjoy a higher compound reduction rate without having to submit an appeal to the SSM. The compound rate reducing method also serves as a remedial solution for the compound within a specified period and a channel to encourage the corporate community to comply with the provisions of the Companies Act 1965 and the Companies Act 2016.
National Wealth Database: Boon or Bane
3E Accounting founder Lawrence Chai shared his insights on the merits and challenges of implementing a national wealth database in a radio interview with 88.3 Jia FM. While a national database that archived personal data including salary information could raise many data privacy concerns, Lawrence pointed out that it could also help highlight issues like unjust salary conditions and support hiring institutions to conduct better due diligence during the recruitment process.
As we celebrate our Independence Day on 31 August, let us take a moment to remember the history of independence and acknowledge the harmony and peace we have been enjoying throughout the years. Happy Merdeka Day!
Founder, 3E Accounting Group
Read More in our E-Newsletter September 2019.