REQUIREMENT FROM 1^st JANUARY 2022

The recent amendment to Regulation 34A(1) of the Registration of Engineers Regulations 1990, approved by the Board, to allow shareholding by any person and/or bodies of up to 100% came into operation from January 1, 2022.

The Regulations to comply with the amendments of Section 7A (Single Disciplinary Practice) and 7B (Multi-Disciplinary Practice) of the REA; new regulations, Regulation 34A Paid up capital and Equity and Regulation 34B Composition of the Board of Directors have been amended as follows;

"Regulation 34A         Paid up capital and Equity

1.    A body corporate registered as an Engineering consultancy practice under section 7A of the Act shall have -

(a)   a minimum paid up capital of fifty thousand ringgit;

(b)  the share equity may be held by -

i.     any person; or

ii.    any body corporate; or

iii.   any person and body corporate.

2.    A body corporate registered under Section 7B of the Act shall have

a.    a minimum paid up capital of one hundred and fifty thousand;

b.    at least sixty percent of its share equity held by Professional Engineers with Practising Certificate with combination of service comprising Architects or Professional Quantity Surveyors:

c.    minimum share of ten percent shall be held by the Professional Engineers with Practising Certificate; and

d.    the remaining share equity may be held by -

i.     any person; or

ii.    any body corporate; or

iii.    any person and body corporate

 

Regulation 34A is illustrated in Figure 2.