KUALA LUMPUR: Discounts will be given to companies that have received notices from the Companies Commission of Malaysia (CCM) for various offences.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Hamzah Zainudin said those who came forward to pay the compounds as early as possible will be given discounts of up to 80%.

He said the discounts would be gradually reduced every month.

"If you come forward to settle your compound this month, you will be given a discount of 80%.

"If you settle in December, then you will receive a 50% discount.

"After that, there will be no discount given," said Hamzah in a press conference after officiating the CCM National Conference 2015 on Tuesday.

He said the discount was being given to prevent overdue in the accounts.

Hamzah said since 2012,179,179 notices have been issued with compounds valued at about RM150mil.

He said among the offences were failure of companies to submit their annual returns together with audited statements to CCM.

Others included failure to conduct the annual general meeting.

He said action could be taken against companies that failed to settle their compounds.

Hamzah also said under the proposed Companies Bill 2015, individuals could register companies with just one director.

Currently, there should be at least two individuals as directors.

"This will make it easier for those who want to start their own businesses," added Hamzah.

Source: The Star, 8 September 2015