Page 367 - Westport Guide To Malaysia

THE GUIDE TO MALAYSIA 359
in their undertakings for mediation or arbitration utilising the rules of international arbitration agencies including those of the Asian International Arbitration Centre (AIAC) which uses the United Nations commission on trade law (uncitral) rules for arbitration minimally adjusted.
The procedures to set
up a company in Malaysia under the Companies Act 2016 are fairly simple; in fact, the World Bank ranks Malaysia as No.4 in East Asia & Pacific for ease
of starting a business. However, statutory bodies such as the Companies Commission of Malaysia,
the Securities Commission and Bursa Malaysia have substantive powers conferred on them by Acts of Parliament to oversee, regulate and control the operations of companies. Malaysian companies
are held to international standards of compliance and regulation through
the Malaysian Code on Corporate Governance 2017. Remarkably, Malaysia ranks 2nd globally for protection of minority investors, according to the World Bank’s Doing Business Indicators for 2020.
Malaysia is a member of the World Intellectual Property Organisation (WIPO) and a signatory
to the Paris and Berne Conventions and to the Agreement on Trade- Related Aspects of Intellectual Property
Rights (TRIPS), ensuring that intellectual property protection in the country
is in line with established practices around the world. As a result, Malaysia is no longer seen as a haven for pirated goods, and several high-profile prosecutions have taken place for breach of intellectual property laws. It should also be noted that intellectual property offences are treated as criminal rather than civil matters, with
the possibility of custodial sentences incurred.
Kuala Lumpur is a major regional finance centre, a fact that is reflected in its architecture. The City Centre skyline is dominated by the headquarters buildings of local and international banks and financial institutions.