Section 574. Accounts to be kept by foreign companies

(1) Every foreign company, the directors and managers shall cause—

(a) to be kept accounting and other records in Malaysia as will sufficiently explain the transactions and financial position of the foreign company, arising out of its operations in Malaysia; and

(b) the records under paragraph (a) to be kept in such a manner as to enable the records to be conveniently and properly audited.

(2) The records referred to in subsection (1) shall be audited by a person approved under section 263.

(3) Every foreign company, the directors and managers of the foreign company shall cause appropriate entries to be made in the accounting and other records within sixty days of the completion of the transactions to which the entries relate.

(4) Subsections 245(3), (4), (7) and (8) shall apply to foreign companies as if for references to a “company” there were substituted references to a “foreign company”.