Malaysia is going through business waves in recent years. Prospective Investors and companies from various parts of the world are seeking great business possibilities here in Malaysia. Entrepreneurs, company initiators, and well-established organizations around the world are gathering in this prospective nation to sail their corporate cruise for a better extension. Subsequently, Malaysia is inviting potentials with a welcoming attitude. However, with opportunities on their plate, there are several regulatory barriers that one has to pass through to register a business in Malaysia.
This particular article consists of a few useful advice that might be useful for upcoming business investors when proceeding for a business registration in Malaysia.
1. Recruit a company secretary
A business secretary is a primary need when registering for your company. Your hired company secretary carries various important tasks in your raising business. for instance, he/she carries out initial statutory meetings and any other general meetings, liaison with governmental and legal bodies to keep the company sustainable from the very beginning of your business. The secretary also carries out all business registration procedures by creating liaisons between the business and government bodies such as SSM OR ROC. In addition, the hired secretary also takes the responsibilities of drafting, revising and submitting MoA, AoA, and prepare other business regulatory documents in Malaysia.
2. Naming your company
A unique name must be selected for a new business. Name must be proposed in a formal manner through designated form supplied by SSM. Collect online registration forms from SSM e-Lodgment. Submit drafted Form PNA.42 and Form-A, along with ID copy, and some other forms to SSM. It is recommended to choose multiple business names. This minimizes the rejection possibilities of your chosen name. The company name must end with SDN BHD as a prefix. The business name and registration process normally take 1 to 2 working days for completion and government fees charged RM 60 for this service.
3. Paid-up capitals and other government fees
Keep your paid-up capital rate at RM 5000 at the initial level. This is the minimum capital amount you must have. You can, later on, increase this capital amount according to your business needs and expansion rate. You also need to pay a government fee of RM 1010, to carry out all the registration processes.
4. Get incorporation certificate
If all paperwork is valid, the delivery of the incorporation certificate should not take much time. You suppose to get the incorporation certificate within 2 working days. During this time, the business secretary needs to collect the super form from my data SSM. A business board resolution is also be conducted at this time.
5. Open a corporate bank account
The business registration procedure also recommends a business account named before the business. Local banks can often be bothersome. Try HSBC, UOB, OCBC for opening an account.
6. Clear out all tenancy agreements and set you company premises
You also need to set a tenancy agreement for renting a commercial space. The agreement should be valid for at least a year. Government surveyors often visit the new premises as part of business registration procedures
7. Get work permit and investor visa
If you are a foreign investor, trying to establish your business stronghold in Malaysia, your last requirement to pillar up the company is to apply for an investment visa from the embassy. During this time, you should also collect appropriate work permits from the Malaysian embassy by submitting appropriate papers and documents to carry out your business in a valid way.
8. Get other approval letters and licenses if needed
You need a few approval letters and business licenses to equip your business. Typically, Premises or accommodation license, Halal license and signboard license, medical and healthcare license, export-import license, manufacturing license, etc. Although it must be mentioned that, all of these licenses are not necessary for a particular company. License requirement varies according to companies and government requirements.
To get in-depth knowledge of business registration processes, please keep in touch with S & F consulting firm. Here the company has well-experienced business lawyers and consultants who are ready to guide and assist you regarding company incorporation in Malaysia.
, please keep in touch with S & F consulting firm. Here the company has well-experienced business lawyers and consultants who are ready to guide and assist you regarding company incorporation in Malaysia.