How to incorporate/ register a company in Malaysia
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| How to incorporate/ register a company in Malaysia |
How to incorporate/ register a
company in Malaysia as foreigner? How to setup a company in Malaysia? How to
form a company in Malaysia? What ways you search to find answer what is the
process of registering a company in Malaysia are discussed step by step:
Contact the right person: Whether investors himself or senior staff
contact the expert person/ firm who knows law and process of company setup in
Malaysia. Most of the foreign investors search online to find the right person
and do not search expert visiting physically in Malaysia. Investors visit once
all formalities are done to incorporate a new company.
Name clearance: First of all procedure of company licensing name
clearance comes at first. Many companies being registering every months
proposed name approval some difficult there. As such most of the proposed name
is rejected. So, at least three names selection is wiser to find availability. Know more as foreign company registration Malaysia .
Directors: How many directors are obligatory to form a new company?
It is minimum two who can be foreigners or local and foreigners. There is a
proverb that two local residing directors are needed to register a foreign
ownership company. But that is not mandatory rules at all. Without local
directors foreign ownership 100 percent is allowed by law. By the way, all
companies are incorporated as Company Act 1965 of Malaysia.
Fill up prescribe form 24, 44, 48, 49: As section 54 (1) of Company
Act 1965 form 24 is return of allotment where each share value and number of shares
are stated. As section 120, 333 and 335 (1 d) of Company Act 1965 form 44 is
notice of situation of office and office days and hours is stated. Weekly 5
working days that is from Monday to Friday and every day office hour are from
8.30 am to 4. 30 p.m. As section 141 (6) of form 48 is particular of directors
where directors position with passport information will be stated. Moreover,
memorandum and article of association of the company shall be drafted by the
company secretary and directors shall put signature on it.
Company Secretary: Every company shall assign company secretary who
will serve secretarial services including annual return submission, share
holding position change, attend Annual general Meeting etc.
Pay government and professional fees: Professional fees are not same or average to all experts but
different from each other. There is a word more fees better service.
Registered address/ business address: Registered address and
business address are not same word. Registered address that is used when
company is incorporated in particular forms. Business address is separate one
that can be in different place office is rented by agreement.
Open bank account: Investors are requested to contact the bank
before incorporate a new company in Malaysia to know opening corporate/
business account. Because opening bank account is a major issue for the nonresident.
Neither personal nor corporate account is allowed to open by the bank of
Malaysian. Only different pictures are noticeable in foreign banks.
Apply for import/ export license: Export in Malaysia is not allowed
of all goods. Some goods are restricted to be exported and imported. Detail is
here can look
Apply for manufacturing license: Manufacturing license is needed apart
from company incorporation to start manufacturing business in Malaysia.
Apply for Halal License: Preservation of Halal foods/ goods and
sells them from shop Halal license is needed to be obtained.
Apply for income tax certificate: Each company shall have income
tax certificate. Within three months of first selling income tax shall be
applied for and all companies shall be tax certificate within seven months of
company incorporation.
Plan for start a restaurant business: Most of the foreign investors
have first plan to start a restaurant business in Malaysia because of customer availability
and instant credit business. Approximately RM twenty thousand to RM forty
thousand may need initially to start a medium type restaurant business. Staff,
foods, furniture, location, cleanliness is important to start restaurant
business.
Visa: Professional visa and/ or work permit is needed to business
in Malaysia and open business account. Those are holding social pass shall fall
in trouble some to open company account.
MM2H: Malaysia my second home program that is open for all citizens
of the world except two country’s citizens. A long time visa and multiple entry
to Malaysia and many other facilities like purchasing property, owning car,
import family members, children education facilities etc. Have look once the
conditions to apply for MM2H.
Summary:
All investors of small, medium
and big industries need proper guide line as how to incorporate/ register a
company in Malaysia? Right guideline can save time and money that is most
important for the foreign investors. Have look once whether your goods are
restricted or no before register/ incorporate your business in Malaysia. Talk
to the bankers to know how to open corporate account before company registration in Malaysia for foreigner?