8 Steps of Company Registration Services in Malaysia
Malaysia, a large country where population density is lower than many Asian countries. People like Malaysia to invest and live being clean country. Political stable situation is another positive sign of foreign investment. Foreigners inspire for a Sdn Bhd company registration Malaysia as low corruption free country. Income tax rate is reasonable, SST 6 percent. Moreover, international banking era takes the investors in global networks to earn Dollar. Local currency, Ringgit value is around 4 times lesser than US$. cost of operation is reasonable and very good reason to gain break even within short time.
Number of foreign customers dealing by the top consultancy firm in Malaysia:-
Step 1: Company name
Name is an identity of anything as such name registration is the first step of business opening. As huge number of companies are incorporated monthly so getting prefer name is challenging. It is requested to propose multiple names to check the availability, in SSM. Each registered name is valid till 3 months and renew before expiry. If two words of propose name are found similar with existing company in SSM system is rejected. You may use your own and family name along with nature of business name when check. Propose a company name that is longer and might start by own name. Let, JAVIER IT SOLUTION ASIA SDN BHD this type of name have good reason of quick approval.
Step 2: Registration
Normally we are recognize as company name end with “Limited” but Sdn Bhd is end word in Malaysia. It is Malaysian language meaning is Limited Company. Let name your your company is “JASON CONSTRUCTION SDN BHD“. You will fill up a paper and pass the passport copies to prepare documents to submit SSM. Draft Memorandum and Forms must submit along with fees. Present and permanent address, contact and parent name are need to fill up forms. At least one shareholder is need to meet law and maximum can add 50 numbers. Shake capital is recommended to show in Ringgit 5000 or lesser at the initial stage. Increase share capital as maximum as need later. Each share value is considered in Ringgit 1 or five. It is not a requirement that directors will present physically to get incorporation. You may order from overseas and visit in Malaysia before process of bank account to save time and money.
Step 3: Secretary hiring
Each company will hire a company secretary (CS) as law whereas secretary will act as legal guardian. Only secretary has right to process of company registration through SSM. There are two types of secretary found 1) License and 2) Chartered Secretary. Never hire flying secretary whom you never meet and unable to discuss about business plan. Annual return submission, board meeting solution and any legal jobs are done by Secretary. If any legal issue raised will be sent a letter to Company Secretary at first. Secretary can change when another new secretary is appointed and old secretary resign.
Step 4. Cost and time
As practice of company secretarial office, you will be charged time to time for every services. As Package Fees of company registration in Ringgit is 4000 include all services for the year. No other extra charged are claimed once come with package at the time of company incorporation Malaysia. The following fees are claimed for company registration:
- Name approval of a company
- Company Incorporation through SSM
- Company Secretary Hiring
- Virtual office address
- Buy super form from SSM
- Board meeting resolution
- Company seal
- Company stamp
- Annual return and share transfer
- Printing papers
We, S & F Consulting Firm offer the foreign investors to pick the package (Ringgit 4000). It is covered as follows:
- Any board resolution and chop
- Virtual address and secretary for 1 year
- Domain and hosting
To register Sdn Bhd company duration is 3 to five days if no issue is found in name approval. License application time is separate than registration.
Step 5: Bank Account
This is the most challenging for the foreigners as local banks disallow all applicants. Company registration is completed but bank account not done yet within 1 year. Now you are in real problem ! No worry, S & F Consulting Firm is expert since 2012 to handle foreign clients. They ensure of bank account opening with foreign banks, OCBC, UOB and Standard Chartered. As local banks totally discourage foreign share holding companies. To open bank account will take maximum 15 to 30 days. Generally, the bankers like to scan your financial strength before approve. Prepare a financial forecasting and take advise from S & F Consulting Firm to face banker.
Step 6: Post registration
Once company registration is completed mean all done is not right. Whether you start operation or not you have to submit annual return to avoid penalty in Ringgit 50000. Prepare audit report and accounts as Malaysian format. You can contact S & F Consulting Firm to prepare business accounts as cheaper cost. Income tax filing also need to submit to be regular tax prayer. Directors will present physically to attend in Annual General Meeting. Without presence can proceed all formalities once physical signature is found in papers.
Step 7: License
Once company incorporation complete never think all jobs end. There are some licenses need as your nature of business. Besides, signboard and premise license are common for all companies to obtain. It is punishable offence if company is in operation without license. Export, import, Halal and other license need as DBKL requirement. Team of S & F Consulting Firm will arrange any license as need to run business lawfully. MBPJ is another government local authority provide signboard, bill board, Hawker, Parking and many more licenses.
Step 8: Visa and MM2H
As all promoters like to stay in Malaysia to look after business. Big investors, the seniors and labors are need to hire from overseas to carry on business. But, as immigration of Malaysia is rigid and percentage of approval rate is 2 to 3. Being rejection rate is high so living after company registration Malaysia is the most challenging. ESD approval companies reserve right of hiring foreign employees. Another option is apply to MM2H, Malaysia My Second Home Program. 10 years living facilities along with family member is great opportunity. S & F Consulting Firm guarantee the MM2H, 100% successful by 3-4 months.
FAQ About Company Registration Malaysia Service
You can contact the consultant to hire a secretary for your company.
Permanent company secretary salary in Ringgit 4500 to 8000. You can take secretary services by Ringgit 1000 yearly from S & F Consulting Firm.
3- 4 months and might be faster.
1. Bring family members, brothers, sisters, parent and housekeeper.
2. Live 10 years and enjoy all local facilities
3. Buy property without tax
4. Admit kids in government school
5. Apply for PR
It is difficult, as S & F Consulting Firm is expert only for Foreign Investment so definitely you choice them. A-Z services are provided by them, company registration to any licenses and wind up business.
No need. As foreigners can hold 100 percent shares of own company.