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Company Set up and Company Incorporation in Malaysia
To apply for expatriate Pass, it is a must to have a local incorporated company.
To set up or incorporate a company in Malaysia, a company needs to appoint a Registered Company Secretaries in Malaysia.
We have associates, who are a Registered and qualified Company Secretaries that can assist in setting up a Private Limited company in Malaysia.
TYPES OF BUSINESS SET UP IN MALAYSIA
A) Sole Proprietorship / Partnership
B) Private Limited Company (Sdn. Bhd.)
C) Limited Liability Partnership (LLP)
Most common option among foreigners and locals are option B, let’s explore more on B.
HOW TO START A COMPANY IN MALAYSIA (I.E. SDN BHD COMPANY)
Hire a Company Secretary for the following reasons :
☑️ CCM Malaysia requires that you must appoint a company secretary within 30 days from the date of incorporation and that the position must not be vacant for more then 30 days. If you are late – Fees will be imposed for late appointment of company secretary.
☑️ As soon as your Company is incorporated you will most probably need to open your account, as a result a Company Secretary is required to prepare the resolutions and documents to that effect.
☑️ You will need a Company Secretary to lodge you annual returns and other relevant documents to SSM such as Company Constitution, Allotment of New Shares and Appointment of Directors and etc.
SET UP A BUSINESS IN MALAYSIA FOR FOREIGNER
For Foreigner the requirement is that the Directors must be a resident or have a primary place of residence in Malaysia.
The law however does not say you need a working visa, PR status or etc to be a Director. So all you need to show is you have a local correspondence address.
BUT when performing your duties as a Director, the law will deem that you are working and thus you will need a working visa.
Implication for performing duties as Director without proper documents:
☑️Fine of not more than RM10,000 and/or Imprisonment not more than 5 years and/or whipping;
☑️Banks will refuse to set up bank accounts for you
☑️Government Agency/Government Link Agency will refuse to deal with you.
REQUIREMENT FOR COMPANY WHEN APPLYING FOR WORKING VISA/PERMIT
The requirements to apply working permit/visa are as follows.
Company Eligibility Criteria:-
You need to have a private limited company (example: Sdn Bhd)
Company paid up capital requirement:
☑️100% local owned : RM250,000;
☑️Joint venture (minimum foreign equity is 30% shareholding in the company) : RM350,000; or
☑️100% foreign owned : RM500,000.
☑️Foreign-owned companies operating in wholesale, retail and trade (restaurant): RM1,000,000.
Conclusion : You will need to have the minimum paid-up capital to apply for a working visa/permit.
WHAT IS THE MINIMUM PAID-UP CAPITAL TO SETUP A COMPANY IN MALAYSIA?
There is no minimum paid-up capital requirement to set up a Company in Malaysia, but it is important to note that most government agencies, banks, immigration department or other entities may require that a Company meet a minimum amount before they would even consider any application for a loan, license, visa, tender as well as any business dealings.
As an example – the immigration department of Malaysia would require a minimum capital of RM500,000.00 for a Company wholly owned by a foreigner, to make a visa application.
HOW TO INCREASE PAID-UP CAPITAL IN MALAYSIA WITH SSM (COMPANY COMMISSION MALAYSIA)?
Step 1 – Contact your Company Secretary to prepare the paperwork.
Step 2 – Transfer the funds or something of value to the Company.
Step 3 – Provide the supporting document to your Company Secretary
Step 4 – Company Secretary lodge the documents with SSM.
INCORPORATING A COMPANY IN MALAYSIA. WHAT ARE THE ADVANTAGES?
☑️ It Creates A Separate Legal Entity
☑️ Tax Incentives
☑️ Succession
☑️ Ability To Raise Funds
☑️ Autonomous