1. Required capital. Company registration. 3. Bank account. 4. Income Tax Certificate. Rent office (Virtual Office) 6.

Transcription

1 1. Required capital 2. Company registration 3. Bank account 4. Income Tax Certificate 5. Rent office (Virtual Office) 6. Hire manpower 7. Apply for export and/ or import license 8. WRT license 9. Halal license 10.SOCSO 11.Apply for expatriate visa/ category 1, 2, 3 12.Annual return 13.Accounting 14.Auditing 15.Company Secretary 16.Company Registration Fees

2 Required capital 100% foreign ownership Ringgit any amount (not eligible for professional visa and export/ import business) Ringgit 500,000 10,00,000 Joint Venture Ringgit any amount (not eligible for professional visa and export/ import business) Ringgit 350,000 Local Ringgit any amount Ringgit any amount

3 Company Registration As your consultant to register name of company, search and reserve (recommended 3 names as desired name is not available always) Request to prepare company secretary to arrange all documents to submit SSM for registration your company.

4 Complete pre signing formalities on papers and be prepare for post registration 1 2 day (s) might require approving a business name. Another 2 3 days might require for incorporation process and receive certified copies. 100% foreign ownership company is permissible (with capital of any amount). Joint Venture (local + foreign) is permissible and easier to do business. How much capital is required to start business may check Required Capital One nominee director is required who will be local, Malaysian. Three addresses are asked by SSM to be used (1) residence address in Malaysia (2) business address (3) registered address. (1) Residence address: Any address might be used where director may stay normally when visit in Malaysia. If any difficulties may contact consultant to solve this issue. (2) Business address: You may have office in Malaysia to use as your communication address. If you do NOT have office may choice Virtual Office smart and low budget (Ringgit ) per month. It is allowed by law to use virtual office address for your business. (3) Registered Address: As common practice, Company Secretary like to use their business address for your registered address for some reasons (eg. if any letter is issued from government/ SSM will be notified at first to Company Secretary and any issue, wrong, is done by directors will be asked the Company Secretary at first).

5 Bank Account Bank account opening moment will come after receiving certified copies from SSM. As normal banking requirement is to deliver them following papers: (1) All certified copies (2) Passport of the directors (3) Board Meeting Resolution (4) Office rental agreement (optional). Minimum deposit amount is requested of Ringgit , depend of bank (s). Problem of bank account opening: It s unannounced but pragmatic that most of the foreigners (foreign share holding company) unable to open bank account in Malaysia. There are some specific reasons sorted out from our practical experience and have solutions with us to make bank account open easier. It require 7 15 days to open bank account (after verification many thing). Difference between local and foreign banks: Local banks are not familiar (discourage) to open corporate account as internal policy (no banking rules) if directors are foreigners. Foreign banks

6 welcome the foreign investors (foreign companies) but ask some other documents, financial forecasting and good drop amount. Income Tax Certificate Each company after registration has to have tax certificate. It s suggested to apply for income tax certificate within 3 months of company incorporation.

7 Rent office (Virtual Office) Office rent cost in Malaysia start from Ringgit 1600 to above, depend on area and size of office space. You may choice Virtual Office or rent office desk from office rent service provider in Malaysia to save your time and money. You may be allowed to use address, phone number and meeting room by minimum cost from virtual office service provider. If you need desk for your staffs, may rent desk or work station by reasonable price (exp: Ringgit 800, 1600, 2000). Its hassle free, no advance deposit require, ready desk in nice location.

8 Hire manpower Man power hiring is not easier in Malaysia unless offer good salary (Ringgit 3500 above). One of the biggest job advertisement sites is jobstreet.com.my. They charge Ringgit for each post of advertisement. You need your company certified copies, address and phone number to deliver them to active your business account with jobstreet.com.my As regular practice and government policy weekly 5 days are working days (Monday to Friday).

9 Never forget to call the candidates on weekend (Saturday and Sunday). If you fix interview date in office day have chance of very few to be attendant. Apply for export and/ or import license Which products like to import/ export have to show sample of them with supporting papers.

10 Which ports you like to use in Malaysia have to fix too. Its need 3 ministry permission for approval upon terms and conditions of company share allocation. It s complicated for the foreign ownership company to get import/ export license in Malaysia unless company shares are hold majority by local (Malaysia). Some goods are prohibited and some of them allowed ensure before register your business in Malaysia. How to apply for import/ export license, how long takes and cost information may find here.

11 WRT License Whole sale and Retail Trade (WRT) license is required only for the foreign investors who hold majority shares of company. If the share holders are (number of shares majority) is Malaysian local is no question of WRT license. License is issued by ministry of trade in Malaysia upon satisfactory. In case of 100% foreign own company share capital have to show not less than Ringgit 1 (one) million. Normally service, franchise, distribution and retail, whole sale company applies for the same.

12 Halal License JAKIM is responsible will let the government body know about information The following business category will apply for Halal License: (1) Distributor (2) Manufacturer/ producer (3) Repacking (4) Food premise (5) Slaughter house business (1) Packing material (2) company registration certificate (3) Ingredient (4) Manufacture processing (5) Map (6) name and address All applications have to submit in Halal Department SOCSO

13 Social Security Organization: In case of injury of any employee (s) have recovery financial percent will be contributed by employer and.5% will be contributed from employee (s). Age limitation below 60 years. Annual return As company Act of Malaysia every company shall submit their yearly profit/ loss accounts within birthday. 18 months time is given as priority base to be submitted only companies those are registered newly (first yearly submission). Accounting All companies prepare accounting whether by own accountant or out sourcing accounting

14 Accounts are charged not less than Ringgit 2000 if transactions volume are lesser than 500,000. We charge Ringgit 1000 only if transaction is below 500,000 and in case of above is charged Ringgit 2000 only. Auditing All companies have to prepare audit report and submit within calendar year and auditor is appointed at least 4-6 months before starting of auditing of company. Normally auditor claim Ringgit if any unwanted transactions are made. Company Secretary Major role play by Company Secretary in Malaysia as many responsibilities are taken on behalf of company. Secretary is asked for any issues of the company and happens anything wrong by directors. As law, company secretary have authority to sign on any certified copies as attested and forward for certification from SSM. Only license secretary and member of chartered secretary are authorized to become hold position of company secretary. Company Registration Fees Government fees Ringgit secretary fees Ringgit 500+consultancy/ professional fees Ringgit So, total cost may stand pre-registration and post registration of Ringgit months office use is Free of charge.

15 S & F CONSULTING FIRM LIMITED & SFM CONSULTING FIRM SDN BHD