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 It is also important to note that consulting a lawyer before going ahead with the increase in paid-up capital is highly recommended. This is because such a decision can affect the shareholding percentage and voting rights, and you wouldn’t want to lose control over your company.

 The professional company secretary services offered by FastLane Group provide a solution for unlocking efficiency and peace of mind in your business. Improve corporate governance and compliance procedures, allowing you to concentrate on what matters the most – expanding your business.

 Are you ready to set up company in Malaysia and need assistance with the procedure forming a company? You are in the right place. Read on!

 However, this should begin with the registration of the business entity at Suruhanjaya Syarikat Malaysia (SSM) as the first step of set up company in Malaysia , which is responsible for all corporate and business activities in Malaysia.

 Ownership of private limited firms is restricted to no more than 50 shareholders; any increase in numbers requires conversion into a public listing company.

 Specify that the licensed SSM Company Secretary or a member of an approved professional body should be appointed to at least deal with compliance problems.

 In the set up company in Malaysia , a crucial stage is choosing from company entity options in Malaysia. There should be a proper decision on the form of an organization that suits your business goals before setting up your enterprise officially. Here is a comparison of the various Malaysian business entities:

 According to Section 2: A few conditions are necessary under the Business Registration Act 1956 and Command of Business Registration in 1957 to register a business.

 After identifying the most appropriate business form to set up company in Malaysia, you need to select a company name. Potential names must be verified with the Companies Commission of Malaysia, as to their availability. After the approval, you can register the name and it will be held for your business upon verification.

 Choose the officers and form of shares for your company. At least one of the directors has to be at least 18 years old. The second requirement is that there should be one shareholder who must at least 18 years of age. Shareholder can be either human being or corporation. All business entities except for private limited companies with a limit of 50 shareholders have no limit in the number of shareholders.

 Moreover, at least one company secretary should be either licensed by SSM or a member of an approved professional association. To get official mails and documents from the government, one has to have an accountable office address. Postal boxes are not permitted. Second, there has to be a minimum share capital of RM1.

 In the SSM, the company name should register. If approved, the name will be reserved for 30 days effective on the date of confirmation and may then be extended up to another 30 days by RM50.

 It would be advisable for your firm to include in the documents of incorporation constitution (optional), a statement by either director or promoter before their appointment, declaration of compliance and an identity card copy belonging to each director for set up company in Malaysia.

 With this post-registration stage of set up company in Malaysia , the main focuses will nevertheless be on opening the business account bank, understanding what permits one needs to have in place for their business, enrolling for a provident fund scheme and appointing an auditor and tax agent and understanding your tax obligation.

 Given the wide range of benefits and prices offered by many banks, we highly advise to do in-depth research before choosing a certain bank. It is critical to analyze in detail the services each bank provides, comparing its products, advantages, and associated costs so as to determine whether the chosen bank meets your financial requirements. Based on thorough research, you can make a sound decision that fits your needs perfectly and enables convenient banking.

 Every company has to select an auditor prior to its first general meeting. For newly incorporated firms, the board of directors should appoint the first auditor at least 30 days before the submission date for their first set of financial reports. Private limited firms do not need annual general meetings.

 Sector or industry specific licenses refer to licences that are mandatory in Malaysia for a given sector or industry. These would include the following:

 Licenses given by the National Water Service Commission (SPAN), Department of Occupational Safety and Health Malaysia (DOSH) and BLESS, Ministry of Entrepreneur Development (MED).

 Private employers under the private sector include SSM-registered Sdn Bhd, other firms registered with SSM, government link companies or investment companies and banks approved by Bank Negara.

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 If an employee has an i-Akaun account, the latter can also register his or her employees online. This method can be utilized by Malaysian citizens and non-Malaysian lawful permanent residents with both 7-digit and 12-digit identification numbers.

 You may also auto-register through the monthly contribution form (Form A). Employees will immediately be enrolled with the EPF once form A, which requires information like the MyKad number and employee’s name, is completed. Only citizens and permanent residents of Malaysia who have MyKad are affected by this.

 You will need your MyKad and the KWSP 3 form for permanent residents and Malaysian citizens. Non-Malaysian citizens must present their legitimate work visa/permit or passport, KWSP 3, and KWSP 16B forms.

 Assessing your tax obligations in Malaysia is mainly based on the nature of your charges, availability of exemptions and deductions as well as residency. Even though all companies pay a level 24% of tax rate, individuals are subject to progressive tax rates, which can be altered depending on their earnings. Recall that the overseas sales tax rarely applies, unless specific industries such as oil and gas are involved. You should consult a tax specialist who will give you personalized advice based on your specific situation.

 Expatriates holding a Category 1 and 2 Employment Pass in Malaysia are allowed to bring along dependent members of immediate family. For those who do not fall into the dependent category, a Malaysia Long Term Social Visit Passs (LTSVP) is often used as an option. This article provides a detailed overview on the objectives of an LTSVP and the procedure to obtain it from Malaysian Immigration Department Expatriates Services Division (ESD).

 Note: Spouses of Malaysians are also eligible for the Long-Term Social Visit Pass that has distinct requirements and permissions but this article is focused on expatriates and companies in Malaysia employing them.

 An LTVSP is a long-term permit which enables eligible family members of an Employment Pass holders to accompany and live with their principal in Malaysia. The validity of an Malaysia Long Term Social Visit Pass (LTVSP) lies between six months and five years, which allows for a longer period of stay for the dependents vis-a-vis the principal Employment Pass holder. This pass allows family members to stay in Malaysia for a long time, bringing together the family and helping them support expatriates during their work in the country.

 An LTVSP is a long-term permit which enables eligible family members of an Employment Pass holders to accompany and live with their principal in Malaysia. The validity of an Malaysia Long Term Social Visit Pass (LTVSP) lies between six months and five years, which allows for a longer period of stay for the dependents vis-a-vis the principal Employment Pass holder. This pass allows family members to stay in Malaysia for a long time, bringing together the family and helping them support expatriates during their work in the country.

 The length of an LTVSP meets the term of validity for the primary holder with an Employment Pass. On the other hand, if the passport validity for an Malaysia Long Term Social Visit Pass (LTVSP) applicant is shorter than that of a Principal Employment Visa, then the length of Malaysia Long Term Social Visit Pass (LTSVP) shall be tied to whichever date passes earlier — reflecting on both forms.