Each of these business structures has its own benefits and drawbacks, and it is important to consider factors such as ownership and management structure, liability, and tax obligations when choosing the best structure for your specific business needs and goals.
1. Business name registration certificate
2. Form 9, Form 24 and Form 49 (for companies)
3. Director/Partner/Proprietor identification documents
4. Company/Business profile
5. Memorandum and Articles of Association (for companies)
6. Employer Identification Number (EIN)
7. Business license and permits specific to the industry
8. Tax registration (e.g. GST, Corporate Tax)
9. Obtain your visa (for foreign directors/partners/proprietors)
The requirements may vary based on the type of business structure, industry, and location. Once you have all the documents prepared to start doing business, you can submit them to the SSM along with the registration fee which will depend on the type of business structure. The fee for registering a sole proprietorship or a partnership can range from RM30 to RM60, while the fee for incorporating a private limited company (Sdn Bhd) can range from RM1,000 to RM2,500. The fee for obtaining business licenses and permits will also depend on the industry and the specific regulations applicable to that industry.
To register for relevant taxes in Malaysia, you will need to determine which taxes your business is obligated to pay and then proceed to register with the relevant government agency. This typically involves filling out an application form, providing proof of Business Registration, and providing information about your business activities and projected income. After the registration process is complete, you will receive a tax reference number, which must be used on all future tax-related correspondence with the government. It’s important to keep accurate records of all financial transactions and to file taxes accurately and on time to avoid penalties and fines.
In oder to manage your finances, you will need to open a bank account for your business.
The first step is to incorporate the company and obtain a business registration number from the Companies Commission of Malaysia (SSM). Afterward, the company will need to provide several documentation including but not limited to articles of association, resolutions from the board of directors, and proof of identification for all signatories. Some banks may also require additional documentation such as audited financial statements and tax returns. Once all the required documentation is submitted, the bank will conduct a due diligence process to assess the company’s financial standing and business activities. Upon approval, the company can proceed to open the corporate bank account and start its banking transactions.
In Malaysia, businesses are required to comply with various laws and regulations related to financial reporting and tax obligations. Companies are required to prepare and submit financial statements to the Companies Commission of Malaysia annually and these statements must be audited by a licensed auditor. Businesses are also required to file their corporate tax returns on an annual basis with the Inland Revenue Board of Malaysia. Other compliance requirements include observing labor laws, health and safety regulations, and environmental protection laws. In addition, businesses may be subject to specific reporting requirements based on their industry, for example, companies involved in the import or export of goods may need to submit periodic reports to the Malaysian Customs Department. Failure to comply with these requirements can result in penalties, fines, and other legal consequences.
In order to conclude, registering a company in Malaysia can be a complex process but it is possible to ensure a successful registration by understanding all the requirements, consulting with a lawyer and staying updated on the latest developments in the laws and regulations that apply to your business.
