MALAYSIA FAQ

Company Incorporation

All foreigners only are allowed to register a private limited by shares (Sendirian Berhad- “Sdn Bhd”) company in Malaysia. Foreigners are not allowed to register sole proprietor, enterprise or LLP companies in Malaysia, these entities are meant for Malaysian only. even though you are non-Malaysia, you can set up a Malaysia company.

We can incorporate your company online and does not require physical presence. However, for bank account opening, generally the bank requires to see their customers face to face. Some of the banks in Malaysia also provide an alternative solution that does not required your physical presence in Malaysia. You are welcome to contact us for more details.

Registering and incorporating a company in Malaysia is straightforward – but there are still certain requirements that are needed for registration.

In general, the whole registration process will take 5 to10 working days and  application to Companies Commissioner of Malaysia (CCM) is processed within one (1) working day, provided that all the required information and incorporation documents have been obtained and verified.

Premia TNC has over a decade’s worth of experience in setting up companies in Malaysia. We handle the compliance matters and related deadlines so you can focus on building your business.

Accounting Auditing Taxation

You can do your accounting in-house. However, bookkeeping in-house can be a costly and tough process, and improper procedures can put you at risk for breaking tax regulations and laws.

Furthermore, by outsourcing your accounting services, you can save the costs to hiring an employee to take care of it, by avoiding the costs of training and software, among others.

Under Companies Act 2016, all the companies in Malaysia and registered under Companies Commissioner of Malaysia (CCM) are required to appoint an approved auditor to audit the financial statement of the company, unless the company meets the criteria of audit exemption in “Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies” as below:

When a company begins its business operations, it needs to apply for the registration of tax file. The company is required to file its estimate tax payable within 3 months from the date of commencement of the business, instalments must be paid beginning from the sixth (6) month of the basis period from the commencement of operation. Companies are required to submit a return of income (tax return form) within seven months from the date of closing of accounts.

Resident company with share capital valued at MYR2.5 million or less and their gross income from a source or sources consisting of a business is not more than RM50 million for the relevant YA, are able to enjoy preferential tax rates of 17% on the first MYR 600,000 of income and 24% for anything over that. Whereas for non-resident company is taxed at a flat rate of 24% regardless of their capital structure.

Company Secretary

In essence, a corporate secretary is an officer that has been appointed by the company. However, the person chosen to conduct corporate secretarial services has to adhere to the strict requirements of the Malaysia Companies Act 2016.

The company secretary has many duties in Malaysia. First and foremost, the company secretary will have to ensure that the organization is in full compliance with all of Malaysia’s corporate legislations and regulations. They will also have to keep the firm’s board members up to date on their legal responsibilities to the company. For more information on this, the Company Act 2016 defines how the company secretary and board members must operate within a business.

Yes, having a company secretary is mandatory in Malaysia. Under the Companies Act 2016, the appointment of company secretary must be done within 30 days after date of incorporation.