Resources
General Frequently Asked Questions
The information provided here is general, and it’s always advisable to consult with a professional or legal advisor for specific guidance tailored to your situation.
To register a new company in Malaysia, you need to submit the necessary documents to the Companies Commission of Malaysia (SSM) and follow the prescribed procedures outlined in the Companies Act 2016.
Malaysia offers various business structures, including sole proprietorship, partnership, limited liability partnership (LLP), private limited company (Sdn Bhd), and public limited company (Bhd). The choice depends on your business needs and preferences.
Companies in Malaysia are subject to corporate income tax. The current corporate tax rate is 15%. Understanding and fulfilling tax obligations are crucial, and businesses may also be eligible for certain tax incentives.
Yes, foreign investors can own a company in Malaysia. However, there are specific regulations and requirements for foreign ownership, and certain industries may have restrictions or guidelines imposed by the government.
To open a business bank account, you’ll need to provide the necessary business registration documents, identification, and other required information to the chosen bank. Different banks may have slightly varying requirements.
The minimum capital requirement depends on the type of business entity. For private limited companies (Sdn Bhd), there is no fixed minimum capital requirement, but there should be sufficient capital for the intended business activities.
Companies in Malaysia are required to fulfill annual compliance obligations, including filing annual returns and financial statements with the Companies Commission of Malaysia (SSM). Failure to comply may result in penalties.
The registration process duration varies, but it typically takes a few weeks. Factors such as the business structure, completeness of documents, and government processing times can influence the timeline.
Certain industries in Malaysia may require specific licenses or permits. It’s important to identify and obtain the necessary approvals from relevant authorities based on the nature of your business.
Yes, it is possible to change the business address or company name after registration. However, the process involves certain formalities and requires approval from the Companies Commission of Malaysia (SSM).
The Roles of Company Secretary
These FAQs provide a general overview, and specific requirements may vary. It’s advisable to consult with a qualified Company Secretary or legal professional for personalized guidance.
The Company Secretary plays a crucial role in ensuring compliance with regulatory requirements, maintaining statutory records, and facilitating communication between the company and regulatory authorities during the incorporation process.
Yes, it is mandatory to appoint a Company Secretary within 30 days of company incorporation in Malaysia. The Company Secretary must be a natural person who is a member of a recognized professional body or licensed by the Companies Commission of Malaysia (SSM).
The Company Secretary is responsible for maintaining statutory registers, preparing and filing annual returns, organizing board meetings, and ensuring compliance with the Companies Act and other relevant regulations.
The Company Secretary keeps abreast of changes in regulations, advises the board on compliance matters, and ensures that the company adheres to legal requirements, thus mitigating the risk of penalties and legal issues.
Yes, a foreigner can be appointed as a Company Secretary in Malaysia, provided they meet the necessary qualifications and are a member of a recognized professional body or licensed by the SSM.
The Company Secretary facilitates the preparation of meeting agendas, attends board meetings, records minutes, and ensures that board resolutions are properly documented and filed in accordance with legal requirements.
Yes, a company can change its Company Secretary. The process involves notifying the Companies Commission of Malaysia (SSM) and filing the necessary documents to reflect the change.
A Company Secretary must be a natural person, at least 18 years old, and either a member of a recognized professional body or licensed by the SSM. Academic qualifications and relevant experience are also considered.
The Company Secretary plays a vital role in promoting good corporate governance by ensuring transparent communication, facilitating compliance with laws and regulations, and supporting the board in making informed decisions in the best interests of the company.
