Categories

Regions

Business Formation

Applies to women only: Obtain husband’s permission to leave the home

Agency: Domicile

According to Islamic Family Law, Art. 59(2)(b), the woman must obtain permission from her husband to leave her home.

Time and cost: 1 day, no charge

Search and reserve company name at the (SSM) one-stop shop

Agency: Companies Commission of Malaysia

Since May 16, 2013, it is mandatory to conduct company name search and reservation online via MyCoID portal http://ww1.ssm-mycoid.com.my.

The name reservation is valid for for every 30 days, up to a maximum of 180 days.

Time and cost: Less than 1 day (online procedure), MYR 50 for every 30 days

Company Secretary prepares the company incorporation documents

Agency: Companies Commission of Malaysia

Under the new Companies Act of 2016, a superform on the MyCoID website needs to be filled up, which requires the following:

  • Name of the proposed company;
  • Whether the company is private or public;
  • Nature of business;
  • Registered address;
  • Details of shareholders;
  • Details of directors;
  • Details of company secretary (if any);
  • Details of shares; and
  • Any other information the CCM requires.

Due to the Companies Act of 2016, the following forms are no longer needed:

  • Form 48A (Statutory Declaration by A Person before Appointment as Director, or by A Promoter before Incorporation of Corporation)
  • Form 6 (Statutory Declaration of Compliance by the Company Secretary)
  • Form 24 (Return of Allotment of Shares)
  • Form 49 (Return Giving Particulars in Register of Directors, Managers and Secretaries and Changes of Particulars)
  • Form 44 (Notice of Situation of Registered Office and of Office Hours, and Particulars of Change)

A company secretary is optional during registration, however they are still used frequently in practice. Furthermore, the company must appoint a secretary within 30 days after the incorporation of the company.

Time and cost: Between 1 – 3 days (simultaneous with previous procedure), MYR 1,000

File necessary documents with the Companies Commission of Malaysia (CCM) one-stop shop and obtain company incorporation as well as the post-incorporation package (company seal, share certificates and statutory books)

Agency: Companies Commission of Malaysia

File necessary documents with the Companies Commission of Malaysia (SSM) one-stop shop and obtain company incorporation, Promoters must pay the registration fee and file the following incorporation documents with the Companies Commission.

Application for incorporation under section 14 of the Act:

  • company limited by share – 1,000
  • company limited by guarantee – 3,000
  • unlimited company – 1,000

If the application is submitted online through Mycoid, there is a processing fee of RM10.00.

Time and cost: 2 days; MYR 1,000 (registration fee) + MYR 10 (online processing fee)

Register for Sales and Service Tax (STT)

Agency: Royal Malaysian Customs

The Sales and Services Tax (SST) has been implemented in September 2018. The SST replaces the existing Goods and Services Tax (GST). It is placed on taxable goods manufactured by an individual or company with an annual turnover exceeding RM500,000.

The tax is 5 per cent and 10 per cent on the sale of goods, and a 6 per cent levy on services.

Time and cost: 8 days, no charge

Register for income tax and PAYE

Agency: Inland Revenue Board of Malaysia (LHDN)

After completing the application for the certificate of incorporation and obtaining the MyCOID number, an applicant can register for the income tax number and PAYE through the web-portal: e-daftar.hasil.gov.my or in person.

Under the Companies Act 2016, the Certificate of Incorporation and Form 49 have been changed to a Notice of Registration of Company and a Notification of changes in Register of Directors, Managers and Secretaries, respectively, which are required to complete the application process.

Time and cost: 1 day (simultaneous with previous procedure), no charge

Register for the Employees Provident Fund

Agency: Employees Provident Fund (KWSP)

According to Section 41 (1) of the EPF Act 1991, an employer must register with the EPF within 7 days from the date the employer becomes liable to contribute, that is as soon as an employee is hired. In order to register with the Employee Provident Fund, an applicant must file the Employee’s registration application form (KSWP 1 (MAJ)) with the EPF counter/kiosk and to obtain i-Akaun (i-Account) Activation Code using the Form KWSP 1 or KWSP 1(i).

The form is required to be submitted together with the following supporting documents:

  • Form KWSP1;
  • A certified copy of identity card/passport of director’s /authorised person;
  • A Notice of Registration of Company and a Notification of changes in Register of Directors, Managers and Secretaries, and
  • A cheque or bank draft for first month EPF contribution, if applicable.

Upon the submission of the above documents, EPF will issue the Certificate of registration of Employer and given the i-Akaun Activation Code to the authorised system administrator registered in the Form KWSP 1 or KWSP 1(i). The Company is required to activate the i-Akuan within within 30 days using the 6 digits Activation Code.

Thereafter, employer can submit the monthly EPF contribution form through i-Akaun and register a new employee. Employer’s Registration Certificate is to be exhibited at the employer’s premise

Time and cost: 1 day (simultaneous with previous procedure), no charge

Register for Social Security

Agency: Social Security Organisation (SOCSO- Perkeso)

Registered employers through MyCoID are required to submit their registration forms together with supporting documents to SOCSO

  • Employers are required to attach the supporting registration documents in accordance with the business entity type.
  • Employers registering employees earning more than RM3,000 per month and not contributing before but opting to contribute must fill in Option Notice and signed by both employers and employees under mutual concensus.
  • Employers must ensure that details such as identification card number is included in Form 2 (Employee Registration Form) and correct against the employee’s identification card. Failure of which will cause the employee being unable to register and contribute, as there will not be any record once checking is done against National Registration Department database.

Time and cost: 1 day (simultaneous with previous procedure), no charge

Obtain a business premise license

Agency: Kuala Lumpur City Hall

In order for a company to use a premise for operating a business activity in Kuala Lumpur, it must obtain a business premise license. Licenses are issued by the Commissioner of the City of Kuala Lumpur. The license is payable annually.

Time and cost: 5 days, MYR 3 per square metre