Incorporation Procedure: | |
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| a. Name of the proposed company
b. Status of whether the company is private of public
c. Incorporation of business:
d. Proposed registered office address for registration
e. Name, identification, nationality and the ordinary place of residence of:
f. A company limited by shares:
g. Any other required documents. |
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Extra Information:
Table 1- Types of Limited Company (Sdn Bhd and Bhd)
Private Company (Sdn Bhd) | Public Company (Bhd) | |
Financial Reporting Standard | Malaysian Private Entities Reporting Standards (MPERS) | Malaysian Financial Reporting Standards (MFRS) |
Number of Shareholders | Maximum 50 Shareholders | Unlimited Shareholders |
Transparency of Financial Information Flow | Internal review only | Clear Financial Status, as it will be disclosed to the public |
Availability of Shares | Prohibited to open shares to the public | The public can buy the shares |
Number of Residences in Malaysia | At least one (1) director needs to reside in Malaysia | At least two (2) directors need to reside in Malaysia |
Company Accounts(Annual Financial Statement and Reports) | The accounts must be done within 30 days from the day the accounts are circulated to the members (within 6 months from the end of its financial year). | The accounts must be lodged with the ROC within 30 days from its general meeting (AGM). |
Table 2- Types and Features of Organization Structure
Sole Trader | Partnership | Company | |
Legal Liability | Personally liable (Unlimited liability) | Personally liable (Unlimited liability) | Not personally liable (Limited liability) |
The Requirement of External Audit | Do not require an external audit | Do not require an external audit | External accounting and audit required |
Capital | Own Capital | Partners’ Capital | Share Capital |
Controls of the Firm | Sole Trader alone | Partners | Board of directors |
Number of Shareholders/Partner | Sole Trader alone | 2 to 20 partners | Minimum 1 to 50 shareholders |
Company Secretary | Do not require | Do not require | Qualified secretary |
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