Passionate to start your own business? Catching the trend of economy recovery? Realizing your business dream?
A private limited company or better known as Sdn Bhd company is the most common type of business entity in Malaysia. This business structure can be started by both local as well as foreigners in Malaysia. Since the implementation of the Companies Act 2016 by the Companies Commission of Malaysia (SSM)., government has taken initiatives to make incorporation of company as easy as possible. Incorporating your Sdn Bhd should be a stepping stone to start your business, not a burden that costs you time.
If you are planning to expand your business in Malaysia but do not wish to reposition, setting up a private limited Company (Sdn. Bhd.) is the best option. One major advantage is that foreigners can be the sole owner as long as they have a residential address in Malaysia.
Following are the information and guidelines that you need to know before setting up a Private Limited Company in Malaysia
- Company name – Your company name should be unique and different from others.
2. Business nature & description – All businesses in Malaysia are classified using the MSIC code. If you are unsure of which category your company falls into, it’s best to consult us on this matter by providing a detailed description of your business purposes.
3. Resident director – A minimum of 1 director residing in Malaysia. Can be the same person as the shareholder and met the criteria as below
- 18 years old & above
- Residing in Malaysia
- Not disqualified under Section 198 of the Companies Act 2016
4. Malaysia address – A local business and registered address
5. Shareholder – A minimum of 1 shareholder either foreign or local or corporate identity and up to 50 shareholders
6. Company secretary – It is very important to conduct your own research and seek advice from professionals of different sectors to form an informed opinion to make a decision. Speak to us!
7. Minimum number of issued share – Minimum of one (1) issued and paid-up share is required. Initial price for new incorporation is recommended at RM1.00.
Note: After registering a company with SSM, you are required by law to appoint a company secretary within 30 days.
Phase 1: Incorporation Sdn Bhd
- Proposed 1 Name(s) to search and availability check.
- Confirm meeting the requirement of a private limited company under Companies Act 2016 and submit to CCM refer to Appendix 1 [Filling Guide]
- Certificate of incorporation
- The first board of director’s resolution
- Assistance in opening business bank accounts and banker introduction from the recommended list of banks as follows:- Alliance Bank Malaysia Berhad
– United Overseas Bank (Malaysia) Bhd. (“UOB”)
– Public Bank Berhad (within Klang Valley area only)
– OCBC Bank (Malaysia) Berhad
– AmBank(M) Berhad
- Free 6 months subscription of Accounting and HR Cloud solution
Phase 2: Company Secretarial Service
- Licensed company secretary appointed for your company
- Appointment of directors / auditor / tax agent
- Fixing of financial year-end
- Registered office address and phone number
- Assistance in opening a business bank account
- Discounts to a wide variety of products & services
Phase 3: Start Your Business with Sound Finance Operation
- Cloud Solution for accounting & HR
- Cash flow management
- Managing Growing Human Resource
- Tax Planning
- How to Read Financial Report
Looking for assistance in registering a Sdn Bhd company or with your company secretarial needs?
Get in touch with us today to learn how we can help you.
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