Tom wanted to start a small business. But, he has no clue about where to begin as there are a lot of documents need to prepare.
He does not know what documents are required, which department to visit, nor what is the restrictions government set.
However, with the help of Cheng & Co, Tom now has started to go on the right track with his entrepreneurship and is ready to operate his business.
Starting a business in Malaysia
There are 3 types of business entity options available for company incorporation in Malaysia.
- Sole Proprietorship
- Partnership/ Limited Liability partnership
- Incorporated an Sdn Bhd
To start up as Sole Proprietorship or Partnership, u can register yourself to Suruhanjaya Syarikat Malaysia (SSM).
You must meet the requirements and prepare the documents stated below:
- Malaysian Citizens or Malaysian Permanent Resident holders only
- At least 18-years and above
- A photocopy of your Identity Card (IC). In the case of a partnership, you must provide a copy of your partner’s IC as well.
- Prepare the required registration fee of RM60-RM100 (cash).
- A sole proprietorship which uses the same personal name that is stated on your IC requires a registration fee of RM30
- A sole proprietorship using a trading name has a registration fee of RM60
- Registration of branches are an additional RM5 per branch
- Printout of your business information RM10
- Copy of your permit, approval, license or any other supporting documentation or letters for the type of business you intend to operate if required by the Registrar of Business.
- Details of your business name and activity.
Disadvantages of a Sole Proprietorship or Partnership Registration
- You will be personally liable for the debts incurred in the business.
- Sole proprietorships will generally have to cease operations once the owner is deceased.
- Any acts carried out the partner in the partnership entity option will be considered the responsibility of all the other partners as well.
- It is an offence to carry out business in Malaysia without the proper registration under the ROBA1956. If found guilty, you may be fined with an amount not exceeding RM50,000, or face jail time not exceeding a period of 2-years or both.
To start up as Private Limited Liability Companies (Sdn Bhd)
Private Limited companies are the most common form of business entities registered in Malaysia.
What can we assist you with this:
- Preparation of Required Documents for SSM
- Company Name Check and Reservation of Company Name
- Registration of Company Name
- Compilation of Company Business Profile
Other than assists u on the setting up a company, our company also can assist you to ensure that your company complies with Malaysia’s regulatory requirements as well as annual compliance needs. Which we can offer one-stop professional services like Bookkeeping, Tax Compliance Services, Corporate Secretarial Service, Assurance Services and ETC in order to let you have better efficiency and effectiveness on the day to day operation.
Contact us for further consultation.
- SME CORP
- SME Info