Forming a Company in Malaysia is not an easy task as there are many formalities and documentation that has to be submitted to the Companies House (CH). Before starting a new company, it is better to conduct a complete search of the laws applicable in the country. Formulating a business plan is essential. Professional accounting services will be required for day to day business new company registration malaysia. Outsourcing bookkeeping services is also a good option to cut down costs. Other important documents that need to be submitted to Companies House are Memorandum and Articles of Association, Memorandum of Understanding, and Company Certification, among others.
Companies House is now offering many ways to ease the cumbersome process of company registration in Malaysia. It has introduced the new format of Single Registration. Under the new format, companies are required to select one business type of entity that they wish to operate. For instance, under the new format of Single Registration, there is only one Company House office that is authorized to grant the necessary authorizations.
Moreover, a new company registration process allows for simpler administration, including simplified procedures for the registration of foreign corporations. Under the new company registration scheme, foreigners can open new offshore branches in Malaysia without first obtaining approval from the Companies House. Foreign corporations have the option of choosing their local address as their main registration office. Foreign corporations also have the option of choosing an offshore registered agent that will act on behalf of the corporation in Malaysia. A foreign corporation may conduct all its business transactions through this agent and does not need to conduct its business operations in the country where it is registered. This makes the company registration process very convenient for businesses that run global businesses.
Companies House now allows corporations to choose the new International Business Agents (IBA) that will be appointed to serve them in Malaysia. Starting in 2021, foreign companies have the option of choosing an IBA from a list of accredited International Business Agents that have been approved by the Companies House. This will enable companies in Malaysia to conduct all their business transactions with a foreign company that has been approved by the Companies House. Under the Companies House policy, foreign companies are not obliged to register with the government on behalf of the company secretary.
The other policy change for company registration malaysia is that foreign investors are now required to submit an application for registration with the Companies House before engaging any employee of the new company. The aim is to make the process easier for the foreign investors and to attract more of their investment. The Malaysian authorities realize that attracting investment from foreign countries is one of the key to the government’s economic growth. In fact, the Malaysian Investment Corporation (MIMC) has taken charge of the work for the registration of the latest companies and the registration of its employees.
Registration of a foreign company is just one of the requirements that foreigners need to meet before getting set up in Malaysia. There are also other documents that need to be submitted to the Companies House before being granted a business license or registration. The other requirement is for foreigners to submit the relevant passport and visa documents when applying for company registration malaysia. Foreigners who have spent most of their working years in another country need to submit a proof of residence there before they are allowed to open a business in Malaysia.
Other requirements include a business plan that details the type of industry that will be operated by the new company. Company registration malaysia also requires you to submit annual financial statements and annual business forecasts. These documents are usually required to be submitted to the Companies House before they can get a business license or registration. The Foreign Trade Department may also need to be notified before a certain number of months. Information on the foreign investors can also be obtained from the Business advisory board or the Foreign Ministry.
It is important for all foreign investors to conduct a background check on the company secretary and the company director. The company secretary should have a proper experience in the field and should have a good reputation in the business community. The company secretary should have the necessary experience and should have a degree in business or in the field of commerce. Foreign Trade Department is the only department in the government that will conduct background check for the ssn bhd company secretary and the company director before they are given a registration certificate by the ssn bhd company secretary.