How to do the filing of a company in Malaysia?
There are several required procedures that you have to follow for the registration of company in Malaysia. They have different methods for locals and foreigners altogether. It depends upon the nature of the business whether foreigners can register a foreign-owned company or not. However, the self-registration of the new company is not allowed for foreigners in Malaysia.
How many types of companies can you register in Malaysia?
Under Act 2016, one can register two types of companies in Malaysia.
- A company which is limited by shares
- An unlimited company
- Under section 14 CA you need to have at least one subscriber in the shares of the company
- Under section 122 you need to have a minimum of one director and a company secretary which can be either
- A member of professional body recommended by the Ministry of Domestic Trade and Consumerism or maybe an individual having the license given by SSM Company Commission of Malaysia
- The company secretary and director must have residence within Malaysia
What steps to follow in the procedure of incorporation?
There are two main steps for this which are given below with brief detailing:
- Filing the application of company name search
This is done to confirm that the name which you have decided for your company has not been taken by someone else before. It has further many steps:
- Complete submission of form 13A CA to SSM
- Payment of 30RM fee, which is required for each name which you have applied for Malaysia company registration. After the completion of the procedure, you will get your name registered; final approval will be done SSM
- Submission of necessary documents for the company registration in Malaysia
- It’s the 2nd foremost step for the registration of a company limited by shares after applying name search. You have to submit your documents within three days from the date of approval
What documents will be forwarded to SSM?
- Memorandum and Article of Association, which is also known as original of the constitution had to be stamped at 100RM from the stamp office of Inland Revenue Board.
- Pioneer secretaries and directors shall be named in the law (also known as Article of Association and Memorandum)
- Constitution shall also be signed by subscribers of the company shares in front of witnesses
- Fourth schedule’s table A in the CA can also be regarded as the constitution of the company (under section 30 CA)
What is the procedure for the registration of an unlimited company?
The system for the registration of this kind of company is pretty much like the procedure for the company limited by shares, and the slight difference is member’s liability has to be described as unlimited in the constitution (which is also known as Memorandum and Article of Association) of the company.
What are the basic guidelines for the registration of a foreign company?
In Malaysia, an international company can carry registration for business only if:
- It incorporates a local company with the SSM, the companies commission of Malaysia
- Register the foreign company in Malaysia through companies commission of Malaysia (SSM)
What are the definitions of international companies, according to which companies act?
An organization, association, society, corporation, company, or any other body-based outside Malaysia. Or organization which can be sued or to be sued under the law of place from which it originated, or it holds the property in the ownership of officers of association such as secretary, which are duly recruited for that purpose solely. It also doesn’t have a head office or principal place of business in Malaysia.
What steps should we follow to complete the registration of a foreign company in Malaysia?
- Application for the name search
- Submission of registration documents for the registration of a company in Malaysia
- Submission of the registration fee
- Issuance of registration certificate
Conclusion
The economy of Malaysia is growing exponentially, chances of growth are very high in this country due to investor-friendly laws and regulations, and the overall security situation of the country is very much on the safer side. So it is a wise decision to register a business company in Malaysia and start earning.
