Learn what it takes to run your Company.
Frequently Asked Questions
Who can register a company in Malaysia?
Anyone who is 18 years old and above, resides ordinarily in Malaysia and is a bankrupt (or disqualified under the Companies Act, 2016.
Can a foreigner set up a company in Malaysia?
Yes, you can, provided you are 18 years old and above and have residence in Malaysia. If you do not reside in Malaysia, you will need a local partner to act as a joint director.
What documents are required to set up a company in Malaysia?
You will need valid identity documents, such as the NRIC (for Malaysians), a passport with more than 6 months validity (for foreigners), proof of residency such as a tenancy agreement, utility bills or any other supporting documents that may be requested.
What information are required to set up a company in Malaysia?
3 choices of proposed company names
ID copies and proof of residence of all the directors and shareholders
The nature of the business of the company (a short description thereof)
The business address and contact details (if any)
The paid-up capital of the proposed company
The proportion of shareholding
How long does it take to set up a company in Malaysia?
Usually within 1-3 working days from the submission of the application to the SSM.
Do you help with opening a bank account?
We are able to prepare the resolutions and certify the SSM documents that are required by the Banks. Verification will then be done by the said bank and approval given by the Bank. We do work with a few banks where the Relationship Managers will visit you at your convenience to get the process started.
Can I get a visa application started once I have incorporated a company in Malaysia?
We will introduce you to our partner who is an expert in this area. Whether your visa application is successful or not will depend on many factors, and our partner will be able to advice you accordingly.
What are my statutory duties as a director?
You will need to comply with the provisions of the Companies Act, 2016, to ensure that the Annual Returns are prepared and submitted within 30 days of the anniversary date of the incorporation of the Company, and to arrange for the preparation and circulation of the audited financial statements within 6 months from the date of the financial year-end. Do not worry, as your company secretary we will ensure timely reminders are sent.
What are the annual costs of maintaining a Sdn Bhd company?
Your annual costs can include the following fees :
Secretarial Retainer fees from RM 720 to RM 2000 per year
Annual Return preparation & lodgement RM 250 above
Audited Report submission RM 200 above
Accounting fees RM 1200 above
Audit fees RM 1200 above
Tax fees RM1500 above
Hence it is important to note the cost to maintain a Sdn Bhd company could be more than RM5000 per year.
What is a company secretary?
A Company Secretary is an officer appointed by the directors and is entrusted with a statutory duty to ensure the business in always in compliance with the various statutory and regulatory requirements. Under the Companies Act, 2016, it is mandatory that every company appoint a Company Secretary within 30 days of being incorporated (or formed) and the Company cannot remain without a Company Secretary for more than thirty days.
Why do I need to pay secretarial retainer fees?
As an officer appointed by the Board of Directors, the Secretary has a professional duty to ensure compliance with the various statutory requirements of the Company. The retainer fees covers the liability that the Secretary carries as an officer of the Company. Most secretarial support firms offer a host of advisory and support services that are included in the secretarial retainer fees. Having a Company Secretary on retainer allows you to focus on your business, and is a more cost-effective solution that allows you to enjoy excellent expertise at competitive rates.
What is needed to switch from my current company secretary to Allpro Consultants?
You will need to provide your current company secretary with a termination of services letter (you can get a sample from us) and make all necessary payments towards any outstanding fees. Then we will get in touch and liaise with them, and make the arrangements for the reassignment to be completed. The process will take about 3-5 working days depending on how long it takes for the current secretary to respond.