Final Notes Before Registering Your New Company with SSM Malaysia

 

Before proceed to register a company in Malaysia and start your new busienss in Malaysia, there are some basic rules, regulations & statutory requirements you need to know about.

 

Start a business without proper plannings & budgets for your company going ahead will give a lot of surprises to you & your company, or even a disaster to your business.

 

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Please refer to the notes below before registering your new company with SSM Malaysia.

1. Think about your company’s new name
2. You need 2 directors who are residing in Malaysia
3. You need 2 shareholders in the Company
4. If you want to apply MOF license, make sure your company haspaid-up capital of at least RM2,500
5. Check with your banker to make sure that they accept your new company to open bank account with them.
6. Get ready at least RM4,400 for yearly maintenance charges for your company.Estimated fees for company having turnover of RM500k:a) Secretarial & SSM filing fee    RM1,000
   b) Audit fee                                 RM2,440
   c) Tax filing fee                           RM950
7. You need to engage a full time clerk or partime account person to help you to prepare a full set of accounts for audit purposes.
8. To open income tax file number with LHDN once the company start to issue bill / invoice
9. To register with IRB (LHDN) as Employer (E number) when starthiring staff
10. Contribute EPF & SOCSO for your staff is statutory requirements
11. If you are paying your staff more than RM3,000 per month, deduct PCB from their pay & remit it to LHDN
12. If you are withdrawing director’s salary from the company, please contribute EPF & SOCSO for yourself
13. If you are withdrawing director’s fee from the company, then you do not need to contribute EPF & SOCSO
14. Apply service tax license with custom department if you are providing professional or consultancy services to your clients
15. Apply sales tax license with custom department if you are involved in manufacturing activities
16. Think about getting trading / signboard licenses from local authorities/governments (DBKL, MBPJ, MBSJ, MBAJ, etc…) before opening your shop/office

Related Topics:

• Pendaftaran & Penubuhan Syarikat Baru (Sdn Bhd)
• Suruhanjaya Syarikat Malaysia (SSM)
• How To Register A Company in Malaysia?
• Upgrade & Convert Sole Proprietor or Partnership To Sdn Bhd
• How To Register Sole Proprietor or Partnership in Malaysia
• Differences between Sdn Bhd Company and Partnership / Sole-Proprietor