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.
Please refer to the notes below before registering your new company with SSM Malaysia.
- Think about your company’s new name
- You need to have 2 local directors
- You need 2 shareholders in the Company
- If you want to apply MOF license, make sure your company has paid-up capital of at least RM2,500
- Check with your banker to make sure that they accept your company to open bank account with them.
- Get ready at least RM5,400 for yearly professional charges for your company. Estimated fees for company having turnover of RM500k:
a) Secretarial & SSM filing fee RM1,200
b) Audit fee RM2,700
c) Tax filing fee RM1,500
- 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.
- To open income tax file number with LHDN once the company start to issue bill / invoice
- To register with IRB (LHDN) as Employer (E number) when start hiring staff
- Contribute EPF & SOCSO for your staff is statutory requirements
- If you are paying your staff more than RM3,000 per month, deduct PCB from their pay & remit it to LHDN
- If you are withdrawing director’s salary from the company, please contribute EPF & SOCSO for yourself
- If you are withdrawing director’s fee from the company, then you do not need to contribute EPF & SOCSO
- Apply service tax license with custom department if you are providing professional or consultancy services to your clients
- Apply sales tax license with custom department if you are involved in manufacturing activities
- Apply GST license if your company’s yearly sales is expected to be more than RM500,000
- Think about getting trading / signboard licenses from local authorities/governments (DBKL, MBPJ, MBSJ, MBAJ, etc…) before opening your shop/office