Malaysia starts stealing the world’s attention for its business potential. A decade ago, this country was mostly known as one of the most favorite tourist destinations in the ASEAN. But, today’s Malaysia is quite different. It has strengthened its pillar of economics and successfully created a conducive atmosphere for the global trend of multinational companies. So now, it is not complicated to make your company building plan come true in Malaysia. The following guideline will assist you and answer all of your questions in association with Malaysia company registering.
Malaysia Company Registration Guideline
Malaysian warmly welcomes foreigners to plunge into the economics of the country. There are two ways foreigners can take if they wish their company to legally enter Malaysia business sector. The first is incorporating a local company with Suruhanjaya Syarikat Malaysia (SSM), or registering their foreign company. The latter refers establishing a form of SDN BHD company that is fully owned by two foreign directors. In short, foreign business owners must select whether they want to go on with incorporation or registration. The legal matters associated to Malaysia company registration are under provisions of the Companies Act 1965 (CA 65). In general, there are two steps the business owners (usually represented by a company secretary in Malaysia) must take in company registration in Malaysia.
Step 1. Name Application
In the step, the business owners must check the availability of the company’s name proposed. The form involved is Form 13A. The Malaysia company registration form must be requested from SSM, completed and submitted back to SSM. The submission includes a fee of RM30.00 valid for one name. The name refers to the name registered in its homeland.
Step 2. Company Registration
This step starts after the approval of the company’s name – which means that it is available to use. The business owners must request the Malaysia company registration form from SSM, complete and compile it with other necessary legal documents for submission to SSM. The submission must be done in 3 months after the name approval.
Documents in Malaysia Company Registration
- A copy of the registration or incorporation certificate of the company
- A copy of the statute, charter or Memorandum of Association of the company
- Form 79
- A memorandum of power of the authorized attorney residing in Malaysia
- Form 80
- Additional legal documents including: (1) copy of Form 13A (2) a copy of the letter justifying the approval of the company’s name
Besides the name approval and submission of company registration documents, the business owners must also regard other requisite terms in the form completion. For instance, the company must have at least two directors and one company secretary. Both directors may be or not residents in Malaysia depending if they select incorporating or registering their company. But, a company secretary must be a resident in Malaysia.