In 2018, the World Bank ranked Malaysia one of the easiest place in the world to start a business. This is a testament to how easy it is to start a business in Malaysia, especially with the right guidance from company formation experts in Bayabumi Accountancy Services.
All companies in Malaysia must be registered with the Companies Commission of Malaysia, known locally as Suruhanjaya Syarikat Malaysia (SSM). They are the statutory body responsible for overseeing and regulating corporate and business affairs.
Being the capital city of Malaysia, Kuala Lumpur is not only the business hub for the country, but also the place most foreigners seek out to start their Malaysian company incorporation journey.
To open a company in Malaysia is a fairly straightforward process. This guide will provide you with all the requirements you need for your Malaysia company incorporation process.
Malaysia Company Incorporation End Goals
Before commencing your business in Malaysia, it is important that determine your end goals. Why do you want to start your business in Malaysia? Clarifying your intention and reasons helps to put your goals into perspective. It is not just about preparing for the how to incorporate a company in Malaysia part, but why you’re choosing Malaysia as your base of business?
When starting any business in Malaysia, chances are you might make it, or you might just fail. Not everyone that has started their business in Malaysia has succeeded. However, there are a few that actually surpassed expectation and eventually made it to the top too.
Malaysia Company Incorporation Requirements
To register a company in Malaysia, you will need to fulfil the following requirements:
- Prepare the minimum paid-up capital of RM 1.
- Have a minimum of one director who is at least 18-years old with no prior criminal convictions and bankruptcy records. The director should also be residing in Malaysia.
- Have a minimum of one subscriber to the shares of the company.
- Have a minimum of one Company Secretary. They must be a member of any of the prescribed professional bodies or licensed by the SSM. Alternatively, Bayabumi Accountancy Services can assist through our Company Secretarial Services package.
- Have a registered office address in Malaysia.
You will also need to provide the following information:
- Prepare your proposed company name and its meaning.
- State the primary business activities of the company.
- A copy of the NRIC or passport of all directors and shareholders.
- Recent proof of residential address of all directors (utility bills, phone bills, etc).
- Contact details and occupation of all directors and shareholders.
- Details of the beneficial owner (if they are not listed as the shareholder).
- Information about your paid-up capital.
- Registered business address.
- Source of funding.
- Expected location of customers and suppliers.
- Written confirmation from directors, shareholders and beneficial owners that they are not a Politically Exposed Person. Email confirmation is acceptable.