If you are new to the business world, and plan to get your business off the ground, especially in a foreign country like Malaysia, you need to be aware of the costs that you will incur and the procedures you need to follow. Malaysia is globally known to be one of the best countries to start up a business- the country boasts a flourishing economy and an envious lifestyle. If you have finally decided to set up shop here, you can contact a professional at Paul Hype Page to help you out! A lot about the future of your business will be decided in its earlier phases, where you will be injecting the most capital until your company is up and running, generating revenue on its own.
Suruhanjaya Syarikat Malaysia (SSM) or known as the Companies Commission Of Malaysia will be one of the primary authorities you need to contact when incorporating your business here. For most generalized businesses, SSM will incorporate them within 1 day to facilitate the starting of a business.
Customers will only need to go to a single interaction counter for:
(a) lodgement of name search application (Form 13A);
(b) lodgement of incorporation documents (Form 6, Form 48A and Memorandum & Articles);
(c) payment of prescribed fees;
(d) payment for the post incorporation package; and
(e) payment for revenue stamps.
The post incorporation package consists of the following:
- Statutory Books
- Share Certificates
- Common Seal
The Initial Costs
Malaysia is ranked amongst the top countries in the ‘ease of doing business’ so you can expect to incur low registration fees. A name search must be conducted to determine whether the proposed name of the company is available for registration. Payment of an RM30.00 fee for each name applied. Registration fees shall be as per the payment schedule below:
|NOMINAL SHARE CAPITAL (RM EQUIVALENT)||FEES (RM)|
|Up to 100,000||1,000|
|100,001 – 500,000||3,000|
|500,001 -1 million||5,000|
|1,000,001 – 5 million||8,000|
|5,000,001 – 10 million||10,000|
|10,000,001 – 25 million||20,000|
|25,000,001 – 50 million||40,000|
|50,000,001 – 100 million||50,000|
|100,000,001 and above||70,000|
Foreign Businesses (Visa and Passes)
Local business owners obviously have an edge over foreign businesses as the country supports its local business environment as much as it promotes foreign investments. Therefore, you might need to pay for an Employment Permit from the Ministry of Foreign Affairs. All foreigners who wish to start a new business in Malaysia must apply for an Employment Permit, which allows registered entrepreneurs and their families to live in Malaysia. If you wish to hire workers from your home country, you will need to cover the costs for all the employment permit and work visas.
Seems A Bit Too Complicated?
This was just a brief insight into the costs you might need to cover when you start a business here. If these details seem overwhelming, hire professional help! Call us today for the best company incorporation services in Malaysia.