No, a sole proprietor cannot deduct a salary and expense it as business expenses. Technically, the profit generated is the sole proprietor salary.
No, a sole proprietor cannot deduct a salary and expense it as business expenses. Technically, the profit generated is the sole proprietor salary.
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The requirements for registering a company in Malaysia are simple. They are:
Malaysian residents and foreigners can serve as directors of a Malaysian company, provided there is at least one director who is a Malaysian resident.
To register a company in Malaysia, you need at least one shareholder who can be a person or another company.
Every Malaysian company must have a company secretary who lives in Malaysia and is responsible for ensuring the company meets its regulatory requirements and submits necessary filings.
You can establish your Malaysian company with just RM1 in paid-up capital and share capital. If needed, you can add more funds later and inform the company registrar.
Your company needs a registered address in Malaysia where all the official documents will be sent; a PO box isn’t acceptable.
The Malaysian Employment Pass (EP), allows foreign professionals to work in Malaysia.
Who Qualifies:
Process:
For a detailed breakdown of eligibility criteria and the application process, you can contact to us.
All companies in Malaysia need to appoint at least one Malaysian resident director. It is fairly common for foreigners to establish a company with a nominee director in Malaysia serving as the local director, to ensure that the company is in good standing. The nominee director is legally bound by the Malaysian Companies Act 2016 and needs to fulfil fiduciary duties towards the company and the shareholders of the Malaysia Company.
Responsibilities of a Nominee Director
Benefits of Hiring a Nominee Director
After a successful company incorporation in Malaysia, opening a corporate bank account would be the next step before commencing any business operations. Opening a corporate bank account in Malaysia is not as tough of a process compared to Singapore.
However, different banks could be more stringent than others. In addition, banks will usually have different rules and regulations or open accounts from each other, adding to the complexity.
Our focus is to prove that your company has a tax substance and select an account that best fits your business needs. Most importantly, you DO NOT need to be physically here! We work closely with our trusted bankers to give you a higher success rate in opening a corporate bank account.
Our Address
Business Suite 19A-24-3 Level 24, UOA Centre No. 19 Jalan Pinang, 50450 Kuala Lumpur, Malaysia
Business Suite 19A-24-3 Level 24, UOA Centre No. 19 Jalan Pinang, 50450 Kuala Lumpur, Malaysia
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