What is a foreign Labuan Company?
A Labuan Company is basically a Company incorporated under the Labuan Companies Act 1990. Such business entity is allowed to carry out businesses in, from or through Labuan in order to enjoy its tax [...]
What is the purpose of free zone?
Free Trade Zone optimizes the movement of goods between individual countries in the zone and offers opportunity to either secure or disallow imports from third party countries.
Does free trade benefits local economies?
Free trade will lead to higher economic output as an increase in demand for local goods results in higher exports. This in turn creates more jobs for local economy and the [...]
How does the Free Trade Zone benefit the importers and exporters in Malaysia?
The Free Trade Zone are established to increase the exports and boost the country foreign direct investment. These zones have the advantage to provide low-cost supply and diminish unemployment and gain [...]
What are the benefits of trading in the Free Trade Zone?
Free Trade Zones offers unique opportunity to defer, reduce or eliminate customs duties on products resulting to significant cost savings. Custom duties will come into effect once the product leaves the Free [...]
Can sole proprietor hire employees?
Yes, a sole proprietor is allowed to hire employees. Once they start hiring, they will also need to register with KWSP and PERKESO for the monthly EPF, SOCSO and EIS deduction. [...]
Does sole proprietor need to pay tax?
Yes, they are still liable to file their personal tax filing annually. Difference is, they are required to declare the business income received in their tax computation.
Can a sole proprietor pay himself a monthly salary?
No, a sole proprietor cannot deduct a salary and expense it as business expenses. Technically, the profit generated is the sole proprietor salary.
Can foreigner register sole proprietorship in Malaysia?
Yes, if they have a Permanent Resident status in Malaysia. Only Malaysia Citizen and Permanent Resident is allowed to register sole proprietorship in Malaysia.
What happens if I lie on Statutory Declaration form?
The declarant will be fine and punishable by up to five years in prison if found guilty to declare false information in a Statutory Declaration.