Hi would it be possible for me to incorporate a business in Malaysia without having to do the annual auditing as I’ll be the sole shareholder and the company would have 0 revenue as the product that I expect my company to sell is still the in the works and would not be done for at least 2~3 years.
I’m also a Malaysian currently studying abroad and I’m thinking about incorporating in Malaysia to partially protect my ideas and business products as incorporating at my current country has a lot of visa hurdles.
Thx for ur time
Dear Charles,
Thank you for your query! The company will be exempted from audit if it falls under one of the three category below:
The following categories of private companies qualify for audit exemption:
(a) Dormant companies (company is dormant in a financial year if the company does not carry on business and there is no accounting transaction occurred)
(b) Zero-Revenue Companies (does not have any revenue during current financial year and the immediate past two financial years）
(c) Threshold-Qualified Companies (revenue less than RM100,000 and total asset not more than RM300,000.
You can also get a professional to assist and advise you.
We can arrange a call with you to understand more about your business plans. Please provide us your contact number or you may contact us at https://wa.me/6584833084 :)