Anyone who intends to register a company in Malaysia must do it through a Company Secretary. The Company Secretary will carry out the registration process with SSM. This is a mandatory requirement, as SSM will not entertain requests to liaise with them directly. Therefore, going through a Company Secretary is your only option.
Companies in Malaysia are incorporated through the SSM’s MyCOID online system. Again, this system is only accessible to your Company Secretary. If you haven’t sourced one yet, Paul Hype Page can assist through our Corporate Secretarial Services package. Given that an online system is use, there may be some delays to your incorporation process if there are technical issues experience. This is something to bear in mind when registering a company in Malaysia.
The entire company registration process in Malaysia can take between 5-10 working days. However, the timeline can vary depending on the accuracy and completion of the documents you submitted.
Registering Your Company Name with SSM
Registering your company name with the SSM generally takes 24 hours. The preparation and registration of documents takes 2-3 business days. The signing of the documents by all the directors and shareholders takes 1 business day. Submitting the documents to SSM and waiting for approval then takes 3-5 business days.
The timeline above is merely an estimate, assuming all your documents are in order and no technical issues are experienced. To ensure a smooth transaction, you should do your best to submit a complete set of documents as per SSM’s requirements. Leaving out pertinent information or certain documents could lead to unnecessary delays. There may be delays expected if more time is needed to verify your documents too.
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Malaysia Company Name Selection Guidelines
You should also ensure that your company name is unique but meets all the necessary requirements to avoid delays. SSM has laid out guidelines regarding the names of companies in Malaysia. Your chosen company name should avoid any of the following:
An undesirable name
Names in connection with members of the royal family. These includes names which contain the world king, royal, prince, crown, queen, princess, imperial or regent.
Names which suggest a connection with federal government or state departments, statutory body, government authority, government agency or other local authorities.
Names which suggest a connection with Commonwealth, ASEAN or any foreign government.
Names which suggest a connection with any political party.
Names which are misleading regarding the company’s identity and business nature
Blasphemous names which are likely to be offensive.
Names which can be mistaken for a similarly named company.
Opening Your Corporate Bank Account in Malaysia
Once successfully incorporated, the next steps would be to open your corporate bank account. If your business requires one or more licenses, you will need to apply for those before commencing operations. You will also need to register and open an account with the Employment Provident Fund (EPF) if you intend to hire local employees. This is where a percentage of your local employee’s salaries will be contributed for their retirement fund.
You will also need to decide when your company’s fiscal year end will be for income tax purposes. This can be any date within 18 months from your incorporation date. You must keep track of your expenses and income via bookkeeping. This must be done in accordance with Malaysian accounting standards.