Updated: Jun 9
In our last blog, we talked about how to form a company in Malaysia. Now, what do you have to do after you form a company?
Step 3: Post-registration
The last stage requires fulfilling the conditions and commitments you have after successfully registering your business with the SSM.
Opening a business bank account, discovering which business permits you’ll need, enrolling in the provident fund, choosing auditors, and figuring out your tax obligations are the key priorities of this stage.
Opening a corporate bank account
After establishing your company’s legal existence in Malaysia, you can create a corporate bank account. Since many banks provide various advantages and fees, we advise conducting research before choosing a bank.
There are many local and international banks you can choose from, some are:
· CIMB Bank
· Public Bank Berhad
· RHB Bank
· Hong Leong Bank Berhad
· OUB Bank
· HSBC Bank
Obtain business licenses and permit
Companies in Malaysia are required to registered for licenses and permits related to their nature of business.
There are three types of business licenses:
1. General Licenses
2. Sector/ industry-specific licenses
3. Activity specific licenses
General Licenses are the necessary licenses you need when you establish a business in Malaysia. The licenses include:
· Company registration
· Company and employee’s income tax registration
· Employees provident fund (EPF)
· Social security organization (PERKESO)
· Human resources development fund
· Business premise licenses and signboard licenses
Sector/Industry-Specific Licenses are licenses that are needed for a specific industry or sector specified by the Malaysian government.
· Licenses related to the manufacturing sector
· Licenses related to the wholesale and retail trade
· Licenses related to the telecommunication sector
· Licenses related to the broadcasting sector
· Licenses related to the oil exploration sector
· Licenses related to the construction sector
· Licenses related to the banking sector
· Licenses under Department BLESS, Ministry of Entrepreneur Development (MED)
· Licenses under the Department of Occupation Safety and Health Malaysia (DOSH)
· Licenses under the National Water Services Commission (SPAN)
Activity-Specific Licenses are licenses that regulate specific activities and can be applied to more than one industry or sector. This license includes:
Certificate of fitness for certified machinery
Approval of expatriate posts
Approval to install, recite or alter air pollution control equipment
Building plan approval
Sales tax approval
Once you are done establishing the company. An auditor must be chosen by each corporation before the inaugural annual general meeting. Annual general meetings for private limited company’s are not required.
The board of directors must name the first auditor for newly established firms at least 30 days before the deadline for submitting the first set of financial statements.
Malaysian company registration fees
For more information on the fees for companies in Malaysia, please refer to the SSM’s fee schedule.
A certificate of registration will be issued by SSM after the registration process is finished. This document serves as evidence that the business is registered with SSM, the Commission Companies of Malaysia. However, SSM won’t give such certificate if the necessary paperwork isn’t submitted with the registration application.
This guide on steps to starting a business in Malaysia will help prepare you in advance of setting up a company.