DuitNow Money Transfer Service to Launch in December in Malaysia Malaysia’s Payments Network Malaysia Sdn Bhd (PayNet) is set to launch the DuitNow money transfer service this December. This will allow customers to transfer money securely and immediately using just the recipient’s mobile number. As of now, 40 local and foreign banks are expected to…
Smoking Ban to Be Imposed at All Malaysian Eateries From 1 Jan 2019 Starting from 1 January next year, a smoking ban will be enforced at all Malaysian restaurants nationwide. This includes hawker stalls and coffee shops, covering air-conditioned and non-air-conditioned eateries, street stalls and open-air hawker centers. Malaysia’s Deputy Health Minister stated during a…
Malaysia Business Reporting System by SSM to Be Implemented Nationwide Malaysia Business Reporting System (MBRS) is a submission platform for the Securities Commission of Malaysia (SSM). This system’s platform is based on the XBRL (eXtensible Business Reporting Language) format. With the XBRL format, companies and businesses will be able to submit the following documents: The…
Why Choose Malaysia VS Thailand Business Environment in Thailand Thailand is the second largest economy in Southeast Asia, after Indonesia. However, it is only ranked fourth in the region, after Singapore, Brunei and Malaysia. How with Malaysia VS Thailand, the country enjoys a gross domestic rate (GDP) growth of about 4 – 5 per…
“Pool Money” Activities are Prohibited Malaysia Companies or business entities in this country are prohibited from organizing any schemes or activities involving “pool money”. The Act (Prohibition) of “Pooling Money” of 1971 clearly states that companies which are formed under the Incorporation Act of 2016 (previously known as Incorporation Act of 1965), or any registered…
Dear Valued Clients, Welcome to our E-Newsletter October 2018 We hope this finds you well! As the last quarter of 2018 is about to begin, let us have a quick look at Malaysian economic performance in the past few months. According to the Statistics Department of Malaysia, a slower economic growth is expected between September…
Financing Options for Business Start-ups in Malaysia Entrepreneurs looking to start their first business venture in Malaysia will be pleased to know that there are several financing schemes available. The schemes listed below are supplied by several different agencies, and entrepreneurs will need to conduct their own research into sourcing which option would be best…
1 Jan Next Year Sees a New Minimum Wage in Malaysia From 1 January 2019, Malaysian workers are set to receive a change in their minimum wages. The new amount has been set at RM1,050 per month, and this change was made following the National Wage Consultative Council (MPGN)’s proposed recommendations. This amount works out…
Dear Valued Clients, Welcome to our E-Newsletter September 2018 Hope this email finds you well! As National Day nears, the Merdeka spirit is in the air. Over the past few months, Malaysia has seen a huge transition in political power, hence the coming National Day carries significant meaning to all Malaysians – it symbolises new…
Duty-Free Islands Will Still Be Taxed Under SST in Malaysia Malaysia has some duty-free islands where the foreign visitors can indulge in tax-free shopping. However, the SST in Malaysia kick starts on September 1 and is expected to affect specific items based on the orders of the country’s finance minister. Lim Guan Eng, the Finance…