Things You Need to Know About Registering Company in Malaysia
What does it take for an investor to register a company in Malaysia? Whether you’re a foreign investor or a local investor, registering a company in Malaysia would have requirements that need to be met and documents that need to be submitted before you can get started forming a company.
The Companies Commission of Malaysia
The Companies Commission of Malaysia is known locally as the SSM, which stands for Suruhanjaya Syarikat Malaysia. The SSM was established in Malaysia in April 2002, and it is the agency that is responsible for incorporating and registering all companies that are formed in Malaysia.
The minimum paid up capital that is needed for an investor to incorporate a company in Malaysia is as low as RM1. To register a company in Malaysia with the SSM requires a copy of the identification card if you are a local Malaysian, and a copy of your passport if you are a foreigner.
What is a Company Director?
To register a company in Malaysia would require the appointment of at least one director who must be at least 18 years of age and residing in Malaysia. The director that is appointed by the company must not be bankrupt or have been convicted or imprisoned for at least the past five years. If these requirements are not met, the company will not be able to proceed with the registration and incorporation process.
What is a Company Shareholder?
The shareholder of a company in Malaysia would need to be at least 18 years of age at the time of appointment by the company. Every company in Malaysia would need at least one shareholder in place for the registration and incorporation process.
What is the Company Secretary?
Every company in Malaysia would need to appoint one registered company Secretary. The requirement for the company secretary is that he or she must be a member of any one of the prescribed professional bodies, or be licensed by the SSM.
Company in Malaysia – Requirements
To register a company in Malaysia requires the business to have a registered office where all communication and notices may be addressed to. Every company in Malaysia would also need to prepare its accounts and be audited by the approved auditors in Malaysia every year as part of the business practice.
A company in Malaysia would need to appoint one or more auditors, and these auditors must be approved in Malaysia. Audited accounts are important because they will be used and tabled at the company AGM for the adoption or approval by the shareholders of the company.
A registered company in Malaysia would also need to hold AGMs (or Annual General Meeting’s) within six months from the accounting year end. If the company is a newly registered company, the AGM would need to be held within 18 months from the date of incorporation.
If you require any help in registering a company, please contact us to know more.