The pro-business policies and strategic financial planning of
the Malaysian Government has turned Malaysia into a business friendly economy
and the investors’ prime destination. The World Bank’s “Ease of Doing Business 2016”
report ranked Malaysia the18thbest place to conduct business among 190
countries globally. This report also highlighted that the starting of a business in Malaysia only requires 3 procedures, 4 days and
costs 6.2% of income per capita in fees.
For setting up a business in Malaysia, firstly, the investor have to apply for business name registration approval at the Companies Commission of Malaysia through a registered Company Secretary. Business may be registered using personal name or using a trade name. Form PNA.42 should be filled for the approval of this purpose. The businessman should follow the prescribed procedure, rules and regulations regarding the name as well as payment of annual fees for having it.
Related Articles:
Duties of company secretary as outlined by the SSM companies act of 2016
Follow these important steps to register a company in Malaysia
The Companies Commission of Malaysia (SSM) is the statutory
body that incorporates companies and registers new businesses in Malaysia in all the three business types: limited
company, partnership and sole proprietorship. Since its inception in 2002, SSM
has registered 63,75,051 businesses including 11,98,592 local and 4,727 foreign
companies until 2016. The number of registered businesses by the SSM was56,34,101
and 59,98,331 in 2014 and 2015 respectively (source: www.ssm.com.my). The
Companies Commission of Malaysia is very encouraging and responsive to new
business seekers.
From the start of a business in Malaysia up until its dissolution, a
businessman will have to submit several filled forms and documents at the Companies
Commission of Malaysia.
For setting up a business in Malaysia, firstly, the investor have to apply for business name registration approval at the Companies Commission of Malaysia through a registered Company Secretary. Business may be registered using personal name or using a trade name. Form PNA.42 should be filled for the approval of this purpose. The businessman should follow the prescribed procedure, rules and regulations regarding the name as well as payment of annual fees for having it.
Within the three months period following trade naming
approval, the businessman should complete the “Business Registration Form (Form
A)”at SSM counter or through online, where he will mention his business name, commencement
date of business, principal place of business, the address of the branch of
business (if any), information of owner and partners, the type of business he
is carrying out etc. With this Form, he will provide a copy of the Partnership
Agreement if it is needed. It is mentionable that every business owner and
partner must sign the completed Form duly and the owner/all partners should be present
at the counter during registration.
This Business Registration Form also requires the following
documents attached: a) Permit, license or supporting letter for the type of
business e.g. Nurseries (Department of Social Welfare), Kindergarten, Tuition Centers,
Schools/Colleges (Ministry/ Department of Education); and b) Approval or
Supporting Letter from relevant agency if required by the Registrar of Business
at the Companies Commission of Malaysia.
When the application is approved, the businessman will
obtain a Business Registration Certificate within one hour from the time
payment is made. A Business Registration Certificate is valid for a period of
one year and will not exceed five years on every registration.
Running a business in Malaysia without registering at the Companies Commission
of Malaysia, is an offence under the ROBA 1956 and is punishable either in the
form of fining or imprisoning or the both.
Related Articles:
Duties of company secretary as outlined by the SSM companies act of 2016
Follow these important steps to register a company in Malaysia
0 Comments
Post a Comment