Retired people may not sometimes not want to lead a life of complete retirement. You may want to run a business to keep the income flowing. In such cases, it will be wise to choose a country where opening and operating a business as a foreigner is relatively simple, efficient, and hassle-free.
Malaysia ranks at 13 out of 188 economies of the world in the parameter – ease of starting a business, according to the Doing Business project that was concluded in 2014.
Procedure for company registration
A company can be registered in Malaysia by following these steps:
Filing necessary documents with the Companies Commission of Malaysia (SSM) one-stop shop
- Name search is conducted online and the payment can also be made online.
- The online procedure takes less than 1 day.
- Each name search application costs US$ 8.40.
Preparation of company incorporation documents by a company secretary
- The agency involved is the Companies Commission of Malaysia.
- A statutory declaration of compliance to the Companies Act 1965 is to be provided.
- This procedure takes around 3 days on an average.
- The procedure costs US$ 279.99.
Filing necessary documents with the Companies Commission of Malaysia (SSM) one-stop shop and get company incorporation
- Tax registration
- Registration with the Employment Provident Fund (EPF)
- Registration with the Social Security Organization
- Registration with the Inland Revenue Board
- Get post-incorporation package containing share certificates, company seal, and statutory books
- This process takes around 2 days.
- The costs incurred are US$ 279.99 (registration fee), US$ 56 (stamp), and US$ 21 (post-incorporation package).
- The registration fee must be paid and the following incorporation documents must be filed with the Companies Commission within 3 months of reserving a name:
- Memorandum, articles of association, statutory declaration of compliance (Form 48A)
- Particulars of 2 subscribers who hold a minimum of 1 share of US$ 0.28 each
- Particulars of at least 2 directors who have their main or only place of residence in Malaysia
- Original Form 13A and a copy of the letter from CCM that gives approval for the company’s name
- Address or location of the registered office
- Once these documents are submitted, Form 9 is issued (certificate of incorporation).
- Registration fees for the authorized share capital is determined on the basis of the following scale:
- If the nominal share capital does not exceed US$ 111,997.82: US$ 279.99
- If the nominal share capital exceeds US$ 111,997.82 but does not exceed US$ 139,977.27: US$ 839.98
- If the nominal share capital exceeds US$ 139,977.27 but does not exceed MYR 1 million: US$ 1,399.97
- If the nominal share capital exceeds MYR 1 million but does not exceed MYR 5 million: US$ 2,239.96
- If the nominal share capital exceeds MYR 5 million but does not exceed MYR 10 million: US$ 2,799.95
- If the nominal share capital exceeds MYR 10 million but does not exceed MYR 25 million: US$ 5,599.89
- If the nominal share capital exceeds MYR 25 million but does not exceed MYR 50 million: US$ 11,199.78
- If the nominal share capital exceeds MYR 50 million but does not exceed MYR 100 million: US$ 13,999.73
- If the nominal share capital exceeds MYR 100 million: US$ 19,599.62
Now that it is established that doing business in Malaysia is simple, we cannot blame you for your excitement!