Are you considering to open Malaysia company any time soon? Well then here are some of the facts that you should consider about registering and setup Malaysia company.
How exactly do you set up and form a limited company in Malaysia? What are the specific requirements that you must meet? What are the documents that you are required to fill?
Here we will take a look at some of the basic facts and information for setting up and forming a limited registered Malaysia company.
1. Suruhanjaya Syarikat Malaysia (Companies Commission Malaysia)
The Companies Commission of Malaysia (SSM) was established on the 16th of April 2002, and it serves as an agency that can incorporate companies and register businesses. You will be able to open Malaysia company by providing SSM with a minimum authorised and paid-up capital of RM 100,000 and RM2 respectively.
2. What are the documents that you would require in order to form a company in Malaysia?
First you would need your proposed company name. After you have provided them with the proposed name, or if you have more than one ideas – names, for your brand new company, the SSM will then conduct a name search in order to check if the name that you have in mind is available for registration.
You are also required to provide a copy of your identity card (IC) or a copy of your passport (for foreign directors only). The last thing required is your signature on the Memorandum and Articles of Association (M&A) and some other incorporation documents.
There are some other requirements that also have to be met if you wish to setup Malaysia company:
A company is required to have no less than 2 directors, all of which are above the age of 18. At least two of the said directors must have a residential address somewhere in the country. The director(s) is not bankrupt and has never been neither convicted nor imprisoned.
Company Secretary requirements:
The new registered Malaysia company must have at least one Company Secretary. The Company Secretary is required to be a natural person and a resident of the country, and he/she is required to be a member of no less than one of the prescribed professional bodies or has to be licensed by the SSM.
The Malaysia company registration cannot be completed if the company has not appointed at least one auditor who has been approved in Malaysia. You can contact an approved audit firm like KC Aw & Co. in Malaysia for help.
Registered office requirements:
Each of the Malaysia SSM registered companies is required to have a registered office in the country to which all communications and notices may be addressed. The secretarial services of SSM include providing their office as a registered office for your company.
Accounts and Audit
Each of the newly registered Malaysia company is required to prepare its accounts and to undergo an audit by an approved auditor in the country every single year. Also, the audited accounts must be tabled at the AGM for approval by the shareholders of the company. These audited accounts are also usually required to be lodged with SSM, together with the Annual Returns, for which more information can be found below.
Annual General Meeting (AGM)
Each company is required to hold its own AGM every single year. One of the agendas of the AGM is to adopt or approve the already audited accounts by the shareholders of the registered company.
Every company is required to lodge the Annual Return with a month after the AGM. The Annual Return must include all of the audited accounts, as well as auditor’s report. The Annual Return is a snapshot of all the general information about the company’s directors, secretaries, registered offices, shareholders, shared capitals, principal business activities, etc.
Change of directors or their particulars
Whenever a change of directors occurs, e.g. when a new director is appointed or an old one resigns, or any change in their particulars, e.g. a change in their residential address, after the initial incorporation of the registered Malaysia company, these said changes must be lodged with SSSM within a month after they have happened.