Steps Company Formation - BCH.my

Steps Company Formation - BCH.my from BCH.my

By: BCH.my  30-10-2012
Keywords: Business Services, Accounting Services, Accounting & Bookkeeping Services

Registering aCompany in Malaysia

The following textcontains a detailed summary of the bureaucratic and legal issues anentrepreneur faces in order to incorporate and register a new company / firm inMalaysia. It looks at the process involved in setting up a commercial orindustrial firm with a maximum of 50 employees and start-up capital of 10 timesthe economy’s per-capita gross national income (GNI).

1. Register with Social Security Organization
The employer is required to register all employees with a monthly wage lowerthan RM 3,000, with and contribute to the Social Security Organization (SOCSO).This is regardless of employees’ employment status (permanent, temporary, orcasual). The promoter needs to fill the form and send the applicable documents.SOCSO registration can’t be completed online, Form 1 (Employers’ RegistrationForm) and then the registration number will be provided straight away atregistration at the counter. Companies / firms are now able to use their singlecompany ID (myCoID) to register with all government organizations.

2. Inform the Director General of the Inland Revenue Board of theemployment of workers.
Once the employer registers with the IRB as an employer, they are required togive the Inland Revenue Board a list of taxable employees, and to update thislist as and when needed.

3. File appropriate documents with the Companies Commission of Malaysiaand receive stamps
Comment: Within three months of the company name being reserved,promoters are required to pay the registration charge and file the listedincorporation documents with the Companies Commission:

  • The memorandum and articles of association and the compliance statutory declaration (Form 48A) (these documents will be prepared either by the company secretary or a lawyer).
  • The particulars of (a) two subscribers holding a minimum of one share of MYR 1 each and (b) At least two directors who have their principal or sole place of residence in Malaysia.
  • A copy of the letter from the CCM and the original Form 13A authorizing the company / firm name also need to be included.
  • The location or address of the registered office of the company / firm.
  • Form 6 (compliance statutory declaration) maintaining compliance with the requirements of the Companies Act 1965 and the Companies Regulations on issues precedent and relevant to the company’s registration. The company secretary needs to file Form 6.

Once the incorporationpapers have been submitted, the CCM provides Form 9 (incorporation certificate)within one or two working days, after lodgement of the appropriate documents.

The registration chargefor the approved share capital is charged using the listed scale below andneeds to be paid to the Companies Commission: Capital up to MYR 100, 000: MYR900; 100,001 to 500,000: MYR 2550; 500,001 to MYR 1 million: MYR 4250;1,000,0001 to 5 million: MYR 6800; 5,000,001 to 10, 000,000: MYR 8500;10,000,001 to MYR 25 Million: MYR 17,000; 25,000,001 to 50 Million: MYR 34,000;50,000,001 to 100 Million: MYR 42,500; over 100 Million: MYR 59,500

As of April 01, 2010 theauthorization to stamp documents has been given to the CCM and entrepreneursdon’t have to go to the Inland Revenue Board (IRB) anymore. The stamp fee isRM100 for the Memorandum and RM100 for the Articles with every second setstamped at RM10.

4. Make a company seal
For RM100, the seal may be ready in three days.

5. Buy statutory books and share certificates books
The share certificate and statutory books can be bought from particularspecialized stationery shops.

6. Register with the Income Tax Department
Company registration with the Inland Revenue Board (IRB) as a tax payer may becompleted at the IRB counter or online at this link: http://ekl.hasil.gov.myForm 9 (Incorporation Certificate) and Form 49 (Return Giving Particulars inRegister of Directors, Managers and Secretaries and Changes of Particulars) maybe uploaded at this address. The tax reference number will be proved in fourworking days, online registration is undertaken. As well as Form 49 and Form 9,copies of the Memorandum and Articles of Association and Form 24 need to begiven, if registration is completed at the IRB counter. Normally, within fiveworking days, the tax number is generated.

7. Register for Employment Provident Fund (EPF)
Promoters are required to register with any branch of the Employment ProvidentFund by filling the relevant form and sending the appropriate documents. Eventhough EPF registration can’t be completed online, the registration form (FormKWSP 1) The registration number will be provided straight away at registration,once the information provided is fully complete and there is no problem withthe EPF system,. Companies / firms may now use their single company ID (myCoID)to register with all government organizations.

8. Register with Social Security Organization
The employer is required to register all employees with a monthly wage lowerthan RM 3,000, with and contribute to the Social Security Organization (SOCSO).This is regardless of employees’ employment status (permanent, temporary, orcasual). The promoter needs to fill the form and send the applicable documents.SOCSO registration can’t be completed online, Form 1 (Employers’ RegistrationForm) and Form 2 (Registration Form for Employees) and then the registrationnumber will be provided straight away at registration at the counter. Companies/ firms are now able to use their single company ID (myCoID) to register withall government organizations.

9. Inform the Director General of the Inland Revenue Board of theemployment of workers.
Once the employer registers with the IRB as an employer, they are required togive the Inland Revenue Board a list of taxable employees, and to update thislist as and when needed.


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