DIRECTORS' VISA IN MALAYSIA
Gunalan & Associates, Chartered Accountants
Business Services, Accounting Services, Accounting & Bookkeeping Services
WHAT IS DIRECTORS' VISA? DP 10? PROFESSIONAL PASS?
All of the above can be called as Employment Pass (EP).
CURRENT ISSUE IN MALAYSIA IN RELATION TO FOREIGN DIRECTORS
Foreign directors who owns Malaysian Company, a Sdn Bhd or Bhd cannot open a bank account under the Company's name without an EP.
This is the current issue in Malaysia facing by all foreigners even if they have nominee Malaysian directors.
If the foreign directors want to be the authorised signatories for their Company in Malaysia, they need to have an EP.
So far, in our experience, it applies to all banks in Malaysia at the moment.
MINIMUM REQUIREMENTS TO FULFILL BEFORE APPLYING EP
The Company should have a minimum paid-up capital of RM500,000, for activity other than wholesale, retail and trading (WRT).
For Companies with principal activity of WRT should have a minimum paid-up capital of RM1 million and a special WRT license prior to EP application.
VALIDITY OF EP
Every EP is valid for 2 years and if renewed for the next 10 years, the chances to get a Malaysian PR is high.
HOW LONG IS THE APPROVAL OF EP WILL TAKE
Generally, the process of approval of the EP will take 1 to 2 months.
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