Business license in Malaysia
For incorporating a business in Malaysia, it is required to have some form of license. As a foreigner, you can register a company or business in Malaysia with 100% foreign ownership.
So, to complete the registration process you must choose a specific industry that is dedicated by the government of Malaysia. These are the following license that is required to start a business in Malaysia:
SSM certified copies (Company Incorporation), WRT License, Import/ Export license, Halal License, SOCSO, EPF, Sign Board, GST, and social security.
WRT license is required if you want to incorporate the following business: Franchise, Consultancy, Retail, and Restaurant. If a company have more than 50% foreign ownership, needs WRT license.
According to the policy of “Ministry of Trade,” you must have office space of your company, you need to have an exact point of business activity. If you have all this, getting WRT license will not be a problem.
It is good to equip your premise before applying for WRT license. Apply to Ministry of Trade and Consumer along with supporting documents–
- WRT application form
- Documents of your business plan or company profile.
- Xerox copy of Section 58 form.
- if you want to transfer shares in future it is required to have a stamped copy of Section 32A form.
- A sample of registration approval letter from the IRB (Inland Revenue Board fo Malaysia)
If your premises want to sell liquor and alcoholic beverages, it is essential to obtain the appropriate approval for your Liquor license. S&F consulting Customers Firm has assisted many people in getting approval for many years.
Depending on the location of your premises, it will fall under the jurisdiction of local councils. The rules and regulation may vary among the local board.
Import license Act is formed by Custom Orders 1998, Customs Act 1967. Only companies who are registered with “Companies Commission of Malaysia” are allowed to apply for an import license.
To apply for this license, you need to submit the application form along with custom form (JK69), information of shareholders forms (form 24), Information of manager, directors, and sectary (form 49).
An import license is required to be applied for heavy machinery, Daily product, iron, steel, cable and chemical industry etc. It takes around 5 to 7 days to register an import license
SOCSO-Social Security Organization
This permission is required after any new company registration and hiring manpower for the company considering physical rehabilitation benefit.
It was established for providing the social security protection for the employee/ workers of Malaysia, and 5% will be contributed from employees, age limitation below 60 years.
However, employer-SSM copies and Employees identity number is required to get registered with SOCSO.
EPF & Employee Insurance
The employer will apply Employees provident fund for the financial benefit of the employees. Employee’s insurance benefit may sometimes require for the company and have to apply for insurance coverage.
Some other important information related to business license are shown in the table below: –
|Act of business license in Malaysia||Sole proprietorship and partnership under company Act 1956Private limited liability company under company Act 1965|
|Steps of business license in Malaysia|| Once company name is approved the following tasks have to cover– Take signature on required papers from directors.|
|Other business license in Malaysia as requirements|| In case of export & import goods you have to take permission from Malaysian Investment Development Authority.|
The food industry needs to take permission from Food Chemistry DivisionTo set up manufacture industry you have to get consent from Malaysia Investment Development Authority
|License authorities||SSM, MIDA, Local authority, Ministry of Trade & Consumer, Department of Islamic Department Malaysia, SOCSO|
Frequently Asked Question (FAQ)
Q: How long it may take to get the license of WRT?
- It usually takes around one to two months.
Q: What type of employees will get the benefit for SOCSO?
- Full time and part-time workers.
Q: How long it might take to obtain export and import license?
- It takes around five to seven days (as common policy) to get this license.
Q: How long it may take to obtain a signboard license?
- It can be getting in a short amount of time (if there is no issue with the documents).
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