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:
List of business license Malaysia
- SSM certified copies (Company Incorporation)
- WRT License
- Import and Export license
- Halal License
- Sign Board License
- Premise License
- ESD and Work Permit (Optional)
If a company has 100 percent 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). Other papers are 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.
Particular of business license Malaysia: –
|Business License||License Act and Form||Authority of license|
|Sole proprietorship and partnership||1956||SSM|
|Private limited liability company||1965||SSM|
|Sdn Bhd||Form 48 A, 44, 24 and 49||SSM|
|Import and export||1967||MIDA|
|WRT||MDT Rules||Ministry of Trade and Consume Malaysia|
Ins and outs of business license
It usually takes around one to two months.
Full time and part-time workers.
It takes around five to seven days (as common policy) to get this license.
It can be getting in a short amount of time (if there is no issue with the documents).
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