Company registration in Malaysia can be done within 3-5 days. Steps of company registration are easy. If you have the basic knowledge of the process, then you can easily register your company in Malaysia.
The facilities provided by the Malaysian government allow new entrepreneurs and investors to register a business in Malaysia. In this article, we will go briefly on what you must do after the successful registration of your company.
After Registration Tasks
After the submission of your documents and forms, you will be entitled to a business registration certificate. This certificate states that you are legally permitted to do business in Malaysia.
However, your certificate is just the permission to start a business. Your business will require additional permits and licenses based on the nature of your business. Your business nature will determine the permits and licenses you must apply for to start your business.
These licenses must be renewed at a regular interval for a successful business. These are some of the tasks that need to be done after registration. More tasks will be discussed in this article.
After register Your Company in Malaysia, there are multiple accounting tasks and liability that needs to be looked after. These tasks include tax and end-of-year accounts. These tasks can be time-consuming and stressful.
These tasks are best done by an accountant or accounting services so you can focus more on the growth of your business. Charges of these accounting services can be monthly or yearly depending on the company or situation. This is one of the many post-registration tasks.
You must audit your company regularly. An audit involves doing the tasks that obtain the audit evidence about the charges and disclosures in the financial statement. It is mandatory for companies in Malaysia to have their financial accounts audited.
The private companies in Malaysia must prepare their audit report within the 6 months from their financial year-end and the public companies must prepare the audit report within 30 days of AGM.
Exemption from Audit
You can be exempted from audit if you fall under the following criteria:
- Business has no accounting transactions
- If your company did not generate any revenue
- Revenue not exceeding RM100000 and assets not exceeding RM300000 with less than 5 employees
However, to get the exemption you must submit the application to the registrar with the necessary certificates. The documents that need to be submitted are:
- Written statement for the qualification of audit exemption
- No requests from shareholders for the demand for an audit
Unaudited financial statements, along with directors’ reports, must be submitted together. The statements of the shareholders must be submitted as well.
Another requirement from SSM is that a company in Malaysia must have at least 1 company secretary. This company secretary must be a resident of Malaysia or a Malaysian citizen. According to the Companies Act 2016, every company in Malaysia must appoint at least one company secretary.
This company secretary holds an important role in advising about corporate matters. The secretary of your company will oversee the legal compliances.
Tasks of Company Secretary in Malaysia
There are several key tasks that a company secretary must do. Some of the tasks are key tasks that must be done by the company secretary. Board meetings and general meetings are necessary. Your company secretary will arrange these meetings and will perform the necessary tasks to make these meetings go smoothly.
They are responsible to update SSM on any company changes. Your company secretary will make notes on the changes to the company and will do the necessary tasks for updating SSM on the changes. The details and information of the company are kept by the company secretary.
Your secretary will appoint the necessary officials required for your company. This is a crucial task. The company secretary is also responsible to keep notes on all the deadlines for the legal matters so that the company can go on smoothly. Your company secretary will prepare the financial statements which will be later audited by the auditor.
Your company secretary is basically the face of your company. He/she is the initial point of contact. The company’s interests are well achieved by the company secretary.
Costs of Running a Business
The costs of running a business depend on the business’s nature. Your tax will depend on the revenue. The license fees and renewal fees will all add up to the cost of running the business in Malaysia. There are taxes. Paying these fees and costs will allow you to continue your business for a very long time.
Malaysia has enabled a lot of entrepreneurs to grow their businesses in their country. Company registration in Malaysia can be time-consuming or hard but after you are done registering your company, you can benefit from the facilities provided by the Malaysian Government.
All the tasks that you must do after your successful registration is stated in this article. The number of permits and licenses needed for your business will depend on the nature of your business. The costs relating to those licenses will also depend on the nature of the business.