Among the new Small Medium Enterprise (SME) owners in Malaysia, the Sole Proprietorship and Partnership are the most popular options by far.
In order to register these types of business entities, you will need to visit the Suruhanjaya Syarikat Malaysia or SSM, also known as the Companies Commission of Malaysia.
Created in 2002 under the Companies Commission of Malaysia Act 2001, the SSM belongs to the parent department of Ministry of Domestic Trade, Co-Operatives and Consumerism.
SSM primarily carries out the functions of the Registrar of Companies and Registry of Business with its headquarters at Menara SSM, KL Sentral, Kuala Lumpur.
It also provides company and business information to the public. The commission opened SSM e-Info Services so anyone can collect information on businesses and companies through its website.
Details on Enterprise registration Malaysia or SSM business registration
You can register your sole proprietorship or partnership business using personal name or a trade name. If the business name is your personal name as mentioned in the identity card, then you do not need to apply for a business name.
The trade name will be the name of the proposed business and you must attain prior approval from the Registrar of Business.
Next you have to complete the business registration form and provide the basic information as required.
Remember, each and every business owner and partners must sign the completed form.
Additionally, the owner or all partners must be present at the counter for registration.
You will need to attach supplementary documents like a permit, license or supporting letter for the type of business as well as the approval or supporting letter from the appropriate agency if needed by the Registrar of Business.
The general guideline states that you have to register the business not later than thirty (30) days from the date of opening of business.
A new enterprise registration Malaysia will be valid for a period of one (1) year and cannot go beyond five (5) years on each registration.
As a note of caution, the nature of your registered business should not breach any laws or likely to be used for illegal means or any purpose detrimental to or incompatible with the security of the Federation, ethics or public order.
You can obtain the enterprise registration Malaysia certificate within one (1) hour after the payment transaction is completed. If you are found running a business with no registration, you will be charged under the ROBA 1956.
In case you are proved guilty, you will be fined not more than RM 50,000 or face imprisonment for a term not exceeding two (2) years or both.
Even if the business has been registered with SSM, it is the responsibility of the business owners to attain the necessary licenses, permits or approval letters from the relevant authorities to run the Malaysia Business.
When you have to update any particular amendment to your business, you have to notify the Registrar within thirty (30) days from the date of changes by completing the prescribed form.
In case you have to change your business address, business type, details of branches or information of owner or partner, you will need to submit the completed form according to the types of changes.
For this matter do refer to the guidelines for changes in Business Particulars. For any business update fee, you will need to pay RM 20 and RM 5 per year for each branch.
The fee for changes in business information is RM 10. You can attain the enterprise registration Malaysia. certificate within one (1) hour after the payment is completed.
When you have renew your enterprise registration Malaysia, the application should be made at any time before the expiry date and up to twelve (12) months after the expiry date.
You will need to deposit the fee at the counter of Bank Simpanan Nasional using the designated form. Here you should refer to the instructions for renewal of enterprise registration Malaysia for your convenience.
When the business has to be terminated, the person responsible for the business should within thirty (30) days of termination inform the registrar in the prescribed form.
You will need to refer to the instructions on termination for business in this regard. Due to the closure of business, insolvency, death of the owner or pursuant to court order, the business may be terminated.
If your registered business has not expired, you are permitted to submit notice for termination of registered business.
The notification must be submitted as a result of death within four (4) months from the date of demise. In case your business has expired, the confirmation letter on expired business can be requested by paying RM 10.
The application for termination of business must be submitted by the owner or all the partners.
No fee is applicable for the notification of termination of registered business however you will have to pay RM 10 for business information. You will receive the application 15 minutes after submission. Well, now you need to know about setting up a company in Malaysia.
