We have assisted numerous local and foreign startup, social enterprise, SME and MNC to setup a Company in Malaysia. If would like to know more on how we can help you, drop us an email at email@example.com or call +6017-2745203.
Latest update on Setting up a Company in Malaysia (Sdn Bhd Company)
Did you know that pursuant to the New Companies Act 2016 (came into force w.e.f 31 January 2017), the process of setting up a Company in Malaysia (i.e. Sdn Bhd Company) can be done online:
(1) at RM1,060.60
(2) using only one (1) persons name (long gone are the days where you need two(2) people to set up a Private Limited Company, Jyeah!!! SSM is Awesome)
(If you are still contemplating on the type of business vehicle to choose from, check out our article on -> How To Setup a Business in Malaysia)
Cost to Setup
The cost involved are as follows:
RM50 – Reservation of Name for 30 days
RM1,010.60 – Incorporation Fees
WHAT ARE SOME OF THE INFORMATION THAT YOU NEED TO PROVIDE TO SETUP A COMPANY IN MALAYSIA?
- Name of proposed Company – prepare 3 names just incase your first choice is taken; (e.g.: LIGHTSABER MANUFACTURING SDN BHD, DEATH STAR SDN BHD or HAN SOLO SDN BHD) – WARNING: SSM reserves the right to reject your name reservation submission, which will require you to make another name reservation – each name reservation will cost you RM50 – so choose wisely
- Principal Business Activity (e.g. Software Development, Construction & Renovation, or Car Rental)
- Information on Identification Card or Passport of Shareholder/Director – min of 1 person; (YES, ONLY ONE PERSON IS SUFFICIENT – You don’t have to borrow your wife, girlfriend, brother, uncle, aunty or best friends name to set up a Private Limited Company)
- Amount of paid-up capital (how much capital /modal are you injecting into the business); and
- Percentage of shareholding of each shareholders (if there are multiple shareholders).
DO YOU STILL NEED TO HIRE A COMPANY SECRETARY
Yes, you will still need a company secretary for the following reasons:
- SSM requires that you must appoint a company secretary within 30 days from the date of incorporation and that the position must not be vacant for more then 30 days. If you are late – Late Lodgement Fees will be imposed.
- As soon as your Company is incorporated you will most probably need to open your account. You will then need a Company Secretary to prepare the resolutions to that effect.
- You will need a Company Secretary to lodge you annual returns and other relevant documents to SSM such as Company Constitution, Allotment of New Shares and Appointment of Directors and etc.
IMPORTANT NOTE 1: before the company formation it is also important to ensure that you are appointing the right person as your company secretary based on your business needs (Have a look at our guide on how to choose Company Secretary ->here)
IMPORTANT NOTE 2: if you are a foreigner, we don’t foresee you facing much barriers when incorporating a company in Malaysia, but we do foresee issues with setting up a bank account (Have a look at our article on some of the issues which foreigner will face -> here)
We have assisted numerous local and foreign startup, social enterprise, SME and MNC to setup a Company in Malaysia. If you would like to know more on how we can help you, drop us an email at firstname.lastname@example.org or call +6017-2745203.