How To Set Up A Company (Sdn Bhd) In Malaysia?
Why should you set up Sdn Bhd in Malaysia?
1. Limited Liability: Shareholders’ liability is limited to their share capital. This means personal assets are protected in case the company faces financial difficulties.
2. Perpetual Succession: The company continues to exist regardless of changes in ownership, ensuring business continuity.
3. Access to Capital: Sdn Bhd can raise capital more easily through the issuance of shares.
4. Credibility and Trust: Being an Sdn Bhd often increases the company’s credibility with clients, suppliers, and financial institutions.
A step-by-step guide to setting up a Sdn Bhd company in Malaysia
Register and validate a MyCoID account. Then, conduct a name search via the MyCoID portal to ensure your desired company name is unique and available. Once approved, you can reserve the name for a fee.
2. Preparing and Filing Incorporation Documents
3. Submission to the Companies Commission of Malaysia (SSM)
Submit the Super Form along with the necessary information through the MyCoID portal. Upon successful submission and payment, you will receive a notice of registration under Section 15 of the Companies Act 2016 via email.
4. Certificate of Incorporation
Following the notice of registration, you can obtain the certificate of incorporation from MyData or SSM e-info, which formally recognizes the existence of your Sdn Bhd.
5. Opening a Corporate Bank Account
With the certificate of incorporation, you can open a corporate bank account in the company’s name. This account is essential for financial transactions.
6. Registering for Taxes
Register your Sdn Bhd with the Inland Revenue Board of Malaysia (LHDN) for income tax purposes. If your business meets the annual threshold, you must also register for the Goods and Services Tax (GST).
7. Obtaining Other Licenses and Permits
Depending on your business activities, you may need additional licenses and permits from relevant authorities. Ensure all necessary permissions are in place to operate legally.
Why You Need Professional Tax Advisory
● Efficient Financial Management: Provide expert advice on managing your company’s finances effectively.
Conclusion
Setting up Sdn Bhd in Malaysia is a strategic move that offers numerous benefits, from limited liability to increased credibility. Follow the steps outlined above to ensure a smooth registration process. Partnering with a trusted tax advisory company can provide the support and expertise needed to navigate the complexities of tax regulations, allowing you to focus on growing your business.
For more information on how to set up Sdn Bhd in Malaysia, visit Proact Advisory & Solutions now!
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