Minimum Statutory Requirements Need To Form A Company
Globalization helped us a lot in flourishing our business not only in our country, but all over the world. Today, small to big businesses love to expand their services to many other countries in order to provide employment opportunities to the people and earn a good amount of profit for further business investment and innovation.
Here, we will talk about how to incorporate a business in Malaysia and what are the minimum requirements you must need to fulfill. It is better to know in advance so that you can know with the status that you are eligible to open up business in the same country or not. Must check up the below details which will really help you all for a Formation of Company in Malaysia (for local residents).
The first important thing which you must need to have is a local registered address. Yes, it is compulsory and without having the same you can’t apply for incorporating a company in Malaysia. Thus, before proceeding further just think up what registered address you would like to give.
Next, you must need to have at least 2 local resident directors- should be Malaysia citizen along with the maximum number of directors. All must be at least and above 18 years of age and must not indulge in any unfair practices and should not be bankrupted. You’ll also require to have Company Secretary which also must be a local resident and shouldn’t a corporate. The CS must be a member of a professional body and licensed by the companies commission of Malaysia.
Another important attribute which is very compulsory and a company must need to have, is- minimum 2 and maximum 50 shareholders. A director can be a shareholder too, and all can be an individual or corporate body. You must have a minimum authorized capital of RM 100,000 along with the paid-up capital of RM 2.00.
Talking about foreign business venture if you would like to Incorporate of Company in Malaysia, it is must you need to apply for foreign investment committee approval by taking 30 percent shareholding in a Malaysian company. Later you need to undergo with the other formalities like- request for the availability of a name, preparing valid and complete document, registration of a company in the tax department, sale tax registration is mandatory if your turnover exceeds RM 100,000 and need to do many other formalities, which your service provider will let you know.
If you think that you are complying with all the necessary requirements, you better move forward by opting the best company- 3ecpa to Register a Company in Malaysia, which provide complete help and support in many other business operations. Opt the same for Statutory audit, legal consultation services, budgeting, valuation services, payroll services and many other great services which you can’t expect to have. This outstanding source will waive off your entire burden of business and will give you an opportunity to lead your business smoothly.