A sole proprietorship or partnership are two types of
business entity options available for company incorporation in
Malaysia. The registration of a sole proprietorship and partnership in Malaysia
is an option available to Malaysian Citizens or Malaysian Permanent Resident
holders only. You must be at least 18-years and above to be eligible for this
option. This guide provides information about Sole Proprietorship
Registration in Malaysia or Partnership Registration in Malaysia.
To start or register
a sole proprietorship or partnership in Malaysia, your business must be
registered with the Companies Commission of Malaysia (SSM). It is now
easier than ever to register a business in Malaysia, and it can easily be done
within an hour either by visiting the nearest SSM office or
registering your business online.
A sole proprietorship entity is generally run by only one
person as the owner, while a partnership entity generally involves two or more
individuals in the agreement. The benefits or a sole proprietorship or
partnership business in Malaysia is that you can easily get your business
registered quickly and it does not cost much to start your company.
How to Register a Sole Proprietorship or Partnership in Malaysia
To start the registration process in Malaysia for either a sole
proprietorship or partnership, you will need to prepare and provide the
following documentation:
- A photocopy of your Identity Card (IC). In the case of a partnership, you must provide a copy of your partner’s IC as well.
- Prepare the required registration fee of RM60-RM100 (cash).
- A sole proprietorship which uses the same personal name that is stated on your IC requires a registration fee of RM30
- A sole proprietorship using a trading name has a registration fee of RM60
- Registration of branches are an additional RM5 per branch
- Printout of your business information RM10
- Copy of your permit, approval, license or any other supporting documentation or letters for the type of business you intend to operate if required by the Registrar of Business.
- Details of your business name and activity.
Registering Your Business Using a Personal or Trade Name
Registration
of your sole proprietorship or partnership business entity in Malaysia can
be done either using a trading name or your own personal name. If you are
proceeding with the trade name option, you must obtain prior approval from the
Registrar of Business before you can use that name.
You will be required to complete the Business Name Approval
Form (Form PNA.42) and submit three proposed business names which will be
approved based on priority. These must be attached to the New Business
Registration Form (Form A) and submitted at the counter.
Your Business Registration Form A must be completed with the
information and details below:
- Name of your business
- Type of business
- The commencement date of your business
- The primary address of your business
- Address branch of your business (if applicable)
- Information about owners and partners
In the case of a partnership, each partner will be required
to sign the completed form. The completed application form for your
sole proprietorship or partnership registration must then be submitted to
the SSM either over the counter, or online through the SSM e-Lodgement Services
available on the SSM’s website.
Once approved, your Business Registration Certificate will
be available for collection within 1 hour after payment has been made. It is
important to note that even though your business may be registered legally with
SSM, you will still be responsible for obtaining any relevant permits or
business licenses which may be required depending on the nature of your
business.
The Disadvantages of a Sole Proprietorship or Partnership Registration
While there are several advantages and benefits that come
with these two entity options, there are also disadvantages that every
entrepreneur should be made aware of. Among the disadvantages of registering a
sole proprietorship or partnership in Malaysia include:
- You will be personally liable for the debts incurred in the business.
- Sole proprietorships will generally have to cease operations once the owner is deceased.
- Any acts carried out the partner in the partnership entity option will be considered the responsibility of all the other partners as well.
The penalty in Malaysia for Not Registering Your Sole
Proprietorship or Partnership
It is an offence to carry out business in Malaysia without
the proper registration under the ROBA1956. If found guilty, you may be fined
with an amount not exceeding RM50,000, or face jail time not exceeding a period
of 2-years or both.
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