Malaysia is a country which shows fast economic growth. The
country intends to become a developed nation by 2020. Therefore, the government
of Malaysia takes necessary steps to help the nation achieve its goal. The country
has a low inflation rate of 1.02% which makes it favorable for businesses. We
are quite sure you have taken all these facts into consideration when you
decided to start a company in Malaysia. Registration of companies in Malaysia is
done by the SSM.
There are many categories that you can register a company in
Malaysia. They are:
- Sole Proprietorship
- Partnership
- Limited Liability Partnership - LLP
- Private Limited Company is also known as Sdn bhd companies
- Public Liability Companies are locally known as Bhd
- Companies limited by guarantee
- Foreign companies
Locals have no restriction in which type of company to
start. But foreigners can start only Private Limited Companies (Sdn Bhd) or international offshore companies. No matter
what company you have decided on, all companies must be registered at the SSM (Suruhanjaya
Syarikat Malaysia). It is the Companies Commission of Malaysia.
Company registration in Malaysia is an easy process. If you
have the necessary documents, then the process is pretty straightforward and
quick. Here are the main steps of Company registration in Malaysia.
Choose a Company name
The form needed for this is ‘Borang PNA 42’. It is best to
brain-storm and write down three suitable names for your company. The rule of
thumb is that the name chosen must be unique, remarkable & suitable for the
business. It should also be easy to remember. Apart from the Business name, we
suggest you also choose a trade name for your company. It is important that the
trade & business names are similar to avoid confusing the customer.
For some reason, the simpler the name is, the more
attractive it is. For example, Facebook. Google, Uber are successful businesses
with short names. Also, plan for the future when naming your company. Let the
name not limit your company into a frame or a geographical region. So that in
future if your business expands, you can continue with your existing name.
There are Business name generator tools online that can help
you choose a name. Have a go at them.
Check Name availability
The SSM has an online system where you can check the availability of your business registration name. This step is crucial because you can avoid duplication.
The SSM will reject names that are already registered in the system. You will
need to register as an e-Account member. You will then receive a login username
and password. Visit the SSM website & register http://www.ssm-einfo.my/
Register Company Trade Name
A business name is an informal entity which does not require
registering at the SSM. For example, if you plan on using your personal name
for your business, then you don’t have to do a name search. But a Trade name
must be approved at the SSM to function. For this you have to fill up the first
section on ‘Form Borang PNA 42’ and submit it to the SSM.
Names you chose must follow these guidelines:
- Must create any offense to any race or religion
- Must not be offensive to the public
- Should not be misleading in nature
You may see here SSM company name search related full information.
Complete ‘Form Borang A’
Borang A form: Download Link
- Starting date of your business must be the date of the registration or the day before
- For business codes please visit Business Codes
Submit the two forms to the SSM Head Office
They are open from Monday to Friday from 8:15am to 4:15pm.
It is necessary for all partners or owner to be present at the time of
submitting documents.
There are certain criteria you must fulfill in order to
register and start a company. Firstly, you have to be a Malaysian citizen or
permanent resident. The owner should be 18 or above years of age.
What are the Fees payable for Registering a Company in
Malaysia?
For Sole Proprietorship:
- Using personal name as per Identity card – RM30
- Using Trade Name - RM60
- Registration of Branches - RM 5
- Business Information print-out - RM 10
Provided all Documents are in Order, the whole process will
take about 1 – 2 hours. You will have the Business Registration Certificate
within 1 hour of payment.
Sdn Bhd Company (Private Liability Company) particulars are
as such:
- Incorporation Fee - RM1010
- Name Approval fee - RM60
- Initial Capital Fee - RM5000
If you find this a hassle then you can proceed with the
online registration method. It is also known as ezBiz. ezBiz is an official online company registration method introduced by the SSM.
For those who do not have the time to visit the SSM, can go through this
process. Even though it is an online method, you need to visit the SSM just
once to activate your ezBiz Account. ezBiz is available 24/7 & provides you
following services.
- Register Business online
- Change particulars of business
- Renew business
- Terminate business
- Business compound payment
We must insist however that a change of ownership cannot be
done online. You must visit the SSM head office to carry out that procedure.
The Malaysian government encourage new entrepreneurship and
innovation. This is to facilitate the economic boost the country is
experiencing. We see many thriving businesses in Malaysia. We at S & F
Consulting have the expertise and knowledge required to conduct business &
company registration for you. All you need is contact us, sit back & relax
as we solve the complexity for you.
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