SSM Company Registration — MALAYSIA

All sort of local and foreign business organization in Malaysia has to go through the Companies Commission of Malaysia, which is said to be the legal constitution or ordinance formed by the Malaysian government itself. This organization regulates and maintain the corporate business organizations and their business affairs within the country. The Companies Commission of Malaysia is also locally known as Suruhanjaya Syarikat Malaysia, SSM.
# Registration process of SSM in Malaysia.
In Malaysia Business, any business firm or entity can be registered by SSM either by a personal name or a trade name. This mainly depends on the desires and wish of the person who is responsible for registering the said business firm. This naming of the business is the first and a potent step for any business firm to get registered by SSM. An individual who is registering the business by a personal name (i.e — the name by which he or she is registered in his identity card) is not required to submit any application for the business name. Personal who intends to register their business by a trade name must have authorized approval from the Registrar of Business.
As soon as the name gets approved by the authority the next steps are given below:
1) A Business Registration Form A with complete and vivid details of the business name, onset or starting date of the business, location, address, type and information of the owners and partners must be submitted by individual business entity.
2) Each individual owner of the business firm is asked to sign the completed form.
3) The application form can be submitted over the counter or by online through SSM e-Lodgment services in there website.
4) All sort of documents should be submitted along with the form which includes — photocopy of the identity card of the owners, license copy, supporting letters from authorized agencies and etc.
# Requirements needed for SSM Registration in Malaysia:
In Malaysia business organization and individuals must meet certain requirements for successful registration under SSM.
1) For appropriate registration under SSM, individuals must meet few important criteria such as they must be Malaysian Citizen or permanent resident of Malaysia. Although foreign investors can also get registered under the basis of different laws and permits of WORK VISA or OWNERSHIP VISA being applied.
2) The individual must be above 18 years in age.
3) The business registration must be completed within 30 days from the staring day.
4) The business must be with in legal authority and follow the law or likely to be not used for unlawful purposes.

Well it is not always that easy to overcome with the SSM registration procedure methods for the business companies in Malaysia. They do have to face a lot of legal facts, obligations and obstacles in their way to reach their goal. There are several forms, documents, guidelines and regulations that they need to go through or submit with accurate information to get registered by Suruhanjaya Syarikat Malaysia, SSM.

Cost information

1. To register Sdn Bhd Company government fees RM 1050 including processing, certificate and disbursement. Professional fee start from RM 1000 to 3000.
2. As law, every Sdn Bhd (Limited Liability) company must appoint first company secretary and fee of them start from RM 100 per month or, RM 1000 yearly.
3. Virtual address fee RM 10 to RM 100 monthly. At the beginning, entrepreneurs unlike to rent full office unless all business permission is obtained and licenses are completed. In that sense, rent virtual address and ready office desk is wise and cost effective decision.
4. Bank account open is challenging for foreigners as foreign banks ask for quality clients. And, local bank ask for work permit and / or professional visa to open bank account. Assistance of bank account open fee RM 500–1000. Recommended banks are: OCBC, UOB, HSBC and Standard Chartered Bank.
5. After Sdn Bhd company registration must apply for signboard and premise license as without license doing business is offence. Cost of application, approximately RM 2000.
6. Export import license fee RM 3000 and duration to obtain the license might be 30–90 days.
7. WRT license fee RM 3000 and duration is almost same 1–3 months, condition is applicable.
8. ESD, work permit and professional visa fee RM 10,000–14000.

Post company registration

The following rules must maintain doing business in Malaysia:

1. Annual Return- Yes, submit annual return within 12 months of company registration to avoid penalty of RM 5k to 50K.
2. Tax filing- Tax agent will cooperate to submit taxation if no business yet.
3. Audit- You have responsibility as director to fix time of audit report submission in consultation with Company Secretary.

Summary

SSM my Co ID

Company secretary is responsible to process and submit documents by SSM my COID. Secretary will prepare objectives, form 58 and others. If any directors need to get SSM documents must buy online from MY DATA SSM. And, registering Sdn Bhd takes 1–3 days and name approval takes 1 day only (if name is available). To apply for work permit required investment capital is RM 500000 if all are foreigners. To apply for WRT must show paid up capital RM 1 million.

F.A.Q

Q: How many shareholders require to register a company?

Answer: There is one shareholder at least.

Q: How long takes to get professional visa?

Answer: 1–3 months and sometimes longer.

Q: How much minimum investment is required to register a company?

Answer: Minimum RM 2 and we recommend of RM 4000 initially.