Are you a foreigner looking to set up a company in Malaysia? With the World Bank ranking Malaysia as the 12th easiest place to do business globally, Malaysia continues to attract and retain foreign talent. At WeCorporate, we have outlined 5 key steps on how you can set up a company in Malaysia to kickstart your business venture.
Related Read: Top Reasons For Entrepreneurs to incorporate a Sdn Bhd Company in 2021
Table of Contents
1. Choose a Business Entity to Set Up Company in Malaysia
Before you choose to set up a company in Malaysia, you should first consider the type of business entities available. Here are the 5 main types of business entities available in Malaysia.
- Sole Proprietorship
- Sendirian Berhad (Sdn Bhd)
- Private limited company limited by shares
- Berhad (Bhd)
- Unlisted Public Company
- Listed Public Company
- Company Limited by Guarantee
- Limited Liability Partnership (LLP)
- Mix of traditional partnership and Sdn Bhd company
If you are keen to set up a company in Malaysia and expand your business operations, a Sdn Bhd or Bhd company will be a suitable entity. Besides enjoying 100% foreign ownership, you will be entitled to Malaysia’s favorable corporate tax regime.
Related Read: 5 Different Types of Business Entities in Malaysia
2. Meet the Requirements
After deciding on the business entity type, you must fulfill the requirements to set up a company in Malaysia.
- Minimum of 1 shareholder
- Minimum of 1 local resident director
- Minimum of 1 local resident company secretary
- Minimum of RM1.00 initial paid-up capital
- A local registered address
3. Complete WeCorporate’s Online Form
Once you fulfil the basic setup requirements, you can fill up our online form quickly and easily in just 10 minutes. All you have to do is just indicate simple details and send to us the following documents to speed up your company incorporation process:
- Personal particulars
- Preferred company name
- Brief description of your business activities
- Name of shareholder(s), director(s) and company address
- Copy of Identification Card (IC) or Passport
- Copy of residential proof address or bank statements
After that, our team will conduct a KYC process and check your company name with the Companies Commission of Malaysia (SSM) on your behalf. Rest assured, you can sit back while we ensure your company name approval.
4. Digitally Sign Documents For SSM Submission
Once your company name is approved, you will sign and submit the necessary documents to us. Our team will be in touch with you every step of the way. We will take care of all the regulatory requirements and submit your signed documents to SSM on time.
5. Get Your Certificate of Incorporation
This will be the final step for you to officially set up your company in Malaysia. SSM will issue the Certificate of Incorporation and your company is now officially incorporated and ready to go!
What’s Next: Post-Incorporation Steps
Open Up a Corporate Bank Account in Malaysia
Once you have set up a company in Malaysia, you can now set up your company bank account in Malaysia. If you are a foreign company, you are still required to have a local registered business address before opening a bank account.
Apply for a Working Visa
All foreigners wishing to work lawfully in Malaysia must first get a working visa in Malaysia.There are 2 main types of work passes available in Malaysia, depending on your needs and requirements:
- Employment Pass
- Professional Visit Pass
Let’s take a quick look at the infographic below that summarizes the key steps to set up a company in Malaysia: