Bestar Malaysia Company Incorporation Inquiry

Hello Client,

Thank you for reaching out to Bestar regarding company incorporation in Malaysia.

Bestar offers services for incorporating a Private Limited Company (Sdn Bhd) in Malaysia. Here's a breakdown of the steps, documents, costs, and our specific services:

Steps Involved in Incorporating a Sdn Bhd in Malaysia:

The process of incorporating a Sdn Bhd involves these key steps:

1. Name Search and Reservation:

   
   

   • Propose unique company names and check for availability with the Companies Commission of Malaysia (SSM - Suruhanjaya Syarikat Malaysia) via the MyCoID online system.

   • Once a name is approved, it can be reserved, usually for 30 days (extendable).

     
     

2. Preparation of Incorporation Documents:

   
   

   • This involves preparing the necessary forms and declarations as per the Companies Act 2016.

   • Key information includes proposed company name, business activities, details of directors and shareholders, and the registered office address.

     
     

3. Signing of Company Documents:

   
   

   • Directors and shareholders will need to sign the required declarations and forms. This can often be done electronically now.

     
     

4. Submission to SSM:

   
   

   • The prepared documents and application are submitted to SSM through their online MyCoID portal.

     
     

5. SSM Review and Approval:

   
   

   • SSM reviews the application. The processing time can be quite fast, often within 1-2 business days if all documents are in order.

     
     

6. Issuance of Notice of Registration:

   
   

   • Upon approval, SSM will issue a Notice of Registration (and previously, a Certificate of Incorporation, though now it's typically a registration notification). A certified true copy (CTC) of the Certificate of Incorporation can be obtained upon application and payment of a fee.

     
     

7. Post-Incorporation Requirements:

   
   

   • Appoint a Company Secretary: A qualified company secretary must be appointed within 30 days of incorporation. They are crucial for ensuring compliance with all applicable laws and regulations.

   • Open a Corporate Bank Account: A corporate bank account needs to be opened for the new company.

   • Register with LHDN (Inland Revenue Board of Malaysia): For tax purposes, including income tax, withholding tax, etc. MyCoID often facilitates simultaneous registration with LHDN, EPF (Employees Provident Fund), and SOCSO (Social Security Organization).

   • Obtain Necessary Licenses and Permits: Depending on the nature of your business, you may need specific business licenses from local authorities (e.g., city council) or industry-specific licenses (e.g., for retail/wholesale, education, finance, etc.).

Documents Required:

You will need:

For each Director and Shareholder (individual):

• Copy of Identity Card (MyKad for Malaysians) or Passport (for foreigners)

• Latest residential proof of address (e.g., utility bill or bank statement, especially for foreigners or Malaysians residing overseas)

• Declaration of Non-Bankruptcy (often part of the forms prepared by the Company Secretary)

For the Company:

• Proposed Company Name(s)

• Description of Primary Business Activities

• Registered Office Address in Malaysia

• Share Capital Details (minimum paid-up capital is RM1, though higher may be required for certain licenses or foreign ownership)

• Percentage of Shareholding for all shareholders

• Letter of Authorization (if the proposed company name contains controlled words or trademarks)

• Company Constitution (formerly Memorandum and Articles of Association) - while not mandatory for all companies under CA 2016, it's still an important document.

Costs:

Bestar's Specific Services for Company Incorporation:

1. Professional Services Fees:

   
   

   • Incorporation Service Fees: RM500 - RM2,000, bundled with the first year of company secretarial services.

   • Free Company Secretarial Service for One Year (valued at RM960 per annum).

   • Registered Office Address: Bestar provides this as part of our package or for an annual fee (RM300 - RM1,000).

   • Nominee Director Service: If you require a local resident nominee director (often needed for foreign-owned companies that don't have a Malaysian resident director), Bestar offers this service for RM4,800 per annum, plus a refundable security deposit of RM4,800.

   • SSM Fees (Government Fees): RM1,050.

Our Company Incorporation Service includes:

• Unlimited name search for availability.

• Free name reservation with SSM (up to 2 times).

• Approval Letter To Use Name.

• Handling of paid-up capital from RM1 to RM1,000.

• SSM registration fee of RM1,000.

• Submission of forms to SSM.

• Preparation of first board of directors meeting resolutions.

• Preparation of 2 sets of certified true copies (CTC) of company registration documents.

• Free Certificate of Incorporation.

• Free company registration consultation and advisory.

• Free tax planning and SST advice.

• Free company digital name tags for display at the registered office.

• Free for first 3 directors, shareholders, and beneficial owners (additional charge from the fourth person).

• Additional charge for corporate shareholders/beneficial owners.

Total Initial Cost (Excluding business-specific licenses, office rental, and working capital):

• With Professional Assistance (including incorporation and first-year company secretarial services): Ranges from RM2,300 to RM5,000+. Bestar offers packages around RM2,000 - RM3,000.

Additional Potential Costs:

• Bank Account Opening: RM150 per bank account (Preparation of resolution to open a corporate bank account).

• Company Seal: RM50 - RM100.

• Business License Fees: Varies significantly by industry and local authority.

• Accounting & Bookkeeping Services: RM1,500 - RM5,000 per year (depending on transaction volume).

• Audit Fees (if required): RM2,000 - RM10,000 per year.

Looking forward to hearing from you!