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How to start a sdn bhd?
Before starting a business or registering your new company with SSM:
- Think about your company’s new name
- You need 1 director who are residing in Malaysia
- You need 1 shareholder in the Company
- Paid-up capital of at least RM1.00
- Think about which banker you would like to maintain your new company bank account
- You need to prepare a full set of accounts for audit purposes
- To open income tax file with Lembaga Hasil Dalam Negeri (LHDN)
- To register with LHDN as Employer (E number) when you start to employ staff
- Contribute EPF and SOCSO for your staff is a statutory requirements
What is a Sdn Bhd?
A Sdn Bhd (Sendirian Berhad) is a private company limited by shares where its shareholder(s)’ liability is limited to the amount of shares held. It is a separate legal entity with full capacity to carry on or undertake any business or activity including to sue or be sued, manage property, and carry out transactions.
What does the process of incorporation look like?
The process is pretty simple and straight-forward. Once you have submitted your details and personal identification documents, you just need to make payment. Once we have received the payment from you, we will prepare all the necessary documents, send them to you for electronic signature, and submit them to SSM (company registration authority). Once a company registration number is generated, your company is considered registered.
How long does it take to incorporate a company?
Once all the documents are ready, it usually takes about 5-7 business days to incorporate a company. It depends on whether you have provided sufficient and clear details and the service hours of the SSM.
Do I need a business address for my company?
All Malaysian companies must have a local address as the “business address”. We usually provide our office address as your registered address but you will need to have your own business address. But if you don’t have one to start off with, you can use our business address service as a temporary measure.
Upon incorporated, set up a corporate bank account?
All companies set up in Malaysia are required to set up a bank account, in which they will deposit their minimum share capital to formalise the set up process.
Appointment of First Auditors
Every company must have appoint an auditor or auditors and the person so appointed must be an “approved company auditor” under the Companies Act, 1965 and must not otherwise be closely associated with the company. An auditor is a person who principal task is to examine the financial statements and record of the undertaking and report whether in his opinion they properly reflect the activities of the undertaking during the period under review and of its assets and liabilities at the end of that period.
The directors of a company are obliged at any time after a company is incorporated but before the holding of the First Annual General Meeting (“AGM”) of the Company at which accounts are laid to appoint a person or persons to be the auditor or auditors of the Company.
Corporate Tax Compliance & Planning Services
Tax is one of the inevitable parts of a business. As such, the cost of improper or inadequate handling of tax issues could be devastating and might restrict the development of a company. Often, the corporation tax compliance involves a large amount of management time, effort, and costs.
Under the self-assessment system, the burden of computing the tax liability is shifted from the Malaysia Inland Revenue Board (IRB) to the taxpayer and, accordingly taxpayers are expected to compute their tax liability based the tax laws, guidelines and rulings issued by IRB. The Tax Returns submitted will no longer be subject to a detailed review by the IRB, but would be deemed as notices of assessment being served on the taxpayer.
In view of the above, tax compliance has never been so important Corporate Tax Compliance Obligations for the details. Failure in complying with the income tax requirements represents not only a financial risk i.e. financial penalties and possible increase in the tax charge but also a serious business risk, as it can damage the taxpayer’s reputations and brand name.
How to Choose a Financial Year-End
Every company are obliged to prepare Financial Statements for a financial period not more than 18 months from the date of incorporation and subsequently within 6 months of each financial year end and submit the Financial Statements with the Companies Commission of Malaysia and the Inland Revenue Board of Malaysia. A company can fully maximise its first accounting period to 18 months from the date of incorporation for the preparation of its first Financial Statements.
However, the majority of companies fix their financial year/period to end as on either the last day of a calendar year (December 31) or on the last day of any of the quarter (March 31, June 30 or September 30).
Accounting and Bookkeeping Services
For those who are not trained with accounting knowledge, this may be the question that pops up in their mind most frequently, “What is the difference between bookkeeping and accounting?” Simply put, bookkeeping is meant for the recording of all the daily financial transactions related to your business. Meanwhile, accounting is meant for summarising and classifying the financial data for the purpose of reporting and interpreting, to gauge the financial position of your business. Hence, Accounting and bookkeeping services are essential for every business.
Bookkeeping and accounting are crucial for every business as they not only fulfil legal and compliance requirements such as tax submission and reporting to shareholders. In addition, accurate and proper bookkeeping and accounting will enable you to make better-informed decisions related to expenditure, business investments, acquisition of assets and managing cash flow, which is highly important for the sustainability of your company.