Find consultant who are expert on Foreign Direct Investment (FDI) law to guide properly. As recommendation, meet with directly company secretary, licensed secretary after discussion with front team. Unless you can meet with Company Secretary must back from them to assign any SSM job. Borrowing company secretary creates lots of issue and hassle to do business in Malaysia as local and foreigner. Open Sdn Bhd company where one share holder is enough to met requirement and no local partner is need at all. There are 3 types of businesses and check which category under you are: 1. Retail Business 2. Export Import 3. Manufacture business. WRT license is must for Retail business where Capital 1 million is need unless local partner hold majority shares of the company. In case of service company WRT is not necessary at all but DBKL license is needed. You might not clear what is required and not so meet with expert team of S & F Consulting Firm Limited, S & F Consulting Firm Asia Sdn Bhd, SFM Consulting Firm Sdn Bhd as they are experienced on FDI law. You might not sure how to apply of employment visa as director of own company in Malaysia. A-Z services are provided by S & F Consulting Firm and go with them without any doubt. Bank account opening as foreigner is issue as work permit is ask for by banker but that is possible after company registration within shortly. There is a long process of getting employment visa by ESD department and I will discuss below about it.
Sdn Bhd Company
Local entrepreneurs can register business as proprietorship and Sdn Bhd whereas foreigner is permissible only Sdn Bhd (Limited Company). Company must have share at minimum 1 by Ringgit 1 at the lowest, mean Ringgit 1 is capital might show to register Sdn Bhd (Limited Liability Company). It is local language in short form is Sdn Bhd mean in English is Limited Company. Company Secretary will provide a form to fill up and sign where basic information must provide before registering a company. Remember, all consultancy firm do not have own Company Secretary in office rather borrow from others is risky. To hire company secretary is costly, Ringgit 4500 to 8000 monthly salary that do not like to do by many consultancy firms. Be careful about it before making deal with flying company. You can discuss in detail pre and post company formation procedure in Malaysia including require licenses as nature of business. To register Sdn Bhd takes 3-5 days normally if no issue from proposed name reservation as many similar existing names are already in system. Recommended, to provide 3 proposed names to check availability by Company Secretary through SSM website. Cost of opening a Sdn Bhd company takes Ringgit 1200 whereas rest all others are asked for professional, secretary and virtual address service purposes.
Bank Account Opening in Malaysia as foreigner
As mention above that bank account opening is difficult being foreigner in Malaysia holding director of SSM company. Contact S & F Consulting Firm as bank account open is confirmed with OCBC, HSBC and Standard Chartered Bank. Their success rate is 100 percent of opening bank account as foreigner. But how it is possible where other facing issue? Some major advantages are S & F Consulting Firm know customers norms and guideline as need by bank. Many times, awards are given by banks to S & F Consulting Firm being providing quality customers. Bank officers sit in office of S & F Consulting Firm to open bank account and facilitate their customers being good partnership for a longer.
There are some other licenses need as nature of business-like Signboard, Export import, WRT, Liquor and any DBKL licenses. Unless, company is formed properly as FDI law is hassle to obtain licenses. WRT license department will ask for capital of the company must be Ringgit 1 million if no local partner is there with majority shares. Export and import license department have different requirement so, take a good consultation about your business plan. Signboard license is managed by 3-10 days if all supporting papers are provided accordingly. Export and import license is managed by 1-2 months whereas WRT license is managed by 3-5 months. Cost of those license obtaining is maximum Ringgit 4000.
After Company Formation
Never forget to submit annual return whether business activities are done or not at all. Be regular active company to avoid penalty maximum RM 50,000/- from SSM. As duty of company secretary must notify before expiry of return submission and as so, keep in touch with secretary. In case of doing business, transaction must submit taxation after completion of audit report of your company. SST is 6 percent till now unless any other tax is applied as depend on product and services are provided. Contact company secretary if you need any board resolution, share transfer, annual return, resign of director changing company secretary. Proprietor company registration is easier as self-application is sufficient through SSM where Company Secretary is not required. And, cost of proprietorship company is lesser than RM 500.
Employment pass, Residence Visa
Unlike concept that once open Sdn Bhd company residence visa or employment pass automatically given by ESD, government of Malaysia. Answer is NO, as visa and work permit are ESD part who has separate rules and procedure. To apply of Work permit as director of own company must follow instructions of ESD. For example, prepare supporting papers: 1) SSM copies 2. Licenses 3. Bank statement 4. Invoice 5. Rental agreement 6. Office diagram 7. Employees list 8. Source of income and financial focusing. It takes 3-12 months to complete whole process of ESD processing and result might be negative or positive! It is the most complicated in Malaysia as foreigner to obtain long tern visa by ESD.
Contact information:S & F CONSULTING FIRM ASIA SDN BHD
SFM CONSULTING FIRM SDN BHD
A-03-13, Tropicana Avenue, Petaling Jaya
Land Line: +60378860995, Phone: +601136901890 (Whatsapp)