Sdn Bhd Malaysia Company
What is SDN BHD Malaysia Company? The SDN BHD Malaysia Company is also called Sendirian Berhad (Sdn. Bhd.) by the locals of Malaysia. It is commonly known as The Private Limited Company to the world of foreign investors and other sole business owners. It is said to be one of the prime and common form of Limited Liability Companies in Malaysia. These “Sdn Bhd” Malaysia Company are countered as a legal entity whose liability is limited by shares of the company.
# Some important properties that must know about these SDN BHD Malaysia Company consumes:
1) It’s a legal entity and is limited by Share: If company goes in total loss the shareholders, company secretary and other corporate figures won’t to be liable to any of the company shares.
2) Ability to go into debt
3) They are capable to make new business deals and corporate contracts with another business figure.
4) All these Sdn Bhd Malaysia Company has the right to sue or be sued.
5) Capable to conduct perpetual succession until authorized company board members decide to shut off the company.
6) Considered to the best choice for conducting B2B type business.
# Requirements to setup Sdn Bhd Malaysia Company:
· Paid-up capital of minimum RM1 only
· One (1) subscriber assigned to the share(s) consumed by the company
· At least One (1) Company Director and Two (2) Shareholders who are 18 years and above in age.
· One of the directors are said be a Malaysian Citizen or residing in Malaysia. The individual cannot be a bankrupt and is not been convicted or been jailed for minimum past 5 years.
· Minimum One (1) Company Secretary
· The Company Secretary has to be a member of a prescribed professional body or is said to be licensed by the Suruhanjaya Syarikat Malaysia, SSM.
· The SDN BHD Malaysia Company must have its own registered office in Malaysia.
# Steps to follow to get registered by all Sdn Bhd Malaysia Company are shown below:
* Accumulate all details & IC that is required.
* Apply your desired company name for approval to SSM by filling up a form and paying the Flat Fee.
* SSM might approve or disapprove the proposed name submitted.
* If approved then prepare all registration documents by yourself or by the help of any business advisory agent available in the country. A form for business registration can be collected from the SSM. This form needs to filled up with all detailed information required.
* Usually the information is asked in the Business registration application is about the company directors, shareholders, secretary, valid company’s address, business nature etc.
* If your company name is disapproved then one need to consider second name and again submit it to the SSM for approval. One has to pay the approval fee again as well.
* All documents that need to be submitted to SSM for company registration must be signed by the Company directors and other official figures.
* Submit all valid documents and asked paper works to SSM to register your Sdn Bhd company.
* If your submitted documents are approved along with the type of business is said to be legal in Malaysia then SSM will issue a Certificate of Incorporation in the name of your company.
* One can then start with their Malaysia Business.
How is “Sdn Bhd Malaysia Company” incorporated?
The company incorporation Malaysia for all types of companies is obtained through licensed company secretary. All companies are registered with Suruhanjaya Syarikat Malaysia (SSM). Suruhanjaya Syarikat Malaysia (SSM) is the only sole authorized corporate organization conducted by the Malaysian Government who deals with company registration and business regulatory affairs for all types of business entities based in Malaysia. Hence to register SDN BHD Company or Private limited Company one has to go through terms and steps assigned by the SSM. Usually to Register Sdn Bhd Company or any other business entity, each has to go two main steps to get approval and registered by the SSM.
Step 1: Name Application:
This step is all about the availability and registration of the company name proposed by the investors. Company owners are asked to check the availability of the company’s name they proposed. To check the availability of the proposed name one can, use a specific form called Form 13A that can be collected and submitted to SSM. A flat fee of RM30.00 that is only valid for one proposed name is encountered for the availability and approved for registration. It usually takes about 3 days.
Step 2: Company Registration:
This step is all about incorporating the Sdn Bhd Malaysia Company and giving it the right to do business in Malaysia. When the proposed name is approved for registration by SSM the company owners demand for another Form for business registration from SSM and fill it up with all necessary details as demanded in the form. They must compile the business registration form with all other necessary documents and submit to SSM. Submission of all documents along with the registration form must be done within 3 months from the date of approval for the proposed company name.
# REGISTRATION DOCUMENTS needed for Registering Sdn Bhd Malaysia Company:
Following documents should be provided to SSM:
(1) certificate of incorporation
(2) Authorized documents of company’s charter, Memorandum, Articles etc.
(3) Form 79
(4) An authorized Power of attorney assigned to company’s secretary who are resident of Malaysia and are capable to take any decision or accept any sort of legal notice.
(5) Form 80 — Statutory Declaration
(6) Additional documents if required
i. Certified copy of Form 13A
ii. Authorized copy of the letter or proof sent from SSM approving the proposed name of the foreign company.
# Annual requirements by Sdn Bhd Malaysia Company:
- Filing income tax return — Form C that can be collected from the SSM with Lembaga Hasil Dalam Negeri (LHDN).
- Submit Employer’s Return — Form E that can be collected from the SSM to LHDN for providing information about the staffs hired.
- Must conduct Annual General Meeting (AGM) and file AR along with audited accounts to SSM Malaysia.
# Assumed minimum yearly costs to conduct:
- Approximate Secretarial & SSM filing fee RM1,200
- Approximate Audit fee per year RM1,200-RM3,500
- Approximate Tax filing fee per year RM1,000-RM2,500
- Approximate Book-keeping per year RM2,400-RM9,000
# Requirements to look into for Sdn bhd Malaysia Company when hiring staff members:
- Register with the IRB (LHDN) as an Employer
- Conduct contribution of EPF & SOCSO for staff members
- For staff members with a monthly salary more than RM3,000 the company must deduct PCB & remit it to LHDN