If you are thinking of starting a business in Malaysia, you need to understand the processes involved in setting the business up. It is important to make sure that that business grows and runs smoothly without any significant hindrances. One of the most important process and the first step towards establishing a business is to make sure that it is registered.
This is an essential process in many countries as it is in Malaysia. All business operators who are online, as well as those who are offline, should make sure that they are registered under SSM. Now the company registration process is easier because of SSM online registration.
Business registration is essential for the companies and the consumers because the company will run smoothly without interference and the consumers will be protected from counterfeit businesses. Suruhanjaya Syarikat Malaysia (SSM) is a business registration body that serves as an agency that registers businesses in Malaysia as well as providing information about company and company activities to the public.
This, therefore, is a good step that ensures that the companies and businesses that operate in Malaysia are operating legally and meets the standards that are set in putting up a business and selling the right products and services. In other words, it protects both the business and the consumers by maintaining the right standards.
The steps that one needs to follow are easy, and there is a good guideline available for those who want to register. You will get a guideline when you want to do your registration online, and there is also a good guideline for those who wish to register offline. By completing the steps that need to be followed in the registration process, a person is guaranteed to get the business registered in a short period which is between 2 hours and one working day. This article will look at the essential processes that are involved in SSM registration.
SSM Online Registration Process in Malaysia
The online registration SSM is done through the ezBiz portal. This is a process made easy for those people who might find going to the SSM offices a time-consuming process. However, if you have never registered the business before you will still need to visit the SSM offices for the activation of ezBiz account which will now help you take the rest of the process 100% online.
It is essential to understand that ezBiz is an SSM online registration registration portal for business. Many activities can be done on this portal including, registration of new businesses, making changes in business particulars, terminate and purchase business information. The reason why you need to activate your ezBiz account is because you will experience very fast, convenient services from SSM online and these are the same services that you would have got from the office.
It is good to note that for you to qualify for this registration or the other services available in this portal, you have to be a Malaysian citizen or a permanent resident of Malaysia and you also must have attained the age of 18 years and above. With these qualifications, you now need to visit the ezBiz online registration page and register as an ezBiz online user. You will fill in the details required as instructed. It is after registering as an ezBiz online user that you will now have to visit the SSM offices for one-time activation. At least you will only visit the offices just once and have access to all the other services from SSM online.
After getting the one-time activation from the SSM offices, the other thing is now to follow the business registration process which is easy to do.
Here are the simple steps of registering online –
- Fill your company details in the boxes provided on the SSM portal.
- From there, you will now be taken to the payment screen where you will select your payment method, the payment method options are listed there.
- You will then have to complete the payment at the directed e-banking website.
- Upon successful transaction you will receive your certificate through e-mail. This will be done within 2 hours, which is during working hours. If you did your registration after working hours, which is after 6 pm, the certificate will be processed on the next working day.
After these four simple steps, you can now be sure that your business is currently registered and recognized.
There are other jobs that are done by SSM online apart from the business registration, which include: –
1. Change of Business Particulars
This service is available on SSM online portal for those people who need to update their business particulars or probably had made a mistake during the time of registration and now want to correct the details. You will go to My Business Services, and then click on the New Business Changes; this will cost you RM 20.00 for the printout of business information. If you have a partner in the business his/her verification for the changes will be required because the process cannot go through without your partner’s confirmation.
The following are some of the details that you can change or update: –
- The principal business addresses
- The type of business
- The particulars on branches of your business
Note that you cannot change the name of the business owner or partners online. If you need to update this information you have to do it from the SSM offices.
2. Business Renewal
There is always an expiry of every registration. With ezBiz portal, you do not have to go to SSM offices for registration, you can do this online, and the process is straightforward. This process can be done within 12 months after the expired date. Go to My business Services >Renewal Services >Renewal by owners. This is the easy step in the renewal process online. It can also be done by a third party whereby you will click in the renewal by others. It is also possible to view the renewal history by clicking in the Renewal History.
3. Online Business Termination
In case you think of quitting the business, it is always good to terminate the business registration, and you can do this online. You just go to My Business Services > Business Termination >New business Termination and you will be through.
The SSM process is also done offline
Here are some of the things that are done offline which are important for you to know.
1. Brainstorm Company Names
In the offices, you will get assistance on how to get the best trade name for your company. The name is supposed to be remarkable, easy to remember and relevant to your business. With at least three ideas on the names, you may want for your business you will get one that best suits your business.
2. Check Company Name Availability
With the one business name that you have chosen for your business, the next step will be to check if the name is available. Another company should not own the name of your business. Doing this will minimize the possibility of the name rejection by SSM. By following the procedure necessary for name search, you will get to know if the name that you have picked is already registered and if not, you can go ahead and register with it; if it is taken, you can search the next one.
3. Complete the Form “BORANG PNA 42” to Register A Company Trade Name
In this form, you will need to fill
in the name of the business. For trade name registration, you need to fill in
the three desired names of your company in the first section of this form as
well as the nature of the business.
4. Complete the Form “BORANG A” To Register Your Company
BORANG PNA 42 will be attached to this form if you are registering for a trade name. Fill in this form with the details required which include the date of your business, the type of your business and the business codes.
5. Submit the Two Forms to SSM Head Office
When submitting these forms to the head office, make sure that the partner is also available at the counter during this submission. Remember the requirements-
- Must have citizenship,
- Permanent Malaysia resident
- And must be at least 18 years
It is essential for a person to comply with the government rules and regulations before opening up a business. This is a key to the success of your business. The clients will trust a registered business than that which is not registered, and the owner of the company will run the business smoothly knowing that he/she is running it legally.
SSM is the leading authority in Malaysia that is responsible for the improvement of corporate governance. The registration of Business Act 1956 covers sole proprietorship and partnership of not more than 20 people in Malaysia. Whether you are running an online company that includes the social media platforms, it is essential to comply with the rules and regulations that are set by this body to make sure that you are not raided.
Any business person is supposed to register the business not later than 30 days from the date of commencement of the business. However, the best way to go about it would be to register before commencing because of the company name which should be unique and accepted by SSM. Registering before commencement will save a person the trouble of making adjustments later.
Make sure that the nature of your business is compliant with the law. This can be easily found out during the registration of the company that is done at the offices. Note that your many questions will be best answered when you visit the SSM office and therefore it is important to make sure that before making any move, you are aware of what the law says about the type of business that you are about to set.
Do not carry any business without registering it first. Running an unregistered business is committing an
To avoid all this trouble, it is good to start the registration process which has been made easy by having the option of registering online and the services over the counter of the offices is also a fast one. Registering with SSM does not mean that you now relax when it comes to obtaining licenses, permits or approval letters.
Business owners should know that it is still their responsibility to acquire all the other documents that are necessary for a business to be in operation. The business owner must know about all the other documents that are needed for one to run a clean business and make sure they acquire them from the necessary authorities.