Tax and accounting regulations

Summary of Requirements for a Limited Liability Company, Sdn.Bhd

General Information
Type of Company Limited Liability Company, Sdn. Bhd.
Timescale to incorporate Approx. 2 weeks
Corporate Taxation 28% Corporate Tax on all income. Some withholding taxes applicable; 15% on Interest and 10% on Royalties. It is advisable to Appoint a Licensed Tax agent, Eltoma can assist with this.
Double Tax Treaty Access: Yes, a Malaysian company can access double taxation treaties with 68 countries
Directors
Minimum No. Required 2 Local Directors Required however can also appoint foreign directors.
Local Director Required Yes, 2 Local Resident Directors are required. Eltoma Corporate Services can provide this service
Publicly accessible information Yes
Location of Meetings Anywhere
Additional Information A Local Director Deposit is required to be paid for each director appointed. This is 1,500.00 USD for each director and is refundable upon cessation of service.
Shareholders
Minimum No. Required 2
Publicly accessible information Yes
Location of Meetings Anywhere
Company Secretary
Required Yes
Local Secretary Required Yes, must be a resident of Malaysia
Registered Office Required Yes
Share Capital
Standard Currency RM (Malaysian Ringgit)
Standard Authorised Minimum Authorised Capital RM 100,000 (approx.30,000 USD)
Minimum Paid Up Capital Minimum Paid Up Capital RM 2.00 (approx. 1.00 USD)
Accounting & Compliance
Requirements to prepare Accounts Yes.
Requirement for Audit Yes. All Malaysian Companies must appoint an auditor before the first AGM.
Local Auditor Required Yes.
Requirement to File Accounts Yes
Requirement to file Annual Return Yes
Additional Information
VAT GST (Goods & Services Tax) currently stands at between 5% – 10%. Obligatory if the annual company turnover exceeds PM 100,000 (approx. 30,000 USD).
Bank Account Opening Many large international banks such as HSBC, Citibank and Standard Chartered are located in Malaysia.

Take the next step, we are here to help.

Register a Malaysia company.
Open a Malaysia bank account.

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Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register

Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register

Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.

European Commission publishes tax avoidance disclosure directive

European Commission publishes tax avoidance disclosure directive

The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.

OECD publishes compliance review for all non-compliant jurisdictions

OECD publishes compliance review for all non-compliant jurisdictions

The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.

EU Parliament Committee release findings & recommendations for current offshore taxation measures

EU Parliament Committee release findings & recommendations for current offshore taxation measures

A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament's Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.

2017 G20 summit: Enforcement of taxation highest priority

2017 G20 summit: Enforcement of taxation highest priority

The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.

The EC takes action against advocates promoting tax avoidance schemes

The EC takes action against advocates promoting tax avoidance schemes

The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.

What are the new Beneficial Ownership reporting requirements for BVI companies?

What are the new Beneficial Ownership reporting requirements for BVI companies?

Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.