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.

  Resources:

ACRA Update: RFAs Compliance with Singapore Companies Act

ACRA Update: RFAs Compliance with Singapore Companies Act

All Singapore Registered Filing Agents (RFAs) were sent a friendly reminder from ACRA regarding ensuring all entities are acting in compliance with Singapore legislation.

The Classification of Digital Tokens As Per Singapore Regulations

The Classification of Digital Tokens As Per Singapore Regulations

According to Singapore legislation, digital tokens can be classified as “securities” or as “utilities”. The real nature of the digital token identifies the rights attached to it and the terms of its regulation.

How to Set-up a Beneficial ICO in Singapore

How to Set-up a Beneficial ICO in Singapore

Singapore is a key cryptocurrency industry player, positioning itself as a global hub for cryptocurrency and blockchain-based companies and start-ups. Singapore provides a well-regulated legal framework as well as all the benefits of a stable financial centre with a reliable reputation, excellent banking system and low tax rate.

How to Successfully Fundraise Using Initial Coin Offerings

How to Successfully Fundraise Using Initial Coin Offerings

There are many different cryptocurrencies in the market of online trading, (Litecoin, Namecoin, Peercoin are just some examples of names) however the largest and most famous in the investment world is Bitcoin.

Cyprus Updates its Crypto-Asset Legislation to Meet EU Standards

Cyprus Updates its Crypto-Asset Legislation to Meet EU Standards

The Cyprus Securities & Exchange Commission (CySEC) has revealed new details about its efforts to increase oversight of cryptocurrencies and related assets by integrating EU anti-money-laundering rules into Cyprus legislation.

Why Are the Baltic States so Involved in Global Money Laundering Schemes?

Why Are the Baltic States so Involved in Global Money Laundering Schemes?

The Baltic States are always being mentioned in the tax news world for their latest involvement (some more directly than others). With Svenska Handelsbanken AB, Sweden’s biggest lender of assets being no exception; the bank recently had its business in Latvia, Estonia and Lithuania investigated.

How to Write a Legally Binding Will According to Singapore Legislation

How to Write a Legally Binding Will According to Singapore Legislation

Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?

Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?

The overseas banking industry is a billion-dollar business. Its no surprise that during the last decade, criminals have discovered ways to circumvent and exploit the system, ultimately giving the offshore world a bad reputation. This article looks at the many benefits associated with overseas banking; and how this has left the industry open to abuse.