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:

 

Protection of Nominee Directors from IRD claims for Cyprus client companies

Legislation re Cyprus Tax Residency:

 

Cyprus Company Law: Responsibility of Directors for the non-payment of taxes

A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.

Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore

Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore

In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.

Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever

Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever

Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.

Cryptocurrencies: technical and legal overview

Cryptocurrencies: technical and legal overview

In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.[1]

The Belize IBC Amendment Act 2017: 3 notable changes for businesses

The Belize IBC Amendment Act 2017: 3 notable changes for businesses

Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.

Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law

Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law

The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.

New licensing regulations for Trusts & Service Providers in Hong Kong

New licensing regulations for Trusts & Service Providers in Hong Kong

As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.