Starting a business can be an exciting and rewarding experience, but the process of registering a business can be overwhelming. Malaysia is a business-friendly country that welcomes entrepreneurs from all over the world. This article will guide you through the steps of registering a business in Malaysia.
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Determine the Type of Business Entity
The first step in registering a business in Malaysia is to determine the type of business entity you want to register. Malaysia offers several types of business entities, including sole proprietorship, partnership, limited liability partnership (LLP), private limited company (Sdn Bhd), and public limited company (Bhd).
Register the Business Name
Once you have decided on the type of business entity, the next step is to register the business name. You can do this by searching for the availability of the proposed name through the Companies Commission of Malaysia (SSM) website. Once you have found an available name, you can reserve it for up to 30 days by submitting an online application to SSM.
Obtain Necessary Licenses and Permits
Certain types of businesses require specific licenses and permits before they can operate legally in Malaysia. Depending on the nature of your business, you may need to obtain a trade license, a business premise license, a halal certification (if you plan to sell halal products), and other relevant licenses and permits.
Register with the Companies Commission of Malaysia (SSM)
After obtaining the necessary licenses and permits, you can register your business with SSM. The registration process can be done online through the SSM website or in person at the SSM office. You will need to submit the required documents, which may include your business registration form, business name approval letter, identification documents, and other supporting documents.
Open a Business Bank Account
Once your business is registered with SSM, you can open a business bank account to manage your finances. You will need to provide the bank with your business registration documents, identification documents, and other relevant information.
Register for Taxes
All businesses in Malaysia are required to register for taxes. You will need to obtain a tax identification number (TIN) from the Inland Revenue Board (IRB) and register for goods and services tax (GST) if your business meets the GST threshold.
In conclusion, registering a business in Malaysia involves several steps and requires compliance with various regulations. Generis Global can assist you with the legal part of your business journey in Malaysia. Contact us to learn more about our services and how we can help you establish your business in Malaysia.