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Corporate Secretarial & Company Formation

What would happen to a company if a single director who is also the single shareholder passed away?

According to Section 209 (3), the company secretary shall call a meeting of the next kin to appoint a new director. In the event a new director is not appointed within six months, SSM may direct the company to be struck off from the register of companies (ROC).

Who is responsible to submit CP7 form to LHDN for the strike off company?

The board of directors or appointed tax agent (to submit on behalf of the company).

Can a company object strike off/section 551 from SSM?

Yes. A company may object to the strike-off either by normal application (by submitting NOTICE OF INTENTION TO OBJECT THE STRIKING OFF OF A COMPANY pursuant to Section 552) or through a court order.

What are the duties of directors after object strike off/section 551 from SSM?

The company director must prepare and update the Annual Return and Audited Financial Statement to SSM within 180 days from the date of objection. Failed to comply, the directors can be compounded and backlisted by the SSM.

What are the key requirements to incorporate a company in Malaysia?

  • At least (1) resident director;
  • At least (1) shareholder (either individual or corporate body);
  • One resident licensed company secretary;
  • Minimum paid-up capital of RM1;
  • Three (3) main nature of business.

How to register a SDN.BHD. company?

There are two ways;

  • Directly incorporated by the directors through the MYCOID system. However, the company are required to appoint the company secretary within 30 days from the date of incorporation;
  • Register from the beginning with a licensed company secretary (hassle-free).

What is the legal minimum number of directors for a company?

Minimum (1) director for Sdn.Bhd and (2) directors for Berhad.

What is the minimum paid up capital required to register a company in Malaysia?

In Malaysia, a company can be registered with a minimum paid-up capital of RM1.

What documents are needed to incorporate a company in Malaysia?

  • Copy of Identity card;
  • Email address;
  • Proof of residential address;
  • Copy of statutory documents and resolution for the appointment of corporate representative (applicable for corporate shareholders only).

How to select the Malaysia company business activities?

Please refer to SSM's website

How fast to incorporate a company in Malaysia?

Usually, it will take 2-3 working days for the incorporation to be completed. (Subject to the availability and stability of SSM's system-MYCOID).

What is the minimum and maximum age of a director of a company?

At least eighteen years of age, and there is no statutory maximum age for directors.

Tax Advisory and Compliance

Which entities can enjoy the benefit of tax exemption under section 44 (6) of the Income Tax Act 1967?

Applicable for a company limited by guarantee approved by Inland Revenue Board (IRB) only.

I have a company (Sdn. Bhd.) and I want to cease the operation. What should I do?

As the director of the company, do ensure that all Income Tax Return Form (ITRF) is yearly updated and inform the IRB to notify the closure of the company’s tax file and get the Tax Clearance Letter.

If my company has a car & paid for the monthly installment payment, is it tax-deductible from my business income?

No, you cannot deduct the monthly installment payment as business expenses. But, you may claim that installment payment as a capital allowance.

Does my company have to file a Tax Form if no income is received or Dormant?

Yes, a company must file an income tax return to IRB even if there is no income.

What does the company need to do once it has been registered with SSM?

Register tax file with IRB and receive two (2) Reference Number:

  • Company’s Tax Reference Number (No. C) and
  • Employer’s Tax Reference Number (No. E).

What is the difference between Tax for Company (Sdn. Bhd.) and Enterprise (Sole-Proprietorship/Partnership)?

  • Sdn. Bhd. : the Financial Account must be audited in order to proceed with tax calculation (tax rate is fixed)
  • Business Enterprise (Sole-proprietorship/Partnerships): no requirement to audit the Financial Account (tax rate: based on the individual tax bracket).

Do I/Company need to keep receipts/documents of my business?

Documents must be kept for 7 years to justify your incomes and expenditures to IRB.

If I give my parents a fixed allowance every month, can I deduct the expenses from my individual tax?

No. You cannot deduct that expenses from your personal tax. The only things you may claim is on medical treatment for parents (subject to IRB’s eligibility).

How can I declare my personal tax?

  • Declaration for personal tax is made via e-Filing submission or manual. The Due date of submission is subject to IRB’s guide and regulation. 
  • Resident Individual and Does Not Carry On Business: 30 April every year
  • Resident Individual and Carry On Business: 30 June every year

I have paid my medical insurance every year. Can I deduct the expenses from my individual tax?

Yes. Personal insurance can be claimed as tax relief (subject to IRB’s eligibility).

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