Malaysia is an exciting hub for business in Asia, and there’s never been a more exciting time to head into Kuala Lumpur to do business. If you are hoping to get set up with your business in KL you need to make sure that you’re following the correct steps. By getting set up correctly from the start you remove the risk of missing something that could potentially cost you time and money down the track. After all – if you speak to anyone who has ever taken the plunge and expanded into Asia, they could probably tell you a whole heap of things that they wish they had known before they moved. It’s always better to learn from the mistakes of others, which is why we have compiled this list of key things to know about doing business in KL. Read over the list – take your time, do plenty of research and you’re bound to enjoy success with your venture. Let’s take a look.
Register with the Social Security Organization
If you are going to be employing people to work with your company, you need to register anyone who has a salary lower than RM 3,000 and to make sure that you are contributing to the social security organisation (SSO) on their behalf. This is done regardless of any status of employment (casual, permanent etc) and you need to fill in forms and send in documents to confirm that you have done this.
Inform the Inland Revenue Board (IRB) of the employment of workers
Once you have taken the step of registering as an employer you need to give the IRB a list of employees that you have. You also need to ensure that you update this list as and when it changes.
File the documents about your business with the Companies Commission of Malaysia
Within three months of you reserving your company name you need to pay a registration charge and to file documents with the Companies Commission. In order to do this you need to have an address for your business – something that can very easily be arranged by getting a virtual office in Malaysia. Take a look at the service offerings available here http://www.servcorp.com.my/en/. A virtual office presents a whole host of other benefits for a business looking to expand into Malaysia – including the benefit of the fact that you don’t have to commit to a bricks-and-mortar office before you’re ready, either financially or otherwise. By having a virtual office it not only serves the purpose of being a physical address, but it gives your business the prestige of having a secretary to answer calls, a board room to conduct meetings in, office space to work in if needed and office amenities as well.
You need a company seal
For a small fee of RM100, a company seal can be ready in three days. Be sure to get the organised for your business with plenty of time.
Register your company with the Income Tax Department
When you’re starting up a new company in Malaysia you need to register with the Inland Revenue Board as a taxpayer. You will be presented with a tax reference number which you can use to start paying tax correctly. It’s vital that you get this right – because without it you won’t be able to operate in Malaysia as a business. Far better to get things sorted out from the start and do it right than it is to go in and fix things later on down the line.
You need to make sure that you do plenty of research prior to starting a business in KL. Spend the time, read the articles and information and then get started. Your business will thank you!