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10 Most Asked Questions about Incorporating New Company

FAQ
10 Most Asked Questions about Incorporating New Company

Wonder what are the requirement and time needed to setup a new company? And when we should appoint a company secretary…

HOW LONG DOES IT TAKE TO SET UP A SDN. BHD. ?
A Sdn. Bhd. can be incorporated within two working days provided all the information and documents are in order.

WHAT IS THE MINIMIUM REQUIREMENT FOR NUMBER OF DIRECTORS AND SHAREHOLDERS?
One individual can be the sole director and sole member of a private limited company, and the sole director of the Company must ordinarily resides in Malaysia.

WHEN SHOULD A COMPANY APPOINT A COMPANY SECRETARY?
A new company must appoint a company secretary within 1 month from the date of incorporation. For all companies, the office of company secretary must not be vacant for more than 30 days.

WHEN SHOULD A COMPANY SUBMIT ITS ANNUAL RETURN TO SSM?
Submit annually within one month from its Anniversary Date of incorporation.

WHEN DO THE DIRECTORS HAVE TO PREPARE THE COMPANY’S FIRST ACCOUNT?
Within 18 months from the date of incorporation of the Company.

WHEN SHOULD A COMPANY SUBMIT ITS FINANCIAL STATEMENTS TO SSM?
The first financial year end shall be fixed within 18 months from date of incorporation of the company. Thereafter, the audited financial statements are to be submitted to SSM within 7 months from the financial year end of the company.

WHAT ARE THE OTHER GENERAL REQUIREMENTS THAT A COMPANY MUST TAKE NOTE ?
Among others, a company shall appoint its tax agent as soon as possible. Kindly liaise with your company’s tax agent on submission of CP204 (within 3 months from the commencement of business operation) and any other relevant tax matters. Note that a Company’s Form E is mandatorily to be submitted annually (statutory deadline 31st March), regardless dormant or in operation, else may result in compound by LHDN/IRBM. Please consult your appointed tax agent for further tax compliance matters.

WHEN SHALL A NEW COMPANY REGISTER WITH KWSP?
If your company has started hiring employees, please visit KWSP office to complete the registration as an Employer within seven (7) days from the date of commencement of employment.

SHOULD MY COMPANY UPDATE ITS ACCOUNTS FROM TIME TO TIME?
With the implementation of Section 245 under Companies Act, 2016 (the “Act”), companies and the Directors are required to keep the company’s accounting entries up to date for easy audit and inspection by SSM. In addition, the Company must display its name and Registration Number (signboard) at the place where its accounting and financial records are kept i.e. your Company’s business address.

WHAT SHALL I DO IF THE REGISTERED OFFICE OF MY COMPANY IS MY OWN BUSINESS PREMISE?
If your Company’s registered office address is your own business premise address, please ensure that all the statutory records of your Company under Section 47(1) of the Companies Act 2016 are kept at your Company’s registered office address i.e. your own business premise address. It is also a compulsory requirement to make a signboard with the wordings “Pejabat yang didaftarkan (Company Name & Company Registration No.)” and place it at a significant place where it can be seen.

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