What an entrepreneur should do for setting up a business in Malaysia?

What it needs to setup a company in Malaysia? What an entrepreneur should do for setting up a business in this country? We often hear a similar query, when foreign business owners tend to spread their business across the border in Malaysia or natives try to establish their own company here. This article will guide entrepreneurs with informative to-do’s that will help any one of them when setting up a company in Malaysia.

It must be noted that the SSM (Suruhanjaya Syarikat Malaysia) also known as the Company Commission of Malaysia regulates and keeps an account of every company registration and approval procedures. Therefore, company registration procedures supposed to be initiated through SSM online portal, which is SSM-e info. However, setting up a business in Malaysia is not very complicated if you have a clear concept about the procedures. This article listed out mandatory tasks an entrepreneur should do for setting up a business.

Task 1: Setup mind and plan it through

Off-course the initial task that an entrepreneur supposed to do is setting up the mind. A proper mindset can eventually deliver prospective planning and that triggers building up strong pillars for the business. Nowadays, entrepreneurs prefer to hire business consultants or expert business advisor who can guide an individual throughout his/her corporate journey from the very beginning of the company formation. If the owner believes that he/she have acquired sufficient information and confident to proceed forward, that person can go for the next steps of your business setup. Mean that time you the entrepreneur expected to set a dynamic plan or blueprint for the upcoming company. This will be the standard guideline during the whole build process of the business.

Task 2: Fix a unique Company Name

A new company or business must have a unique trade name. This company trade name should be absolutely professional and must end with SDN BHD. The prefix must be the same for any private limited company in Malaysia in order to abide by the corporate law of this country. For trade name registration, a company owner should propose at least three name suggestions at “Borang PNA 42” form to minimize name rejection possibilities. Among those three names, only the unique name, that is easy to remember and relevant to the business will be approved by the SSM upon through verification.

Task 3: Hire a company secretary

It is mandatory by the company law of Malaysia to hire at least one company secretary to carry out the lawful process of company registration. Here the secretary carrys out all company registration procedures and take responsibilities in hiring any personnel according to company demands. The secretary will also make draft of MoA, AoA, along with other registration forms required. With that, a secretary also maintains the liaison between the business and relevant governmental departments.

Task 4. Fill up the “BORANG PNA 42 & BORANG A” Forms

The BORANG PNA 42 Form is developed for company trade name registration process. As mentioned earlier, this form must be filled with appropriate information including – 3 proposed trade names of the business and explanation of the type of business that will be build up. BORANG A form, on the other hand, is all about business incorporation formalities, company code, shareholders information etc. The owner must fill up both forms with proper attachments and submit those to the SSM.

Task 5. Submit the registration forms to SSM

Once an entrepreneur is done with all registration, MoA and AoA form fill up, those need to be submitted in an appropriate manner. The Company Commission of Malaysia or SSM takes account of the whole process. Entrepreneur have to submit all required paperwork and documents to the SSM head office. The authorities accept and verify those papers and approve accordingly. It must be noted that the local partners or shareholders of the company has to be physically present during the submission of the registration forms. The requirement.

At the end, it must be remembered that, a business entrepreneur must abide thegovernmental rules and regulations during setting up a company in Malaysia. Be in the rule is the key to the long prospect of the business in this nation. It is the basic key to gain client’s trust. In summary, the company registration authorities of Malaysia expect at least those above-mentioned tasks to be done properly by an entrepreneur for setting up a business.