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3% of Audited Net Profit for trading activities.
No tax for Non-Trading activities.
Only for licensed companies and companies electing to pay 3% tax.
Nevertheless, there is still a requirement to keep accounts that will sufficiently show the financial position of the company. With increased compliance, it is common that most companies will be required to prepare at least management accounts
Yes and if more than one is appointed at least one must be a resident secretary.
Only an approved officer of a Labuan trust co or its wholly owned subsidiary may be appointed as a resident secretary.
Malaysia is the third-largest country in Southeast Asia and the 35th in the world. The government of Malaysia has built a friendly business environment and provided a variety of incentive policies for foreign investors and businesses to open an offshore company in Labuan.
Labuan is a Federal Territory of Malaysia and a strategic place to invest in Asia. In recent years, Labuan has become a popular jurisdiction to attract many investors and businesses around the world. Investors and businesses will enjoy a lot of benefits such as low taxes, 100% foreign-owned, cost-effective, and confidentiality secured, etc. to do business in Labuan, Malaysia.
Step 1: Choose your business nature and structure that fits your business plan;
Step 2: Decide and propose 3 valid names for your company;
Step 3: Decide on Paid-Up Capital;
Step 4: Open a corporate bank account for your offshore company;
Step 5: Consider if you need two years’ multiple entry work visas for yourself, partners, and family members.
Together with Singapore, Hong Kong, Vietnam, etc. Labuan has become the new destination in Asia, where global investors and businessmen come to expand their business.
Labuan is a Federal Territory of Malaysia which was originally established on 1 October 1990 as Labuan Offshore Financial Centre. Later on, it was renamed to Labuan International Business and Financial Centre (Labuan IBFC) in January 2008.
Like some other offshore financial centers, Labuan IBFC offers a wide range of financial services and products to customers including banking, insurance, trust business, fund management, investment holding and other offshore activities.
Incorporation of a Labuan company in Labuan International Business and Financial Centre (Labuan IBFC) must be done through a registered agent. The application should be submitted together with the Memorandum and Articles of Association, consent letter to act as director, statutory declaration of compliance as well as payment of registration fees based on paid-up capital.
The Labuan Financial Services Authority (Labuan FSA), formerly known as Labuan Offshore Financial Services Authority (LOFSA), is a one-stop agency which was established on 15 February 1996 as a single regulatory body to promote and develop Labuan as an International Business & Financial Centre (IBFC). Its establishment further draws the attention of the government’s commitment to make Labuan a premier IBFC of high repute.
Labuan FSA is formed to focus on business development and promotion, process application and supervise business and financial activities, develop national objectives, policies and set priorities, administer and enforce legislation, and incorporate/register Labuan offshore companies.
Labuan Financial Services Authority (Labuan FSA) helps in managing and regulating the international business and financial centre and undertakes economy research and development. Labuan FSA also comes out with plans for further growth and greater efficiency of the Labuan IBFC.
Furthermore, since Labuan’s establishment in 1996, it has reviewed the current legislations for the purpose of making the required and proper changes as well as to plan new activities to enlarge and deepen the financial services industry.
Labuan FSA is also taking measures to draw more interest to a bigger number of professionals and skilled workers to live and work in Labuan IBFC to support the industry.
Besides that, Labuan FSA has come out with policies that help to facilitate and assist the creation of a competitive and attractive business environment in Labuan. Furthermore, Labuan’s legislative framework is not only business-friendly but at the same time it helps to protect Labuan’s international image as a clean and reputable international business and financial centre.
The amount of capital required to start a business in Malaysia can vary widely depending on the type of business, its size, location, and industry. Malaysia offers a range of business opportunities, from small startups to larger enterprises, so the capital required can be flexible.
Here are some key factors that can influence the capital needed to start a business in Malaysia:
To get a more accurate estimate of the capital needed for your specific business idea, it's advisable to consult with a financial advisor or a business consultant who can help you assess your unique circumstances and develop a detailed financial plan. Additionally, you may want to reach out to government agencies or business support organizations in Malaysia, such as the Malaysia Digital Economy Corporation (MDEC) or the Companies Commission of Malaysia (SSM), for guidance and information on starting a business in the country.
You can renew your business license in Malaysia online in some cases, depending on the type of business and the local regulations. However, the specific process and requirements may vary depending on the location and nature of your business. To renew your business license online, you typically need to follow these general steps:
Please note that the process might have changed or evolved, so it's essential to visit the official government website or contact the relevant authority to get the most up-to-date and accurate information on how to renew your business license online in Malaysia. Regulations and processes can change over time, and it's crucial to follow the latest guidelines provided by the authorities.
The fees for business license renewal in Malaysia can vary depending on the type of business, location, and other factors. The specific fees may change over time due to updates in government regulations. To find out the exact fee for renewing a business license in Malaysia, you should contact the local government authority or the relevant agency in your area.
Typically, you can inquire about business license renewal fees from the following sources:
It's essential to ensure that you have the most up-to-date and accurate information regarding fees, as they can change over time, and the fees may vary based on your business type and location.
The process for incorporating a company in Malaysia can vary in duration depending on several factors, including the type of company, the completeness of your documentation, and the efficiency of the government agencies involved. On average, it can take anywhere from 1 to 2 months to complete the incorporation process. Here is a general timeline and overview of the steps involved:
It's important to note that there are various business structures in Malaysia, such as sole proprietorships, partnerships, and different types of companies (e.g., private limited, public limited, etc.), and the incorporation process may vary slightly for each. Additionally, any changes in government regulations or backlogs at government agencies can impact the timeline.
To ensure a smooth and efficient incorporation process, it's recommended to work with a professional service provider or consultant who is knowledgeable about the process and can assist with the necessary paperwork and compliance requirements. They can help expedite the process and ensure that you meet all legal requirements.
To check your company registration number in Malaysia, you can follow these steps:
Please note that the exact steps and details may change, so it's a good idea to refer to the SSM website for the most current and accurate information on checking your company registration number in Malaysia. Additionally, you may need to pay a small fee for accessing this information through the online service. If you encounter any difficulties, you can also consider contacting the SSM directly for assistance.
No, you do not need to be physically present in Malaysia to set up a Malaysian company. Malaysia allows foreign individuals and entities to establish businesses in the country, and the process can be initiated from abroad. Here are the general steps to set up a Malaysian company as a foreigner:
While you can start the process from abroad, you may need to visit Malaysia for certain steps, like opening a bank account, meeting with local authorities, or signing certain legal documents. Additionally, having a resident director is a requirement for most company structures, but there are services available that can provide a nominee director if needed.
It's highly advisable to seek legal and professional assistance, such as engaging a company secretary or a business consultant in Malaysia, to ensure that you follow all the necessary procedures and meet the legal requirements. Laws and regulations may change, so it's essential to stay up to date with the latest information when starting a business in Malaysia.
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