"Saya suka berada di sini"-or "I like it here"-is a term used more frequently by investors when referring to Malaysia. Considered one of the most vibrant countries in South-East Asia, Malaysia, as an ideal investment destination, offers many advantages. From manufacturing and distribution to professional skills in the service sector, doing business in Malaysia provides opportunities around the value chain for all. Whether you want to use Malaysia as your target market or as a local getaway, at their arrival, investors/entrepreneurs will consider a myriad of opportunities. Also, the World Bank has ranked Malaysia as the 6th most prosperous country in the world to do business in, beating developed countries.
It is a primary offshore jurisdiction and has perhaps the most adaptable corporate needs and flexible legal structures on the globe, making it one of the most well established and secure offshore destinations. With low start-up costs, complete classification, and several layers of confidentiality in a safe and low-risk environment, it is no big surprise that Malaysia is one of the pioneers of offshore business development. Starting up a business in Malaysia is, therefore, a proposition worth considering.
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Benefits of Offshore Company Setup in Malaysia
The most suitable reason for setting up an offshore company in Malaysia are -
Malaysia is placed in the heart of ASEAN and gives more than 600 million people a getaway to the international markets. The country also has a GDP of over 2 trillion US dollars. Major business centers in Asia, such as Tokyo, Beijing, Hong Kong, Shanghai, and Seoul, can be reached within a few hours from Kuala Lumpur.
Ease of Doing Business
Beginning a business in Malaysia, it is said, needs only three procedures, 5.5 days and costs 7.2 percent income per capita in business registration fees, ensuring an investor's fast and coherent process when they want to enter the market. The formation of an offshore company in Malaysia is exempt from income taxes paid outside of Malaysia anywhere in the world. There are no income taxes to cover, nor are their land, inheritance, loan, obligation, or capital gains taxes to pay.
The high-speed rail initiative linking Singapore and Kuala Lumpur is one of the most-looked projects in Malaysia that will have seven stops. World-class airport (KLIA) and the 12th busiest maritime port in the world (Port Klang) provide excellent connectivity between the Greater Kuala Lumpur and the rest of the country and the world.
Initiatives of the Government to provide free education have contributed significantly to the growth of the competitive labor force in the country. Because of the broad command of more than half the population over the English language, companies in Malaysia may anticipate exposure to a vast pool of local talent to help further their business ambitions. When an outsider is looking to establish a company in Malaysia, they do not need to worry about workplace productivity because everyone is ready for the same thing.
Besides the ease of company creation in Malaysia, there is also a diverse culture in the country, which makes Malaysia a compelling destination to stay. The Malaysian Government has also made concerted strides to tackle the crime rate in the country through policy reform programs to boost livability further. It has also established a safe and convenient transportation network under the ETP 's Greater KL / Klang Valley National Main Economic Area, such as through the Mass Rapid Transit (MRT) Entry Point project.
Malaysia's corporate-friendly policies and government-initiated attractive fiscal packages have made Malaysia one of the most comfortable places to start business globally.
Robust Legal Framework
Greater Kuala Lumpur is also hosting the Kuala Lumpur Regional Arbitration Center, providing for the settlement of trade, trade, and investment disputes within the region.
Flourishing Domestic Market
In Malaysia, domestic demand contributes to over half the country's GDP. With the growing disposable income of the population as a result of the ETP's emphasis on creating high-value jobs, coupled with efforts by the Government to ease the cost of living, the market offers prosperous opportunities for businesses providing consumer goods and services.
Features of Malaysia Offshore Company
- It delivers a high level of anonymity and privacy
- It is mandatory to file accounts, but they are not available to the public
- Few overseas income taxes
- A minimum of one Shareholder and Manager is required
- Shares with bearers are not permitted
- We need to name an auditor
The Procedure to Set up an Offshore Company in Malaysia
The procedure to register your business in Malaysia involves two different steps -
In Malaysia, companies set up under the Business Registration Act (ROBA), 1956. One corporation may be incorporated in Malaysia as follows:
- Decide on a company name, and try to confirm its availability. Refer to the Government Gazette to test if a name is available for the business considered. If unique, you can reserve a name by applying the availability of the name:
- Upload the name application form to the Companies Commission of Malaysia or Suruhanjaya Syarikat Malaysia (SSM) with the proposed name.
- Make a specified fee payable for the name applied
- The application will be reviewed and processed by SSM, and if the proposed name filed is valid, SSM approves it. The name is set aside for three months from the date of approval.
- Send company incorporation documents to SSM within three months of the date the company name is approved. Failure to do so would allow the applicant to send a new application to SSM for a name check.
Documents required to register a company in Malaysia
In Malaysia, business registration includes documents including but not limited to:
- Request form duly filled in and signed
- Initial Copies of Association Memorandum and Papers (MAA)
- The pattern of shareholding of each shareholder
- The initial copy of Conformity Argument
- The initial copy of the Director's Legislative Statements
- Copies of shareholders', executives and business secretary 's passport
Enable a corporate bank account offshore. Malaysia offers plenty of bank tools you can use to open a corporate bank account. To open the account, a lot of banks need to be physically present.
The most common method of incorporation of an offshore company in Malaysia is to employ a consultant. We at Business Setup Worldwide, an offshore company in Malaysia, can register for you.
Our experts will gather from you the necessary details and documentation to ensure that your Malaysia offshore company receives company name approval. We will then continue to file the registration documents with the Companies Registry and also file a registration with the Inland Revenue Department for your Malaysia Service.
When the Malaysia offshore company is validly registered, you can receive a company incorporation package, which includes a company seal, share certificates, rubber stamp, business profile, incorporation certificate, etc. We will also assist you by opening a bank account, obtaining business licenses, obtaining a relocation visa, and managing ongoing business administration and enforcement. Contact us today to learn more.