Malaysia

A private limited company, or Sendirian Berhad (Sdn Bhd), needs a minimum of 2 directors to be set up. The maximum number of directors for it is 50.

Yes, a person of foreign citizenship can incorporate a private limited company in Malaysia without needing a business visa.

Yes, a foreigner can own all the shares of a company in Malaysia without any local partners.

The Malaysian Financial Reporting Standard (MFRS) is usually followed by a business that has a holding company which is supposed to prepare group consolidated accounts which are compliant with the financial reporting standards set by the Malaysian Accounting Standards Board (MASB).

The Goods and Services Tax (GST) rate in Malaysia is 6%.

The corporate income tax (CIT) for a resident company in Malaysia is 24%.

The Malaysian tax year runs from 1st January to 31st December.

30th June every year is the deadline for filing a tax return in Malaysia for a self-employed entity.

Malaysia has Double Taxation Avoidance Agreements (DTAs) with 79 countries, along with a Tax Information Exchange Agreement with Bermuda.

Any person can apply for a patent registration, either alone or jointly with another person. The word “person” here is just not limited to natural persons, and also includes a company.