So you want to register a business in Malaysia but don’t know where to begin? Registering a business in Malaysia involves several steps. Here’s a general overview of the process:
Choose a business structure: The first step is to decide on the legal structure of your business. In Malaysia, you can register as a sole proprietorship, partnership, limited liability partnership (LLP), private limited company (Sdn Bhd), or public limited company (Bhd).
Choose a business name: Once you have decided on the business structure, you need to choose a name for your business. You can check the availability of the name using the MyCoID system, which is a business registration portal provided by the Companies Commission of Malaysia (SSM).
Register with SSM: After you have selected a name for your business, you need to register with the SSM. You can do this either online through the MyCoID system or in person at an SSM branch office.
Obtain necessary licenses and permits: Depending on the nature of your business, you may need to obtain certain licenses and permits from the relevant authorities. For example, if you are starting a restaurant, you will need a food and beverage license.
Open a business bank account: You will need to open a bank account for your business to conduct financial transactions.
Register for taxes: You will need to register your business with the Inland Revenue Board (IRB) and obtain a tax identification number (TIN).
Register for Employees Provident Fund (EPF): If you plan to hire employees, you will need to register for the Employees Provident Fund (EPF).
The exact process and requirements may vary depending on the type of business you are registering and your location in Malaysia. It is recommended to consult with a professional business registration service or a lawyer to ensure that all legal requirements are met.