Can foreigner set up company in Malaysia
by
sfconsultingmy
- 8:47 PM
Yes, foreigner can do set up company in Malaysia with holding hundred percent share. Now question is why need local nominee director? Indeed, local nominee is not REQUIRED. Foreigner can open set up company as only one share holder. To set up new Sdn Bhd company, it is required one company name approval. Contact company registration Malaysia expert to assist same. When foreigner visit in Malaysia check who is the right person can guide them? Search in Google from your country before arrival in Malaysia and contact 3-5 top consultancy firm. Read information from online to update process and requirement on new Sdn Bhd company registration. Why Sdn Bhd? This is Malaysian language, meaning is Private Limited (LLC). However, bank account opening as foreigner might be an issue specially with local banks. Some foreign banks are positive up on condition of :
- own office rental agreement,
- financial forecasting and company financial health condition
- along with one time Ringgit 50K deposit.
Three to five days need to set up Sdn Bhd company after name approval. Appoint Company Secretary (CS) is must in Malaysia for all Sdn Bhd companies. CS will prepare all draft copies to submit SSM for incorporation of a company. Now a day, SSM supply 1) Incorporation 2) Constitution at FREE. But let Super form and directors information need to buy from online. By the way, bank might ask for Board Meeting Resolution copy to open business account. Malaysia is business place for foreigner but many problems have to face. Such as visa and work permit and bank account. Immigration takes long time to make decision of approval or rejection. And negative result is 80% expected. Assign one person to check update everyday and pursue the Immigration guy to let them visit office. They never like to come on time is regular practice. Without employment pass how foreigners will do business is no proper answer found from immigration.
As country is developed by local and foreign investment, whereas foreigners are keep in harassment. Never think, one company can hire multiple number of staffs and those are local Malaysian. So, economic contribution from foreigner is more than local as tax rate is around 30 percent. Why not allow Malaysia immigration positively foreigners to do business smoothly? At the beginning, immigration consider every one negatively and changes mind slowly up on nationality and financial health condition. Anyway, in a word foreigner can set up company in Malaysia easily without visa. To set up retail business where owner need to present is risk as work permit is big issue.
