Company Incorporation FAQ
How does it work?
Who can register a private limited company (Sdn. Bhd.)?
Residents of Malaysia aged 18 years old and above, and those who are not disqualified under Section 198 of the Companies Act 2016.
What are the requirements for setting up a private limited company (Sdn. Bhd).?
Minimum one resident director, Minimum one shareholder (Malaysian/Foreigner/Body Corporate), Minimum one Company Secretary who is certified and licensed under the Companies Commission of Malaysia (the Company Registrar), Minimum capital to be RM1.00.
Can a foreigner register a Sdn. Bhd. in Malaysia?
Yes, but at least ONE director must be residing in Malaysia. Visa is needed if you are the sole director of the company and if you are not a Malaysian citizen.
How many directors are needed to register a company?
At least one, who can also acts as the sole shareholder of the company to register a Sdn. Bhd.
Is it legal to register my Sdn. Bhd. online through Altomate?
Yes, it is completely legal. Our company secretaries are licensed and compliant with the requirements set by the Companies Commission of Malaysia (SSM). Our team of experts will manage the company incorporation for you via MyCoID portal, so you do not have to visit the branch office or SSM counter for identity verification purposes.
Can I convert an enterprise, partnership or LLP to Sdn. Bhd.?
Changing your business entities is not allowed as they are different in business nature. But we can help you with a smooth transition process.
Do I have to appoint a company secretary for my company?
Yes, all Sdn. Bhd. company must appoint a company secretary within 30 days from their date of incorporation.
What are the requirements for being a Director?
A director shall be a natural person who is at least 18 years old, shall not be bankrupt and have not been convicted of an offence in relation to the promotion, formation, management of a corporation, bribery, fraud or dishonesty. There is no requirement or minimum director fee in Malaysia.
What is the information required for incorporation?
A director shall be a natural person who is at least 18 years old, shall not be bankrupt and have not been convicted of an offence in relation to the promotion, formation, management of a corporation, bribery, fraud or dishonesty. There is no requirement or minimum director fee in Malaysia.
The following information are required for Malaysia company incorporation:
Company details
- Proposed company names with its meaning
- Principal business activities of the proposed company
- Business address and contacts
- Number of shares Paid-up capital information
Directors/Shareholders details
- Photocopy of all directors and shareholders NRIC or Passport
- Latest proof residential address of all directors such as utility bills (if different from NRIC)
- Business occupation, email and contact number of all directors and shareholders
- Percentage of shareholding of each shareholder
Timeline for incorporating a company in Malaysia
We will perform name search to check name availability and advise accordingly company registration options.
a) You may proceed with name reservation submission then incorporation and approval (3 – 5 working days); or
b) Direct Incorporation without name application (1 – 2 working days),
subject to approval by the Companies Commission of Malaysia (SSM).
How to register Limited liability partnership (LLP) in Malaysia
- Choose a unique name for your LLP and check its availability with the Registrar of LLP.
- Prepare and execute the LLP partnership Agreement, which sets out the terms and conditions of the LLP, including the capital contribution and profit-sharing arrangements of the partners.
- Submit the required documents to Suruhanjaya Syarikat Malaysia, a copy of the identity cards or passports of the partners, and proof of address and the compliance officer
- Pay the prescribed fee for registering the LLP.
Note: It is advisable to seek professional advice when registering an LLP in Malaysia.
Post-incorporation
What should I do to open a business bank account after incorporation?
After your Sdn. Bhd.(private limited company) is registered, with Altomate appointed as the company secretary, you will receive an email or you can select “bank account opening” in service request in our platform and choose the bank and fill up the details for account opening. We will prepare all documents required and a banker (of our panel banks) will schedule an appointment with you to open a business bank account.
What are the preparations needed before commencing business?
- Appointment of trusted Company Secretary, Auditor and Tax agent
- Opening of Bank Account
- If you are hiring any employee – register with Employee Provident Fund (EPF) and Social Security Organisation (SOCSO)
- Local business licenses or specific industry licenses
- Income tax file registration is automatic now. We will forward you your company income tax file number once received from the tax office
How frequent of a company to lodge its annual return to the Companies Commission of Malaysia?
Sec 68 of the Companies Act 2016 requires the directors to lodge the annual return of a company for each calendar year not later than 30 days from the anniversary of its incorporation date.
Must a company lodge its financial statements to the Companies Commission of Malaysia?
Sec 248 of the Companies Act 2016 requires the directors to prepare financial statements within 18 months from the date of incorporation and subsequently within 6 months of the financial year end.
What are the tax compliance obligation of a Company?
Below are some general tax compliance obligations of a Company:
- Corporate tax -A Company is required to submit tax estimate (Form CP204) not later than 30 days before the beginning of the basis period (SMEs exempted from first 2 years CP204 filing) -A Company is required to lodge the tax return (Form C), within 7 months from the financial year-end.
- Employer tax -A Company is required to file Employer Tax Return (Form E), stating summary of employee remuneration by 31st March of following calendar year
- Withholding tax -A Company is required to deduct withhold taxes and remit to the tax office within 30 days, in making certain payments (e.g. royalty, interest and etc) to a non-resident person
- Sale and service tax -A Company (a manufacturer or a service provider) is liable to register for SST if providing taxable goods or services, exceeding certain prescribed threshold
What should I do if I want to change company details or pass any resolution?
With Altomate, you can easily make your request through our platform or app for updating company details or service request for change in director, issue new shares, change company name, company registration options, convert enterprise to sdn bhd and etc
I have other questions. Can I speak to a real person?
Yes, of course! Even with our fully online platform, we believe personal touch and enjoy helping our clients in your entrepreneur journey. Always contact us through call, Whatsapp or email.
Others
What do I get with a Sdn. Bhd. incorporation with Altomate?
Incorporating a Sdn. Bhd. with Altomate, you will get:
(i) Name search & availability check.
(ii) The registration fee of RM1,010 to be paid to the SSM
(iii) Company registration of your Sdn. Bhd.
(iv) The certificate of incorporation and relevant incorporation documents
(v) Access to the Altomate platform app.
(vi) Assistance in opening a bank account.
What do I get with the monthly company secretarial fee?
(i) *Basic plan -RM40/mth billed yearly* (RM60/mth billed monthly)
📌 Licensed company secretary retainer fee
📌 Registered office address
📌 Access to Altomate Company Dashboard
📌 Free filling deadline monitoring and reminder
📌 Access self-help FAQ and resources
📌 Consultation starting from RM 100/30 mins
2) *Essential plan -RM 1200 billed yearly (Highly Recommended ⭐⭐⭐)
📌 Licensed company secretary retainer fee
📌 Registered office address
📌 Access to Altomate Company Dashboard
📌 Free filling deadline monitoring and reminder
📌 Access self-help FAQ and resources
📌 Preparation & filing of annual return to SSM
📌 Filing of audited report with SSM
📌 Free one standard resolution
3) *Pro plan- RM180/mth billed yearly* (RM200/mth billed monthly)
📌 All the above, plus
📌 Priority support with dedicated client servicing officer
📌 Preparation & filing of annual return to SSM
📌 Filing of audited report with SSM
📌 Free 2 sets of CTC documents per year, usually used for bank account opening, license application, tender submission, etc.
📌 Unlimited free Standard Resolutions In A Year (subject to fair use policies)
📌 Special extra 10% discount* for Pro plan customers on other services with Altomate- bookkeeping, taxation, payroll processing, trademark application
Our pricing are transparent and there is no additional disbursement charges 🙅🏻♂️ on printing, telephone, travelling. Except, you need to pay for own SSM fling fee at cost. The usual SSM fee are:
1) Filing of annual return- RM150/annum (Pro and Essential Plan included)
2) Filing of financial statements- RM50/annum (Pro and Essential Plan included)
What do I get with a Sdn. Bhd. incorporation with Altomate?
To maintain a company, you are required to budget for cost such as:
(i) Ad-hoc company secretarial work – issue of preference share, corporate restructuring and etc
(ii) Book-keeping cost
(iii) Payroll processing cost
(iv) Taxation services cost
(v) Statutory audit cost
Can I request for a refund if I decided not to proceed with the private limited company (Sdn. Bhd.) registration?
Once you submit your incorporation form and made the payment, the amount paid is strictly non-refundable. If your company has been registered with SSM, you will need to prepare further cost to strike-off/deregister with SSM.
Can I cancel my contract with Altomate and transfer to other company secretary?
As you enjoy the incorporation at a discounted price of RM999 (instead of usual price RM1,599), you are required to sign up for 2 years contract for company secretarial package with us. In the event if you wish to terminate the contract earlier and transfer to other company secretary, you are required to pay termination charge of RM1,000 for early termination.
