We all know that it’s not hard to start business. But it might not be as easy to maintain a company especially if there is no proper compliance nor documentation in the company. For every new startups and entrepreneurs, it is advisable to ensure all the company compliance matters – incorporation, secretarial, accounting, tax, audit, business licenses (if any) are always in order from the beginning. In this way, you will certainly have more quality time to focus on something you’re good at, which is your business. If you already have an existing company and you find it’s tedious to keep your company in compliant. You’re at the right place. Here, we will discuss on the complete compliance guide from the business point of view that every business owners should know.
When you have a good business idea and decided to go all out for it, you’re at the first step of compliance to decide on which entity you should use. At this point, you probably will weigh between the pros and cons of each business entity, such as sole proprietorship, partnership, limited liability partnership or private limited company. (You may read this article here on sole proprietorship vs private limited company)
Once you have decided on starting a private limited company, you have two options:-
(1) Incorporate the company via MyCoID Portal; or
- You can sign up and register an account on MyCoID as an individual user.
- You’re then required to visit the nearest branch of SSM to validate your registration after activating your account through email.
- After your account is activated by SSM, you will receive an email to create your login details on MyCoID Portal.
- At the MyCoID homepage, you may go to “Direct Incorporation” and start the company incorporation process.
- You’ll need to fill up the following information: proposed company names, business codes and business nature, registered address and business address, director and shareholder details.
- Next, you’ll be directed to the transaction page after submission of the application. The registration fees for incorporation a company is RM1,010.00.
- A Notice of Registration [Section 15] will be received once the company is incorporated successfully. You may also purchase the Certificate of Incorporation [Section 17] with a prescribed fee at SSM counter or its appointed agents such as MyData.
- The company is required to appoint a Company Secretary within 30 days from the date of incorporation.
Sounds like too much hassle and time consuming to visit SSM counter?
(2) Sign up with TrustMaven and have us to incorporate your company for you.
We are the Online Company Secretary and we will help you to save all the hassles and streamline the whole incorporation process. All you need to do is sign up our TrustMaven app and we will take care of the rest.
What benefits do I get if I choose to incorporate a private limited company?
A private limited company (usually by shares) provides the advantage is that it is limited liability. This means that the liability of the company’s owners (shareholders) is limited to the amount they have paid or agreed to contribute. For example, if a shareholder invests RM10,000 in a company in exchange for 10% shareholding and the company becomes insolvent later on, the worst scenario is that the shareholder is not likely to recover his/her investment.
The private limited company is a separate legal entity and it is able to pass on to another owner (business succession). It also has lower corporate tax rate, whereby 17% tax rate for the first RM500,000 and subsequently at 24%.
What benefits do I get if I sign up with TrustMaven?
First of all, we offer FREE incorporation. Yes, it’s FREE! We bear registration fees of RM1,010.00 and you just need to pay for our yearly secretarial fees. Moreover, TrustMaven has its own app for users (companies) which provides benefits such as convenience, efficient, secure, cloud-based and it is designed and built by the founders who are professional Company Secretaries themselves. Read more on the features of TrustMaven app here.
This is just the start of the compliance journey. We will discuss more on the compliance and business matters that every company will have to deal with in the next post. Stay tuned!
If you would love to talk to us on company incorporation or compliance matters, you can book a free consultation session with us over here.