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NEW FORMAT OF COMPANY NUMBER FOR COMPANIES REGISTERED WITH COMPANIES COMMISSION OF MALAYSIA

14/10/2019

On 11 October 2019, Companies Commission of Malaysia (“CCM”) has implemented the new 12 digit format for the registration number of business entities registered with CCM. This new format of Business Registration Number will replace the existing registration number in CCM.

The new registration number format that consists of 12 digit numbers denote the following:

First 4 digits - the year of business entity was registered
Subsequent 2 digits - business entity code
Last 6 digits - the registration number sequence

Example of the new registration number format is as follows:-

SSM 12 digit company number format

The 2 digit business entity code classifies companies into the following categories:-

01 - Local company
02 - Foreign company
03 - Business (sole proprietor/partnership)
04 - Local Limited Liability Partnership
05 - Foreign Limited Liability Partnership
06 - Limited Liability Partnership for Professional Practice

During the transitional period, the existing registration number can still be used until further notice. Business entities are therefore not required to amend its existing company letterhead, invoices, signboards and all other printed documents. However, business entities are encouraged to use the new registration number format as soon as possible so that the company is prepared when the new registration number format is fully enforced.

You are able to check the new business registration number of your company via SSM's e-Search

You may also refer to SSM's FAQ for more information on the new business registration number or you may download the FAQ here.

REGISTRATION OF REPRESENTATIVE OFFICE IN MALAYSIA

12/6/2019

Representative Office is a good alternative for foreign companies who wish to explore market potentials or investment opportunities in Malaysia prior to setting up a permanent establishment.

The key features of a Representative Office in Malaysia are:-

it does not carry out any business activities in Malaysia (accordingly it should not receive any income derived from Malaysia);
only represents its head office/principal to undertake designated functions;
has its own office premise and facilities;
it is fully funded from sources outside Malaysia such as its parent company, or from the company's operation outside Malaysia (proposed operational expenditure must be at least RM300,000 per annum);
does not participate in the management and administration of any joint venture companies, subsidiaries, affiliates or branches in Malaysia;
does not sign any business contracts on behalf of the parent company or provide services for a fee; and
does not lease warehousing facilities. Any shipment, transhipment or storage of goods shall be handled by a local agent or distributor.

Examples of permitted activities of a Representative Office in Malaysia are:-

Conducting market research or surveys;
Undertaking feasibility studies on investment opportunities in Malaysia and the region;
Acting as a referral and/or liaison centre;
Seeking out local agents and/or distribution networks;
Providing after sales service;
Planning or coordination of business activities;
Carrying out manufacturing surveys;
Identifying sources or raw materials, components or other industrial products;
Research & development activities;
Acting as a coordination centre for the company's affiliates, subsidiaries and agents in the region; and
Other activities which will not result directly in actual commercial transactions.

The Representative Office may also apply for Expatriate Post for the parent company to post its staff to Malaysia. The number of Expatriate Post allowed will depend on the functions and activities of the Representative Office, and only managerial or technical positions will be considered for the position of Expatriate Post.

As the Representative Office is not allowed to carry on business in Malaysia, it is not subject to tax. The Expatriate working in a Representative Office in Malaysia however is subject to normal income tax.

All applications for registration of Representative Office (except for services related to banking, financial and tourism) should be submitted to Malaysian Investment Development Authority (MIDA).

Do contact our trusted personnel at RISS should you need help/ guidance for your application.

Sdn Bhd vs llp

26/4/2015

We were often asked to compare the difference between Sdn Bhd and LLP. We have collated a few of the most frequently asked questions and have listed them below for your information. We hope you find them useful.

	SDN BHD	LLP
Do I need to audit my company accounts?	Yes	No
Do I need to file annual statement with Companies Commission of Malaysia?	Yes	Yes
Do I need a Company Secretary?	Yes	No
Is there a different tax rate for Sdn Bhd and LLP?	Sdn Bhd and LLP have similar corporate tax rate and treatments

FUNDING FOR THE CREATIVE INDUSTRY

14/11/2013

The Malaysian Government is spreading some love to the creative industry as well.

If you are a business owner in the following activities, then you will be eligible to apply:-

        1. Visual Arts (e.g. Paintings & Sculptures)
        2. Performing Arts (e.g. Theater & Dancing)
        3. Music (e.g. Recording Studios & Music Academy)
        4. Literature (e.g. Book Publisher)
        5. Content Creation (e.g. Cinematic and TV Content)
        6. Fashion and Design (e.g. Couture & Fashion Academy)
        7. Traditional and Cultural Arts (e.g. Songket & Crafts)

WHAT IS THE PURPOSE OF A REGISTERED OFFICE?

7/11/2013

Often times, when setting-up a new private limited company (Sdn Bhd) or Limited Liability Partnership (LLP) in Malaysia, information of registered office/ address is required. Some of you will opt to use your business address as the registered office whilst the rest will have them located at the office of the Company Secretary. Have you ever wondered why Registered Office is required though? I mean, other than it being required by law that every company must have a registered office, do you really know why it is required?

WHAT IS THE DIFFERENCE BETWEEN AUTHORIZED SHARE CAPITAL AND PAID-UP SHARE CAPITAL?

24/10/2013

Authorized Share Capital is the amount of shares that a company is authorised to issue and it forms no part of the actual Paid-up Share Capital of the company. In layman term, Authorized Share Capital is basically the company's quota for share issuance. Whereas, Paid-up Share Capital is the actual shares of the company issued to its shareholders after consideration for the shares, be it cash or non-cash, have been deposited with the company.

FUNDING OPPORTUNITIES & TAX INCENTIVES FOR MALAYSIAN INCORPORATED COMPANIES - PART 3

10/10/2013

In the final and last part of this post, we'll discuss about the most helpful tool offered by Cradle Fund ie Coach & Grow Programme. Other than coaching the business owners, Coach & Grow Programme also provides grants to the business owners under Cradle Investment Programme (CIP) if the company fulfills the conditions under the respective grants.

So if you have a good product idea or already has a company generating revenue and is looking to achieve sustainable growth and going global, this programme is perfect for you as it is crafted to provide entrepreneurs with the tools and ‘show-how’ to develop and implement strategies and plans during commercialisation and growth stages. It also equip companies that have growth potential to scale and go global.

FUNDING OPPORTUNITIES & TAX INCENTIVES FOR MALAYSIAN INCORPORATED COMPANIES - PART 2

7/10/2013

This is the second part to our first blog post. In Part 1, we started with the funding opportunities under Cradle Investment Programme (CIP) whereby grants are given for start-up companies to conduct product commercialization and prototype development. You may find Part 1 of this post here.

In this second part, we'll proceed to the tax incentive provided under Cradle Fund. The tax incentive provided by Cradle Fund is offered via ANGEL TAX INCENTIVE (ATI) programme.

FUNDING OPPORTUNITIES & TAX INCENTIVES FOR MALAYSIAN INCORPORATED COMPANIES - PART 1

4/10/2013

For entrepreneurs who are thinking of venturing/ or have just started a business in ICT, Bio-Technology & Life Sciences, Material Sciences and High Growth Technology industries or generation of ideas for an Innovative Knowledge-Based society and economy, this is good news for you as there is an opportunity for you to qualify for funding by Cradle Fund.

DIFFERENT TYPES OF TRADEMARK

27/9/2013

Do you know that it is an offence to falsely indicate a trademark as being registered when it is not? But how do you know whether a trademark is registered? Well, you can do a trademark search at your local trademark office or sometimes you see the symbol "TM" or ® . Do you know what they mean though?

The symbol ® is used when the mark is already validly registered and active, whereas the symbol of TM denotes that the given mark is a trademark but not yet a registered trademark. As was mentioned in our previous blog post, trademark registration goes through numerous process such as application and opposition stage before it proceed to being registered.

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