To set up an International Business Company (IBC) in Malaysia, you can follow these steps:
1. Choose a company name. The company name must be unique and must not be the same as any other registered company in Malaysia. You can check the availability of a company name at the Companies Commission of Malaysia (SSM) website.
2. Select a registered agent. A registered agent is a local individual or company that will receive official correspondence on behalf of your IBC. The registered agent must have a registered office in Malaysia.
3. Prepare the required documents. The following documents are required to incorporate an IBC in Malaysia:
Memorandum and Articles of Association (MAA)
Form 14A (Application for Registration of Company)
Form 49 (Notice of Registered Office and Particulars of Directors)
Form 17 (Notice of Particulars of Shareholders)
Declaration of Compliance
4. Submit the documents to SSM. The documents can be submitted online or in person at the SSM office.
5. Pay the incorporation fee. The incorporation fee for an IBC is MYR 1,000.
6. Obtain a Certificate of Incorporation. Once the documents have been approved by SSM, you will receive a Certificate of Incorporation. This certificate confirms that your IBC has been legally incorporated in Malaysia.
Once your IBC has been incorporated, you will need to open a bank account and register for taxes. You can also apply for a business visa if you need to travel to Malaysia for business purposes.
Benefits of setting up an IBC in Malaysia
There are several benefits to setting up an IBC in Malaysia, including:
Tax benefits. IBCs are exempt from paying income tax on their offshore earnings.
Flexibility. IBCs can engage in a wide range of business activities, including trading, investing, and holding assets.
Ease of incorporation. The incorporation process is relatively simple and straightforward.
Things to Keep in Mind
Before setting up an IBC in Malaysia, there are a few things you should keep in mind:
You must have a registered agent in Malaysia.
Your IBC must have a registered office in Malaysia.
You must file an annual return with SSM.
You must pay an annual maintenance fee.
Malaysia is a popular destination for setting up an IBC because of the following reasons:
Tax benefits. IBCs in Malaysia are exempt from paying income tax on their offshore earnings. This is a significant tax advantage for businesses that generate a significant portion of their income from outside of Malaysia.
Flexibility. IBCs in Malaysia can engage in a wide range of business activities, including trading, investing, and holding assets. This makes Malaysia a good choice for businesses that operate in multiple industries or that have complex business structures.
Ease of incorporation. The incorporation process for IBCs in Malaysia is relatively simple and straightforward. This makes it easy for businesses to get started quickly and easily.
Political stability and economic growth. Malaysia is a politically stable and economically growing country. This makes it a safe and attractive destination for foreign investment.
In addition to the above factors, Malaysia also has a number of other advantages that make it a good choice for setting up an IBC, such as:
Well-developed infrastructure. Malaysia has a well-developed infrastructure, including a modern transportation system, telecommunications network, and financial system.
Skilled workforce. Malaysia has a large and skilled workforce, which can be helpful for businesses that are looking to expand their operations.
Business-friendly environment. The Malaysian government is supportive of foreign investment and has created a business-friendly environment for businesses of all sizes.
Overall, Malaysia is a good choice for setting up an IBC because of its tax benefits, confidentiality, flexibility, ease of incorporation, and political stability and economic growth.
Consult with Bestar Professional
It is advisable to consult with Bestar qualified professional when setting up an IBC in Malaysia. A qualified professional can help you with the following:
Choose the right structure for your business. There are different types of IBCs available in Malaysia, and each type has its own advantages and disadvantages. A qualified professional can help you choose the right structure for your specific needs.
Complete the required paperwork. The incorporation process for IBCs in Malaysia can be complex. A qualified professional can help you complete all the required paperwork and ensure that your application is submitted correctly.
Advise you on tax and compliance matters. IBCs in Malaysia are subject to a number of tax and compliance requirements. A qualified professional can advise you on these requirements and help you ensure that your IBC is in compliance.
Overall, consulting with a qualified professional can help you save time and money when setting up an IBC in Malaysia. It can also help you avoid making mistakes that could have serious consequences for your business.
Here are some of the benefits of consulting with a qualified professional when setting up an IBC in Malaysia:
Access to expertise. Qualified professionals have the expertise and experience to help you with all aspects of setting up and running an IBC in Malaysia.
Save time and money. Qualified professionals can help you save time and money by completing the incorporation process efficiently and correctly.
Avoid mistakes. Qualified professionals can help you avoid making mistakes that could have serious consequences for your business.
Peace of mind. Knowing that you have the support of a qualified professional can give you peace of mind and allow you to focus on running your business.
If you are considering setting up an IBC in Malaysia, contact Bestar.