Law Firms Accounting & Bookkeeping 101
Most of our conversations with lawyers from law firms always goes back to how the firm’s accounting and bookkeeping is a complete headache to them 😂 And, understandably so – they didn’t get into law to do accounting. That being said, if you aspire to own a law firm, you need to know the essentials […]
Holding Company: Definition, How It Works, Types
Have you ever wondered how one can own multiple companies which would remain separate from each other? 🤔 The answer – by setting up a holding company. In fact, you would be surprised to know that many companies that you have heard of or work with are actually owned by a larger holding company. 🏢 […]
Tax Incentives for Malaysian Tax Resident Companies
When we talk about running a company, topics such as business strategy and long term plans, daily operations, sales forecast, marketing budget etc would arise. You rarely hear about tax resident status and tax incentives. If you don’t talk about it, there’s not much awareness on it and when people aren’t aware, they could miss […]
Annual Compliance for a Private Limited Company (Sdn Bhd)
Did you know that as a private limited company (Sdn Bhd) owner in Malaysia, you have a responsibility to ensure your company meet business compliance as requested by Suruhanjaya Syarikat Malaysia (SSM) 🤨 Yes, that’s right – we are talking about financial statements, tax returns and so on. With the list of different documents needed […]
How Firing a Director of a Malaysian Company Happens
Firing someone is undoubtedly tough. But, imagine having to deliver the bad news to the person who is responsible for directing and managing the company’s affairs – the DIRECTOR! Perhaps not known to many, even a company director is not exempted from such a reality if warranted. There are of course necessary steps to consider […]
Can Foreigners Register a Sole Proprietorship in Malaysia?
Foreigners cannot start unlimited companies, enterprises, sole proprietorship companies or limited liability companies, these entities are meant for Malaysian only. A foreign investor can only start a partnership or sole proprietorship business entity if they have a permanent residence status in Malaysia. Under the Company Commission of Malaysia (CCM), foreigners are only allowed to register […]
How To Open Business / Corporate Bank Account in Malaysia
In the past year, we noticed an increasing inquiry about the process of opening a corporate bank account in Malaysia. Many of these inquiries come up from first-time business owners, but there are also some who have been running their business for a few years without a proper bank account 😧😓 It’s always advisable to […]
Setting Up a Company in Malaysia: A Foreigner’s Guide
Do you know that Malaysia ranked 12 out of 190 countries in the World Bank’s Ease of Doing Business Rankings 2020? It’s relatively easy to start and operate a local firm in Malaysia. A foreigner can register a Sdn Bhd, or private Limited company in Malaysia with 100% foreign ownership. However, that company must be […]
What if Singapore and Malaysia remove the Double Tax Treaty?
Aside from the occasional fight over who has the best nasi lemak, chicken rice, football team etc, Malaysia and Singapore actually share a common goal to fight the burden of double taxation of income. The governments of the Republic of Singapore and Malaysia signed a Double Tax Treaty in 1968 and subsequently another agreement was […]
Guide to Tax Clearance for Expatriates in Malaysia
Imagine waking up one day and finding yourself in the situations below 😰 💰 Last salary withheld by the Inland Revenue Department (LHDN) 💸 A fine between RM200 and RM20,000 👮🏻 Imprisonment of up to 6 months 🚫 Prevented from leaving the country What a nightmare! If you are an expat in Malaysia, here’s an […]