Malaysia Work Permit

Malaysia Work Permit

Work permits generally last between six months and five years, depending on the duration of the work contract and the type of visa. Application forms are mostly in Bahasa Malaysia, and applications for Malaysian work permits are done within Malaysia.

 

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The Malaysian government generally issues three different types of work permits:

Professional Visit Pass

The Professional Visit Pass is issued to foreigners employed by an overseas company but working with a company in Malaysia. This pass is normally appropriate for technical experts and trainees, as well as volunteers. The Professional Pass is normally valid for short periods of around six months to a year.

 

Temporary Employment Pass

A Temporary Employment Pass is for unskilled or semi-skilled workers in the manufacturing, agriculture, construction and services fields. These are for jobs that pay less than RM5,000 per month. The pass is normally valid for three years, with extensions available on a yearly basis. Before the work permit can be issued, quota approval needs to be granted from the Local Centre of Approval, Ministry of Foreign Affairs.

 

Employment Pass

An Employment Pass applies to those wanting to work in Malaysia and who have specific skills, generally in technical or managerial positions. It is usually issued for a minimum period of two years. Before the Employment Pass can be issued, the employment of the foreign worker must be approved by the Expatriate Committee or the relevant regulatory agency.

 

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If you have further queries, please contact Tannet
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Email: mytannet@gmail.com
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Labuan Corporate Tax

Labuan Corporate Tax

The federal territory of Labuan is a group of tropical islands off the coast of Sabah and was established as Labuan International Business and Financial Centre (Labuan IBFC) to attract international financial activities.  Right from the start, the Malaysian Government had taken pains to avoid the label 'tax haven' for Labuan, and had been vigilant against being used for international money laundering. However, its tax rate of 3% on net profit or a flat amount of RM20, 000 per year clearly calls to mind as a tax haven.

 

Labuan Corporate Tax

Tax Rate in Labuan

The corporate tax of a Labuan company is very flexible and simply by declares as one of the following:

  • Dormant, non-trading and investment holding company – no corporate tax.
  • For trading company, there is 2 tax rate:

(1) A tax rate of 3% on net profit

(2) An amount of RM 20,000 tax regardless of your company turnover

  • For company having business with Malaysia company, it have to pay a 25% of corporate tax (not advisable)

 

All Labuan Company have their financial year end on every year of 31st December. Director has to prepare the management account and audit reports (for tax rate of 3%) submit to Malaysia Inland Revenue.  Company have to maintain management account, complete audit report, filed annual return, tax submission, Form E and Form BE (if applicable) to complete annual compliance procedure.

 

Labuan Non-Trading Activity

Labuan non-trading activities refer to the holding of investments in securities, stocks, shares, loans, deposits or any other by a Labuan entity on its own behalf.

 

Labuan Trading Activity

Labuan trading activities included banking, insurance, trading, management, licensing, shipping operations or any other activities not considered as a Labuan non-trading activity.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net http://en.tannet.com.my 

MSC Malaysia

MSC Malaysia

MSC Malaysia, (formerly the Multimedia Super Corridor, and also known as the MSC in Malaysia) is a Special Economic Zone in Malaysia. MSC Malaysia status is recognition by the Government of Malaysia through the Multimedia Development Corporation (MDeC), for ICT and ICT-facilitated businesses that develop or use multimedia technologies to produce and enhance their products and services.

 

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MSC Malaysia status is awarded to 3 types of business entities, each with a set of different application criteria and guidelines. The qualifying business entities are:-

– Private limited companies (i.e. Sendirian Berhad)

– Institutions of Higher Learning

– Incubators

 

MSC Malaysia Status Eligibility Criteria:

– Provide or heavy user of IT & Multimedia Products & Services

– Employ a substantial number of knowledge workers

– Strong value proposition specifying how operations will contribute to the development of MSC Malaysia

– Establish separate legal entity for MSC-qualifying activities

– Locate in an MSC Malaysia-designated Cybercities

– Comply with environmental guidelines

 

Contact us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours Hong Kong hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my

 

Requirement of Malaysia My Second Home Program (MM2H)

Requirement of Malaysia My Second Home Program (MM2H)

Malaysia My Second Home Program is a program introduced and supported by Malaysia government to allow people from all over the world who fulfill certain criteria, to stay in Malaysia for a period of ten (10) years (depending on the validity of the applicants’ passport) and is renewable. It is open to citizens of all countries recognized by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 21 and parents as dependents.

 

MM2H ENG

The MM2H visa permit is now attracting foreign citizens to Malaysia not only to stay but also to use it as a base from which:

1. To conduct business overseas

2. For their children’s education

3. To retire or semi-retire

 

 Malaysia is a land with so much to see, dos and experience. Malaysia is a heaven for natural beauty, exciting nature adventures, world class sporting events, friendly mix culture people and best of all, it offer the most diverse variety of food in region. Malaysia offers an excellent education quality and a high living standard yet one of the lowest costs of living in this region. Its strategic location supported by pro-business government policy, excellent infrastructure, easy access via air, sea or land. Malaysia is truly Asia country of mix country of mix culture living, a premier destination to make your second home.

 

Criteria for Malaysia My Second Home Program (MM2H) Application

1) Financial Requirement

a. MM2H Applicant aged 50 years and below, individual fixed deposit of RM300,000 (after 1 year, may withdraw RM150,000 for house purchase, medical treatment or children education)

b. MM2H Applicant aged 50 years and above, individual fixed deposit of RM150, 000 (after 1 year, may withdraw RM50, 000 for house purchase, medical treatment or children education).

c. If the MM2H applicant owned property valued above RM100,000.00, aged 50 years and above may deposit only RM100,000 and applicant aged 50 years and below RM150,000.

 

2) Medical Insurance

The MM2H applicant must purchase a medical insurance policy in Malaysia. MM2H applicants aged 60 years and above are exempted but a medical fitness certification is required.

 

Visa Validity and Benefits

a. Eligible to purchase 2 properties in Malaysia (full ownership or rent/lease)

b. Within 6 months, can either purchase a locally assembled car or bring in a car from the MM2H applicant’s home country without having to pay import duty, excise duty or sales tax.

c. MM2H applicant enjoy high fixed deposit interest income.

d. Fixed deposit interests are tax exempted (tenure above 1 year)

e. MM2H applicant may bring a maid to Malaysia (only female maid aged between 25-30 years)

f. MM2H applicant is no limitation period for staying in Malaysia

g. MM2H applicant can invest in business

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net http://en.tannet.com.my 

 

Business Proposal Drafting

Business Proposal Drafting

A business plan is an essential road map for business success. This document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues in the future. A well-written business plan can mean the difference between success and failure — not only when it comes to securing capital, but also as it relates to actually running your company.

 

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Why to make a business plan

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan helps you to clarify your business idea, spot potential problems, set out your goals and measure your progress. You’ll need a business plan if you want to secure investment or a loan from a bank. It also provides a clear picture of your planning to your customers, suppliers and potential employees.

 

What to consider before making a business plan

1. How Long Should Your Plan Be?

2. When Should You Write It?

3. Who Needs A Business Plan?

4. Why Should You Write A Business Plan?

5. Determine Your Goals and Objectives

6. Outline you Financing Needs

7. Plan what you'll do with Your Plan

8. Don’t Forget About Marketing

 

What to avoid in your business plan

Place some reasonable limits on long-term (over one year), future projections. Better to stick with short-term objectives and modify the plan as your business progresses. Too often, long-range planning becomes meaningless because the reality of your business can be different from your initial concept.

 

Avoid optimism. In fact, to offset optimism, be extremely conservative in predicting capital requirements, timelines, sales and profits. Few business plans correctly anticipate how much money and time will be required.

 

Avoid language or explanations that are difficult to understand. Do not ignore spelling out what your strategies will be in the event of business adversities.

 

Don't depend entirely on the uniqueness of your business or even a patented invention. Success comes to those who start businesses with great economics and not necessarily great inventions.

 

Contact us
If you have further queries, please contact Tannet
24 hours Malaysia hotline:603-21418908;
24 hours Hong Kong hotline:852-27837818;
24 hours Hong Kong hotline:86-755- 36990589;
Email: mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.nethttp://en.tannet.com.my

Malaysia My Second Home Programme

Malaysia My Second Home Programme

Malaysia My Second Home Program is a programme introduced and supported by Malaysia government to allow people from all over the world who fulfill certain criteria, to stay in Malaysia for a period of ten (10) years (depending on the validity of the applicants’ passport) and is renewable.

 

malaysiacompany22

It is open to citizens of all countries recognized by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 21 and parents as dependents.

 

The MM2H visa permit is now attracting foreign citizens to Malaysia not only to stay but also to use it as a base from which:
1. To conduct business overseas
2. For their children’s education
3. To retire or semi-retire

 

Before Approval
If applicants are couple, it is advisable to appoint the person with higher financial income or the one who is older in age to be the main applicant. Applicants can bring along their spouse, children below 21 years old who are not married, and their parents above age 60 years old as dependents. For the school going children, student passes can be issued by any institutes. Parents will then be issued a yearly dependent pass and it is renewable.

 

After Approval
The processing time for approval will normally take one to three months. Upon approval, applicants are required to open a fixed deposit bank account for one-year period on an auto renewal basis in any banks in Malaysia.

 

For applicants below age 50 years old, they are to put in at least an amount of MYR300, 000 and it can be withdrawn after one year period but leaving a minimum balance of MYR150, 000 inside the bank account. It is also a need to show proof of monthly offshore income of at least MYR10, 000 and the personal bank statement of the latest 3-months stating a current balance of above MYR500, 000.

 

For applicants above age 50 years old, they are to put in at least an amount of MYR150, 000 and it can be withdrawn after one year period but leaving minimum balance of MYR100, 000 inside the bank account. They can also show proof of monthly off-shore income of MYR10, 000 as pension without needing to place a fixed deposit. It is also a need to show proof of monthly offshore income of at least MYR10, 000 and the personal bank statement of the latest 3-months stating a current balance of above MYR350, 000.

 

Next, all applicants are required to submit a medical report certified by any clinics or hospitals in Malaysia and also to purchase a medical insurance from any insurance company in Malaysia. A Letter of Good Conduct will be needed too.

 

Furthermore, in order to work legally for spouses, it is not a need for them to change their Dependent Pass into Employment Pass. They will only need to acquire the working approval from the Immigration Department of Malaysia.

 

Contact us
If you have further queries, please contact Tannet
24 hours Malaysia hotline603-21418908;
24 hours Hong Kong hotline852-27837818;
24 hours Hong Kong hotline86-755- 36990589;
Email: mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.nethttp://en.tannet.com.my