Malaysia Company Secretary Services

Malaysia Company Secretary Services

Malaysia Company Secretary Services is necessary when register a private limited company in Malaysia. Investors have to appoint a local company statutory secretary with Malaysia residential address and are licensed by Malaysia Company Secretaries Association to perform the registration procedure and other part of company services.

 

Duties and responsibilities of Malaysia Company Secretary

  • To ensure compliance of the provisions of Companies Law and rules made there-under and other statutes and bye-laws of the company.
  • To attend the broad meetings in order to ensure that the legal requirements are fulfilled, and provide such information as are necessary.
  • To carry out all matters concerned with the allotment of shares, and issuance of share certificates including maintenance of statutory Share Register and conducting the appropriate activities connected with share transfers.
  • To prepare, approve, sign and seal agreements leases, legal forms, and other official documents on the company’s behalf, when authorized by the broad of the directors or the executive responsible.
  • To engage legal advisors and defend the rights of the company in Courts of Law.
  • To have custody of the seal of the company.
  • Filling of various documents/returns as required under the provisions of the Companies Law.
  • Proper maintenance of books and registers of the company as required under the provisions of the Companies Law.

 

Malaysia Company Secretary Services

Other secretary services

Other than the responsibilities of the secretary, we do provide other services such as answering call & fax, corresponding address provided, short term meeting room / office rental, and all sort of things included for virtually office.

 

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

Liquidation of Malaysia Company

Liquidation of Malaysia Company

To closing down a Malaysia Company, shareholders or directors can file the application for cancellation of the company to Companies Commission of Malaysia (CCM). When a company is no longer in the operating state, according to the Companies Act, the company owner has the right to close the Company.

 

liquidation-roundabout-photo

 

There is two ways for closing down the Malaysia Company

  1. Strike off
  2. Winding up
  • Voluntary winding up
  • Winding up by court

 

Strike off of Malaysia Company

Striking-off is a process in which the Registrar’s exercises his discretionary power to strike the name of a defunct company off the register if the Registrar has reasonable cause to believe that:

  • the company is not in operation or is not carrying on business
  • The company has been wound up but no liquidator is acting
  • the liquidator’s failed to lodge any return and the Liquidator’s Account of the wound up within the stipulated period
  • the company has no asset or insufficient funds to pay the costs of obtaining an order from the Court to dissolve the company

 

The Striking off application could be rejected by the SSM due to the following reasons:

a.     The Company has large share base (High level of paid-up capital).

b.    The Company has large amount of retained profits.

c.    The Company was very active in business not long ago.

d.    The Company has recently disposed of a property.

e.    The Company has unpaid debts / creditors / liability.

f.    The Company is in the legal lawsuit.

As such, SSM will request the Company to go for voluntarily winding up / liquidation process.
 

Winding up of companies

Winding up is a process in which the existence of a company is brought to an end, where assets of a company are collected and realised. The proceeds collected are used to discharge the company’s debts and liabilities and the remaining balance (if any) will be is distributed amongst the contributories according to their entitlement.

  1. Voluntary winding up

Voluntary winding is divided into 2 categories:

  1. Members’ voluntary winding up is the liquidation of a solvent company where the directors have formed an opinion that the company will be able to pay its debts in full within the period of 12 months after the commencement of winding up as stated  under section 257 of the CA 1965; and
  2. Creditors’ voluntary winding up is a liquidation of an insolvent company where the directors make a declaration stating that the company cannot, by reason of its debts and liabilities, continue its business. A meeting between the company and its creditors must be summoned within 1 month from the date of the declaration.
  1. Company winding up by Court

Winding up by Court is also known as a compulsory winding up. It begins with the presentation of a petition in Court. The petitioners include creditors, liquidator, the Registrar of companies or the Official Receiver under section 217(1) of Companies Act 1965.

 

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

The Advantages of Labuan Company Registration

The Advantages of Labuan Company Registration

Labuan Company Registration is a hot choice for foreign investors to setup and extend business in oversea. It located at the hub of the island, with Singapore, Hong Kong and Tokyo coexistence at the same time zone, making it a very convenient area, Georgia tax havens. The Government of Malaysia in April 16, 1984 announced Labuan as a federal region. Today, it is an international offshore financial center issued by the Companies Act and in the same year the establishment of offshore Labuan Offshore Business Activity legislation to ensure that Labuan offshore companies enjoy a professional and quite flexible corporate structure.

 

offshore

The Advantages of Register Labuan Company

• 100% Ownership and Control by Foreigners 

• Corporate Tax rate of 3% on audited Net profits  / a maximum tax of MYR 20,000 regardless of your company turnover.

• No Corporate Tax for Investment Activities.

• No Sales Tax and No Government Service Tax.

• No Goods & Service Tax (GST) or Value Added Tax (VAT).

• No Capital Gain Tax.

• No Withholding Tax for payment of Royalty, Lease Rental, Interest Income, Technical Services or Management Fee.

• No tax on dividend remitted back to home countries.

• Required to complete management account, audit and taxation each year

• No Personal Income Tax on Director Fee received from Labuan Company by Non-Malaysian Citizen Director.

• Non-compulsory of Audit (Except for license activities such as Banking, Insurance and Funds Management which must be audited).

• Protection of Private and Confidential Information. Company search by any third party is not available unless written authorization letter obtained from the Company Director or Shareholders.

• Able to issue work permit from Labuan and thus allowed to stay and work anywhere in Malaysia.

• No exchange control restrictions.

• Low operation costs such as rent, work force compared to other major cities in Asia.

• Strategic located and proximity to several regional financial centers such as Singapore and Hong Kong.

• Time zones proximity for Asian, North Asia, Australia and New Zealand.

• Can open company bank account in everywhere. 

• 2 years renewable multiple-entry Business Visa available for you and your family with children age below 21.

• Your parents can be included in the 2 year Business Visa 

• Time zones proximity for Asian, North Asia, Australia and New Zealand 

 

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 

Labuan Work Permit Application

Labuan Work Permit Application

For Labuan work permit application under Labuan Trading Company, applicant must fulfill the following criteria:

1) The expatriate shall be paid a minimum salary of RM 10,000 per month or its equivalent in any foreign currency.

2) The application for work permit should be in respect of the following positions in Labuan entity as specified by the Immigration Department of Malaysia:

  • Top management e.g. Executive Director, Managing Director, Principal Officer, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer.
  • Professional e.g. Accountant, Lawyer, Consultant, Underwriter, Economist, Advisor, Engineer, Actuary, Trader (for those employed under Labuan International Commodity Trading Company).
  • Technical expert e.g. IT Specialist or other specialists related to Labuan trading activity.

 

3) The applicant should have the corresponding competencies or relevant working experience related to the position applied in line with the fit and proper requirements as per the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA.

 

Labuan Work Permit Application n

Application Requirement

An application for work permit shall be submitted to Labuan FSA according to the latest checklist provided by Immigration Department of Malaysia and supporting documents must be certified by the following authorized officer in Malaysia:

  • Commissioner for oaths;
  • Notary public;
  • Certified public accountant;
  • Advocates or solicitor;
  • Company secretary; or
  • Malaysian/foreign embassies.

 

Where documents are not in the national language of Malaysia or in English, it must be accompanied with duly certified/notarized English translated version of the documents. The translation of the documents can be made in the country where the applicant is residing and certified by Malaysian high commission/embassy in the country.

 

Notes:

  • The applicant from high-risk jurisdiction as listed by the Financial Action Task Force and other countries as may be specified by Labuan FSA may be required to attend an interview session which will be conducted by Labuan FSA.
  • The recommendation for work permit application is for a maximum period of two years. Renewal of application must be submitted to Labuan FSA at least three months before the work permit expires.


 

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

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 

Renewal of Malaysia Trademark

Renewal of Malaysia Trademark

A registered Malaysia trademark is valid for ten years protection from the date of application and it is renewable indefinitely every ten (10) years. Below are the procedure for renewal of Malaysia trademark.

TM REnewal  EN

Procedure for Renewal of Malaysia trademark

The owner of the Malaysia trademark has to file Form TM-12, which is an application for renewal before the Registrar. This application has to be filed within 6 months from the date of expiration of the registration.

 

1 – 3 months before the expiration of the registration, if no application for renewal has been filed, then the Registrar shall send a notice to the trademark owner informing him of the upcoming renewal date. Keep in mind that no trademark can be removed, if notice of renewal has not been served.

 

Along with the application for the renewal of Malaysia trademark, the trademark owner has to pay a renewal fees as prescribed. Failure to pay such fees will cause the removal of the Trademark from the register.

 

Consequences of Failure to Renew

The consequences of not renewing the trademark are severe. In case no application for renewal has been filed, or in case no fee for renewal has been paid by the trademark owner, the Registrar will have to remove the mark from the register.

 

Before removing the trademark, the Registrar shall first advertise his intention to remove the mark by advertising the notice to remove in the trademark journal.

 

Failure to renew affects not just the trademark owner but also all those people who are either assigned or licensed the trademark. It also affects your legal rights, by not renewing your trademark, in effect weakens your legal position. A registered trademark has the benefit of exclusiveness. Registration protects you from infringement claims. However, the most important benefit of renewal is that it deters other people from using your mark.

 

After receiving applications to renew the trademark, the Registrar shall advertise the mark once again. After the lapse of the prescribed waiting period, the mark will be entered in the register of trademarks. The entry shall specify that the mark has been renewed for a period of 10 years.

 

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