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Veena Indian. Priya Indian. A Company Limited by Guarantee is a public company without share capital for non-profit purposes. There are no shareholders, only members who act as guarantors to run the operation. You and other members do not contribute capital to the company but are responsible to pay debts if it closes down, according to the amount of guarantee as promised. Hence, it is unable to use its profits for purposes other than those stated as objectives in the constitution.
All companies limit the liability of its shareholders towards the company, except for a Sdn company. You can register a Sdn company to form a mutual fund that holds assets for investment purposes, rather than to carry out business. Since it has unlimited liability among its shareholders, it is similar to a Partnership with more flexibility in the ownership of shares where shareholders are free to sell their shares back to the company.
Similar to a Sdn Bhd company, a Bhd company is a company limited by shares with a few differences — it can offer shares to the public without a limit on the number of shareholders, requires at least 2 directors and is governed by Bursa Malaysia Securities Berhad and the Security Commission of Malaysia. The registration of this business entity can be time-consuming and expensive due to strict compliance requirements. However, funding for the company would be easier to obtain since it is publicly listed on the market.
A Foreign Company is for non-Malaysians who have established businesses in other countries and want to set up a company branch in Malaysia for operation or customer service purposes. This allows foreigners to run businesses in Malaysia without having a director that resides in the country.
Non-Malaysians who are not permanent residents have limited options in registering a business entity in Malaysia. You can only opt for either a Sdn Bhd company or a Foreign Company. Foreigners with established businesses in other countries who want to start a branch in Malaysia. It is a combination of a Sdn Bhd company and a Partnership with some differences such as there must be at least 2 partners, with no maximum number of partners you can have in the business.
Because LLP is still relatively new, it is not commonly registered in Malaysia. Strict compliance such as holding annual general meeting and filing audited report are compulsory.
A more complex administration that can also lead to a slow decision-making process. However, despite the differences, there are advantages once a private limited Company Sdn. Institutional investment — It is easier for public listed companies to attract institutional investment without having to go through hassle negotiations.
Enhanced corporate profile and improved valuation — Listed companies can greatly elevate the Company profile which automatically enhance and increase business opportunities as there is elements of trust and credibility. Must have at least one director with legitimate residential address in Malaysia. Director must be at least 18 years old. Minimum paid up capital is MYR 1.
Once requirements above are met, a businessmen have two options to incorporate a Private Limited Company Sdn. Register yourself at any available SSM counter. Appoint a local certified Company Secretary to register online. Name reservation — 1 to 3 working days.
Company incorporation — 3 to 7 working days. Our team will check and confirm if the name proposed is available within 24 hours. Proposed name must have a definition. Nature of business in general. Cost to submit name reservation is MYR Once proposed name is approved, a Company has 30 days to complete the incorporation procedure. Our team will prepare the documents and generate them via our platform for stakeholders of Company to read and sign off.
All signing will be done online, hence there is no need for our clients local or foreign to be physically present. Once signatures are completed, our team will proceed with the risk assessment task. This step is part of the risk and compliance assurance to ensure all stakeholders within the Company have clean background.
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