GENERAL INFORMATION
Malaysia consists of thirteen states and three federal territories (Kuala Lumpur, Putrajaya and Labuan) and is located in Southeast Asia. The capital city is Kuala Lumpur, while Putrajaya is the seat of the federal government.
The country is a federal constitutional elective monarchy. The system of government is closely modelled on that of the Westminster parliamentary system and the legal system is based on English Common Law.
The country enjoys a robust regulatory, supervisory, Shariah and legal framework. Malaysia's Islamic finance marketplace is served by the Malaysia International Islamic Financial Centre (MIFC) community.
Other basic facts: | Time zone | Greenwich Mean Time +8 |
Language | Bahasa Malaysia (Malay) is the national language. English, Chinese and Tamil dialects are also widely spoken, with English being the language of business | |
National currency | Malaysian Ringgit (MYR) |
KEY CORPORATE FEATURES OF MALAYSIA PRIVATE COMPANIES LIMITED BY SHARES
| SHARE CAPITAL | |
| Permitted currencies | Ringgit Malaysia |
| Minimum issued capital | One (1) |
| Authorised capital | N/A |
| Par / nominal value | N/A |
| DIRECTORS | |
| Minimum | One (1) individual |
| Corporate director | Not allowed |
| Minimum age | Eighteen (18) |
| Local directors requirements | Minimum one (1) director who shall ordinarily reside in Malaysia by having a principal place of residence in Malaysia |
| Location of meeting | Anywhere |
| Minimum numbers of meeting | Per constitution (if any) |
| SHAREHOLDERS | |
| Minimum | One (1) |
| Bearer shares | No |
| Local shareholders requirements | No |
| Location of meeting | Anywhere |
| Minimum numbers of meeting | None |
| COMPANY SECRETARY | |
| Minimum | One (1) |
| Requirements | A natural person, citizen or permanent resident of Malaysia, who shall ordinarily reside in Malaysia by having a principal place of residence in Malaysia, and member of an approved body or licensed by the Companies Commission of Malaysia |
| REGISTERED OFFICE | |
| Requirements | Within Malaysia |
| ACCOUNTS | |
| Records | At the registered office or such other place as the directors think fit |
| Preparation of accounts | Yes |
| Audit requirements and filing | Audit and filing are generally required. However, the Registrar shall have power to exempt any private company from this requirement based on conditions set by the Registrar |
| Publicly accessible records | Yes |
| TAXATION | |
| Corporate Tax Rate |
|
| ANNUAL REQUIREMENTS | |
| Annual return | Each calendar year not later than thirty (30) days from the anniversary of its incorporation date |
| Financial statements and reports | Financial statements and reports are to be circulated to members of the company within six (6) months of its financial year end. A copy of the financial statements and reports shall be lodged with the Registrar within thirty (30) days from the circulation to its members |
| Annual tax return | Under the self-assessment system, submission should be made within seven (7) months from the end of the accounting period of the company which constitutes the basis period for the year of assessment |
| GENERAL | |
| Legal system | Common Law |
| Corporate re-domiciliation | No |
| Double taxation treaty acess | Yes |
| Exchange control | Yes |
The information in this document is not advice of any kind but general information only and should not be relied on as legal advice. Kensington Trust Group recommends seeking professional advice on legal or tax issues affecting you before relying on it. While Kensington Trust Group tries to ensure that the content of this document is accurate, adequate or complete, it does not represent or warrant, express or implied, its accuracy, correctness, completeness or use of any of the information. Kensington Trust Group does not assume legal liability for any loss suffered as a result of or in relation to the use of this document. To the extent permitted by law, Kensington Trust Group excludes any liability for negligence, for any loss, including indirect or consequential damages arising from or in relation to the use of this document.