Services we provide for foreign nationals living in Qatar


Services we provide for foreign nationals living in Qatar

Qatar or the State of Qatar is a middle eastern country in Asia. Occupying the Qatar peninsular, the country has a small population of 2.6 million people. Out of this, most of the population is comprised of expatriates.

Qatar is an ideal location for you to either set up your own business or to apply for employment. As of 2017, Qatar enjoys the title of having the highest income per capita in the world. It is also ranked as one of the world’s top countries in terms of Human Development. Moreover, with its state-of-the-art urban structure and highly advanced technology, you will never run out of opportunities in Qatar.

If you wish to set up a business in Qatar or seek employment in Qatar but are feeling apprehensive about the process, simply contact us here at S & F Consulting. As officially registered agents in Qatar, we pride ourselves on being able to provide you, the customer a completely fuss free journey regardless of what your venture is.

Moreover, our services do not end at company registration or employment registration. We provide a range of services for any need you, as a foreign national residing in Qatar, have. From certificate attestation to visa approval, whatever you need done, we can help you.

Below is a summarization of all the services we provide in Qatar. If you have any further questions or enquiries, do not hesitate to contact one of our friendly customer service agents. The best part is that all advice is free of charge.

Services we provide for foreign nationals living in Qatar:

Company Registration

Foreign investment in Qatar is greatly encouraged by the government. As such the incorporation process is relatively simple. Moreover, in some cases, foreign investors can also own up to 100% of their company. Furthermore, the corporate tax rate is low and thus, Qatar is the ideal location for a business registration!

We have an in-depth guide to the company registration process here.

Certificate Attestation

In Qatar, it is a part of government policy to have all your certificates attested for by the Ministry Of Foreign Affairs (MOFA) in Qatar. This attestation was established in Qatar as a means of extra precautions so that both the employer and the employee will have a higher degree of protection. Moreover, this is also done so that there is a uniform means of document verification in Qatar.

In order to fully understand the steps required to acquire a MOFA attestation for your documents, do check the in-depth guideline we have provided here.

Police Clearance Certificate

A police clearance certificate in Qatar, or PCC for short, is a is a document that attests that you (the applicant) has no criminal record and is issued by the Criminal Evidence and Information Department (CEID). In the case of the applicant having a criminal record, the certificate will list all the relevant details pertaining to the record.

If you wish to establish a company in Qatar as a foreign national, a PCC is required by law as a pre-measure.

If you wish to know more about the requirements for this process, here is an article that contains all the details to obtaining the PCC.

Computer Card Registration

A computer card in Qatar is a document that attests who the authority is in your company by way of signature. This document is mandatory for foreign company owners to issue residence permits in order to hire employees. Without this document, your company will be barred from hiring new employees.

If you would like to read an in-depth guide to the registration process of a computer card, you may look here.

No matter what you need done in Qatar, we at S & F Consulting act as registered agents for anyone that needs documents and proceedings done on their behalf. We pride ourselves on simplifying otherwise complicated legal procedures in order for you to have an easy and fulfilling journey in Qatar whether it be employment or otherwise. Therefore, do not hesitate to contact us as we believe in placing your happiness and success at the forefront.

S & F CONSULTING FIRM LIMITED ____
Address: Office 05, Floor 05, New Taif Building,, Near Muglina Health Center, Post Box : 37550, Doha – State of Qatar, Doha, Qatar
Skype: forhadhossain79
Phone: +601136901890 (Whatsapp/Direct call)
Email: qatar@sfconsultingbd.com

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Sri Lanka- Import License Registration Process


How to get an import permit in Sri Lanka? What are the procedures for registering in Sri Lanka as an importer? How to start importing activity in Sri Lanka? What are the conditions for certification for import of Sri Lanka? How will the situation with the importer in Sri Lanka be found?

Sri Lanka- Import License Registration Process

This post describes the registration procedures procured by the Sri Lankan government for the import of Sri Lanka.

Those who wish to import Sri Lanka should obtain a tax identification number (TIN number / VAT number) and they need to be registered at the customs of Sri Lanka as a registered organizer.

The licensing system for importing goods in one country is the only one in all countries around the world. Detailed information on how to obtain a license for import of a country is explained in detail on this website as a separate post. Click below to read it

Import Licensing and Registration Process

This information is related to the procedures for importing import licenses in Sri Lanka. If you need to include Sri Lanka with more information on the necessary transportation and registration requirements for importing goods, please list your views below.

Necessary registration of imports in Colombia Importing the licensing process into the Hambantota process for importing Colombo. Registration Requirements for Imports in Malaysia Registration Requests for Imports into the Mediterranean in Colombia Registration is important for imports. How can I apply for import to Colombo? What licenses are required for imports to Hambantota?

What can I do to import things in Colombia? How to get an import permit in Hambantota is the process of obtaining a registration for importation in Colombia. The required process must be completed in Hambantota. The first license for import to Colombo is required. How do I get started in Hambantota? How to start an import tram in Colombia? How to import a registration for import into Hambantota Colombo.

Responsibility of a Company Secretary in Malaysia


Responsibility of a Company Secretary in Malaysia

In those days when the company’s secretaries are given light responsibilities and are seen as a loss to the company. Nowadays, secretaries have been given more responsibility and more power as they are seen as the company’s heart. He said, due to the amount of responsibility the company’s secretaries can always be moral.

What is the company secretary responsible for?

Every company registered as a private limited (SDN BDAD) is required to appoint a company secretary. The secretary of this company (also known as Corporate Secretary) is not your usual staff at the office. The role and duties of a company secretary in Malaysia are defined in the Secretary’s Committee, with which licenses are being operated and controlled by the Malaysian Company Commission.

Here the company secretary has some responsibilities.

Professionalism and skill

The company’s secretary is expected to show professional skills and skills while performing their duties and must be licensed by SSM.

Company formation and registration

When you have decided to register an organization in Malaysia, you need to connect the company’s secretary to help you complete the company’s registration process.

Maintenance of statutory registration and record books

Due to frequent contact with top management, the company’s secretary is expected to keep the manager updated on the company’s development. In addition, they are well-guaranteed statutory registrations and record books which are expected to maintain an effective internal control system.

When you have decided to register an organization in Malaysia, you need to connect the company’s secretary to help you complete the company’s registration process.

Make sure to comply with the company law

Company Secretary should ensure that the company operates all the laws and regulations governing the regulations. In addition, they can see that the law of the country has been followed.

Preparation of Resolution, Board of Directors of the Board of Directors

In the company’s board meeting, the company secretary should get. If they are not able to do this in the meeting, then they should look for the representatives to sit for them. In addition, the company’s secretary should not leave the company or its representatives in the meeting of the company, because it will endanger their duties and responsibilities for the preparation of the resolution of the company’s secretary.

The company immediately afterwards

If the company secretary is always reported to senior management and is responsible for all the activities of the company, considering the company’s secretary is always a problem, it should be reported. They should always stand for what is right without fear or grace.

Conclusion

It is clear that all the companies established in Malaysia must have at least one company secretary (corporate secretary) and the company’s secretary should be a natural person in Malaysia and a resident member and will be a licensed member of the SSM.

Food and restaurant business in Malaysia


Food and restaurant business in Malaysia

In world tourism, Malaysia ranked among the top ten countries and there are more than 1000 restaurants operated by the foreigners. Like all other business, the key goal of the restaurant business is to make money and with numerous tourist, in a spot, Malaysia is an excellent place for starting place to start a food and restaurant business. In Malaysia, there are Indian, Lebanese, Persian, Taiwanese, French, Japanese and many more types of food. Starting a restaurant in Malaysia is an ambitious undertaking and it is one of the toughest business of all. Many restaurants fail within a few years of opening just because of poor planning. However, there are ways to establish a successful restaurant business in Malaysia and in this article we are going to provide the ideal resource.

Every year’s thousands of tourists visit in Malaysia from different origins and they all have different tastes. So in order to establish a food and restaurant business, at first identify the segment that we love to work. For example, if we do not love making coffee then we do not go to the coffee shop. Also to set up a restaurant in Malaysia we not only need to know serving food but also learn marketing, human resource management, finance, local law, certification etc. One study conducted on Malaysian restaurant shows average Malaysian restaurants earns 5-8% profit. Although every restaurant is different, the following data shows typical after sales money distribution.

  • Food – 30%
  • Labour – 25%
  • Rent – 14%
  • Insurance/Legal – 5%
  • Bank repayment – 5%
  • Marketing – 3%
  • Maintenance – 3%
  • Utilities (Gas, Electicity, water) – 3%
  • Crockery – 3%
  • Waste – 1%
  • Profit – 8%

Location is very important for the restaurant business in Malaysia and this can make or break a restaurant. The things to be considered for finding a suitable place is the visibility or amount of foot traffic, available parking, potential outdoor and indoor seatings, competition etc. There are few online databases provided by a different real estate company in Malaysia that may help potential clients to find a suitable space for restaurants. After choosing the location, the question comes if we want to buy or lease the property. Buying a property is a deciding factor for new investors. The benefits of buying property are that we don’t have to worry about rent hike and the advantage of leasing property is low budget staring and easy to quit if things do not work out.

For overseas investors, a legal company may help the potential client to buy a property. For leasing a property in Malaysia, potential investors should also take support from a lawyer or a legal organization and not only look for rent but also the length of the lease, quitting conditions, insurance, repairs, service charges, guarantees, protection when the lease ends, restrictions, landlord history, property history etc.

For a successful food and restaurant business in Malaysia, choosing the right food is very important. It requires a balance high and low food cost with reasonable profit margin and that may produce easily in busy hours. The menu of the restaurant should be very versatile and it must go with the food act of Malaysia. If you want to serve halal food then you must have to take certificate. Before starting the restaurant you have to make sure that you have sufficient funds in reserve for operating the next six months. The most common startup cost for starting a restaurant in Malaysia is

  • Leasing Fees
  • Premises refit
  • Kitchen setup, oven, refrigeration etc
  • Staff and uniforms
  • Furniture and crockery
  • Signage
  • Initial stock of food
  • Marketing fund

Working capital and also the hidden charges. We have to keep our startup cost as low as possible.

Restaurant owned and operated by 100% foreigner owned in Malaysia must incorporate a Malaysian company SDN BHD with minimum paid-up capital RM 1 Million. Also, restaurants have to apply for the necessary business licenses such as signboard license, halal license, MCP, and PPM (if you want to play music in your premises). The company those owned by 100% foreigner, need to apply for wholesale, retail trade license to approve the entity. This unique license only issued to the restaurants with unique concepts with the minimum size of 1500 sqft (unique means the food items are hard to find normally). Also, foreigners have to apply for the DP10 – 2years work permit after all above license are obtained. The processing of DP10 work permit is very fast and usually gets approved in a month. Additionally, if you create a specific unique image or logo for the business, then you have to register the trademark for protecting it from being copied. A registered trademark can protect the business name, slogan, domain name, logo, color, sound etc.

The potential investor can also consider investing in the franchise and there’s also many advantage and disadvantage. The main advantage of a franchise restaurant is an instant business and we don’t have to worry about the name, menu etc and it already has a name recognition. A restaurant franchise gets constant support from the mother

company and this is very helpful for the new restaurant owners. The drawback is the money and much bigger franchise requires you to have lots of money and property. Also, there are lots of rules that need to be followed and there is less freedom. Additionally, you have to pay the royalty fees that are usually 3-8% of yearly turnover.

Sri Lanka – Market Overview


Sri Lanka - Market Overview

Key economic indicators and trade data relevant to the country’s market are discussed in the US market. The political situation, if relevant, is the main reason why US companies should export this country and affect trade such as terrorism or devaluation of currencies, trade agreements.

Sri Lanka is a middle-income country with 21.4 million inhabitants. In 2017, Sri Lanka’s domestic product (GDP) reached $ 4,065 per GPO compared to GPO per billion dollars. Due to the lack of agriculture due to droughts and floods in some areas, Sri Lanka’s economy grew by 3.1 percent in 2017, an increase of 4.5 percent last year. The International Monetary Fund (IMF) expects GDP growth of 4,000 percent in Sri Lanka in 2018, boosting agriculture, industry and wellness services.

In December 2017, the inflation rate was 7.1%, down 4.4% in June 2018. With signs of a recovery in agricultural production, the IMF estimates the inflation rate in 2018 to be below 5%. It is estimated that in 2017, Sri Lanka estimated 60 percent of its GDP and carried external debt. The government will have to expect high payments in the coming years. Due to the strong US dollar, the rupiah fell by one percent.

The total annual imports amount to about 21 billion US dollars, mainly in India, China, the United Arab Emirates and Singapore. In 2017, Sri Lanka had goods worth $ 336 million. Trade in goods and services between the United States and Sri Lanka in 2017 was $ 3.2 billion.

The United States is Sri Lanka’s largest export market, exporting $ 2.9 billion from Sri Lanka in 2017. These countries. The Government of Sri Lanka expects the Sri Lanka-Singapore Free Trade Agreement to be signed in January 2018 to link Sri Lanka with regional and global values. By July 2018, Sri Lanka has signed a free trade agreement with China under the Economic and Technical Agreement (ETCA) and China.

Sri Lanka is relatively open to foreign investment compared to other countries in South Asia. It offers an open financial system, an average continuous monetary policy, an improved infrastructure and the provision of experienced local businesses.

Read Also: Challenges and Opportunity for Foreign Direct Investments in Sri Lanka

Benefits & Advantage of Doing Business in Thailand


Doing Business in Thailand

The ancient Kingdom of Thailand is located in Southeast Asia. The country has never been exposed to alien forces and its people have a strong and independent sense of identity. The Thai economy is largely dependent on the tourism industry. Visitors from all over the world meet to enjoy the idyllic beaches of the country and experience its culture. The stores in Thailand offer many benefits to your business. Some of the advantages of doing business in Thailand are the following.

Open and Welcoming Economy

The Thai company, and especially the business community, very much welcomes foreign investments and companies that want to settle in the country. Organizations working in Thailand will find that infrastructure and systems are ready for successful work.

Diverse Manufacturing Sector

Thailand has a large and very active manufacturing sector, producing a wide range of products including toys, fish products, rubber, furniture and jeweler. These manufacturing forces and FMCG have made Thailand a regional leader in trade and commerce.

Pro-Active Government Policies

The Thai Government is a progressive and innovative institution that actively promotes development and socio-economic progress. Foreign investment, both financially and locally, has been strongly encouraged by the Thai authorities, and government policy over the past decade has helped create a more attractive environment for foreign companies and organizations.

A Large, Adaptable and Cost-Efficient Workforce

Thailand has a large and adaptable workforce. According to the Thai Investment Council, literacy rates for men are 94% and 90% for women. For this reason, foreign investors will find intelligent workers with development opportunities. Not only are Thailand’s workforce flexible and educated, they are also among the most profitable in the region, with an average daily salary of $ 203 THB for Bangkok (around $ 6).

Thailand is a welcome, friendly and fast-growing nation where it can build lasting and solid business and financial relationships. The Thai culture is rich in tradition and history, and the Thai people have a respectable and strong desire to be successful. Thailand is a regional commercial and productive center with the integration of democracy into the social fabric. It has become a very attractive business location.

To increase the chances of a successful Thai organization, you should consider a cultural awareness program such as Doing Business in Thailand. Once you attend one of these intercultural trainings, your organization and staff can formulate effective strategies to overcome cultural traps or challenges in the business world in Thailand.

Important Tips for Starting a Business in Sri Lanka


Important Tips for Starting a Business in Sri Lanka

If you plan to start a business in Sri Lanka, it’s wise to come up with plans and small capital. The World Bank is the 109th country in the Index of “Doing Business” among 189 countries. However, over the past decade, Sri Lanka has seen many start-ups. The government tried to improve business and business.

While the company’s creation is a small barrier to managing the process, the process is simple and clear. Registration can be done in the best online mode. Some important tips for a potential businessman in Sri Lanka.

Sole Proprietorship

The structure of private property is similar to many countries. After signing up as a tradesman, they paid your personal earnings. You are responsible for all of the Company’s obligations. This is the fastest and fastest business. Just like a businessman, you can buy others.

Known : Sole proprietorship business registration in Sri Lanka

Partnership

Registered partners are similar to one property, but ownership is universal. All partners legally and financially share the company’s commitments. Collaboration is not taxable as various legal entities, so relatives have personal income.

Limited Liability Company

Limited computer company is the most common type of Sri Lanka business. Directors and two shareholders are required. Minimum amount of capital is not required. The secretary of the company should be a resident of Sri Lanka.

Public Limited Company

A limited company does not even need the least amount of money. This type of activity should have two shareholders and two directors. Directors should provide annual revenue with certified accounts and financial statements. Stock Exchanges may be issued.

Offshore company

Offshore company can operate outside Sri Lanka. However, he cannot do business in the country, but he is there.

Read Also: Challenges and Opportunity for Foreign Direct Investments in Sri Lanka

Challenges and Opportunity for Foreign Direct Investments in Sri Lanka


Challenges and Opportunity for Foreign Direct Investments in Sri Lanka

Foreign direct investment in Sri Lanka (FDI) increased by $ 719. million in June 2018, compared to an increase of $ 352 million in the previous quarter. FDI in Sri Lanka: data on net inflows in millions of USD Quarterly updates, available from March 1977 to June 2018. The last value for foreign direct investment, net outflows (SB, current US dollars) in Sri Lanka is $ 236 808 100 since 2016. Over the past 31 years, this indicator ranges from USD 236 808 to 100.

Net outflows (% of GDP)

Foreign direct investment and net outflows of GDP in Sri Lanka are equal to 0.291 in 2016. The highest value in the last 31 years is 0.291 in 2016 and the lowest is 0 000 in 2001. The last value of foreign direct investment (net worth of the balance of payments, current US dollar) in Sri Lanka is (661 275 700 US dollars) from 2016. In the last 41 years, the value of this indicator ranged from $ 1,218,567 in 1977 and $ 895,920,000 in 2011.

Main Source of FDI Investments

The highest foreign direct investment (FDI) in Sri Lanka in 2017 comes from China, a Sri Lankan statement said. The bank said foreign direct investment in Sri Lanka rose to more than $ 1.6 billion in 2017, rising to $ 801 million.

The Agency for Labor, responsible for promoting and facilitating foreign direct investment, said that in 2017, 1.63 billion dollars were reached, the highest level exceeding 1.61 dollars.

The strong growth is a direct consequence of the reorientation of the government’s economic policy towards a growth based on investments and exports rather than on public debt-financed infrastructure spending. Among the sectors with the greatest growth are the export-oriented manufacturing industry (+ 27%) and services including tourism and information technology (+ 50%) and infrastructures (+ 190%). The highest FDI comes from China, followed by India, Hong Kong and Singapore.

Importance of FDI Investments

There is a strong link between foreign investment and economic growth. More inflows from foreign investments are needed so that the country can achieve a path of sustainable economic growth. There are several indisputable reasons for this. To increase the economy by 6-8% per year, it is necessary to invest from 35% to 40% of GDP. National savings do not reach almost 10%. Foreign loans and foreign investments must meet this investment deficit. This is commonplace and other governments are trying to provide different incentives to foreign investors. However, the record of foreign investment in Sri Lanka is much lower than expected and is low compared to many other Asian countries.

Wrapping Up

The Sri Lankan economy has witnessed a steady revival of growth in recent months, with the country taking new ways to monetize goods and services. The new government has brought freedom, democracy and transparency, thus giving a message of trust to the international business community. The business environment in Sri Lanka are becoming more flexible in terms of ease of doing business.

How to register a company name? Full guidelines for Company name selection


How to register a company name in Malaysia

Here are the most effective guidelines for company name registration in Malaysia. To register a company name, you can also follow this instruction. Actually, all business name registrations process managed & approved by the SSM (Companies Commission of Malaysia). Hopefully, this articles information helps you to get knowledge on that types of documents needed to register a Malaysia company? And What should you do for registering your company name as a trademark or etc! Description below.

Introduction

The company name established by a business firm is mainly used to identify or introduce the business itself. The business name or the company name can be categorized into two groups:

  • Personal name: is the name used in the identity card. This type of name used to register company name do not require approval or reviewing. Example Mozahidul Islam Co., Lee Sharon etc.
  • Trade Name: The trade name is a name given to by business owners and investors to locate their business firm as an individual company within a nation. The Registrar of Business of the sole authorized body for company name registration Companies Commission of Malaysia (SSM) has to approve this business name for incorporation. Example S & F Consulting Firm Limited.

Company Name Application procedure

  • Application for company name for a business entity must be done by using a PNA42 form. The application form must be filled with all valid details as asked in the form.
  • If the desired proposed name given by the company owners or the sole investors requires the approval of the Minister, the applicant must attach supporting documents that is necessary for name approval.

Guidelines to conduct business name application in Malaysia (Comply with the law/Act)

A desired proposed business/company name should not stand against the constitution, law and cannot have negative elements. The desired proposed name for a Business entity cannot contain prohibited words under these laws:

  1. Rule 15 conducted by Business Registration Rules 1957.
  2. Government Gazette No716 conducted by Companies Act 1965.
  3. Act of other laws on prohibition of using words without approval of governing and regulating party.

Read Also : Process of company registration in Malaysia

The principles of naming a business company in Malaysia:

Usage of appropriate language& spelling.

(a) The desired proposed business or company name must use correct language and spelling. One can use both Bahasa Malaysia and English to name their business firm to illustrate the type of business. Eg: Koli Construction not Construction Koli

(b) If the desired proposed business name contains a fictitious word that is not Bahasa Malaysia or English, the meaning of the word must be given.

  1. A business name cannot be too general. The desired proposed business name must have its own identity and should not be very common. Names are considered general when using common words Eg: Technology Resources
  2. The desired proposed business name cannot resemble another business name that has been registered or is kept under SSM authority for safekeeping.

A business name or a company name is said to be identical or similar to another business entity if it is distinguished by the following words or symbols:

business name or a company name registration
  1. The symbol “&” or the letter “N”, or the word “dan” or “and”
  2. The usage of the symbol “.” (full stop),”-“ (dash)
  3. Business name that contains words that has a similar meaning; Eg:Builder= Build
  4. Comparison in plural and singular words;
     Eg: ABC Services = ABC Service
  5. The limitation to the use of the word “New” Eg: Blue Showers Trading = New Blue Showers Trading
  6. The desired proposed name of a business company is stated to be different and not identical to the name of another business company if there is a difference in letters or texts within the name initiated.
  7. Combined common words are considered if the whole name of the business company is not said to be similar. Eg: LilianMaju Services not Lilian Jaya Services

Vulgar, insulting or misleading words or names in terms of identity and object:

The desired proposed names given for a business entity should not contain:

  1. Elements of obscenity, insults or profanity by any means.
  2. A trading name is said to be confusing in terms of identity and object if the trade name is not related or in line with nature of the business.

Comply to Certain Prescribed General Principles

(a) Words related to religious or religious elements are not allowed

(b) The usernames for a business entity is allowed in the following circumstances;

  1. Usage of names of renowned figures.
  2. Usage of names associated with historical figures such as IbnuSina, Marco Poloetc
  3. Usage of names that refer directly to the sole business owners.
  4. Usage of the owner’s full name is only allowed in a case when the business name contains titles such as Prince/Princess/King.

(c) Usage of names containing confusing words as an identity such as “Company”, “Corporation”, “Body”, “Club” etc is not permitted.

(d) Usage of names of statutory bodies, government companies or related agencies, including;

  • Abbreviations of institutions Eg:
  • UPM, UUM, USM, UIA, UNIMAS, UMS, UIAM, UPSI, UMT, UMP, UTEM etc.
  • Abbreviations of the Federal or State government agencies and GLCs Eg: SSM, CCM, JKR, JPA, JPM, BNM, KPDNKK, SEDC, PKEN, SIRIM,TNB, PNB, FELDA etc.

(e) The usage of controlled and restricted words is not allowed.

(f) Business Names related to activities by employment agencies or by profession are not allowed:

Eg: Architect, Engineer, Doctor, Pharmacists etc.

(g) Using the symbol “&” or the letter “N” to replace the Word “and”; Eg:

  • The symbol full stop“.”
  • The symbol “- “(hyphen).
  • The symbol “()” brackets.
  • The symbol “ ’ ” ( “apostrophe”)

(h) The use of numbers is allowed for certain aspects.

(i) The use of letters/alphabets is allowed for certain aspects.

Eg: ABCY Construction, ABCY Trading

(j) The use of word “Malaysia” or a state at the beginning of the proposed business name is not permitted unless approved by the Federal / State Government or itself is a body of the Government Party.

Eg: Malaysia Aircraft Trading

(k) When using a combination of names gazette containing words, the business name has to be approved from the Ministry.

Eg: Royal Hotel

(l) Using places or location names as certain aspects of approval to be followed.

(m) Re-using of registered business name that has been expired or is said to be terminated:

  1. Allowed after 12 months from the date of termination.
  2. Allowed if the business has been terminated using Form C.

Rule 15, registration of businesses rules 1957

(1) Except with the appropriate and authorized consent of the Minister of the Malaysian Government, no business shall be registered by a name which,

  • Contains any word suggesting a connection with Royal member or Royal family.
  • Contains any word suggesting a connection with authentic government figures such as “Federal”, “State” or “National”;
  • Contains any word suggesting connection international organization.
  • Contains the word “Chartered” or “Royal Charter”;
  • Contains words such as “Association”, “Union”, “Foundation”, “Trust “and related.
  • Contains any word that is offensive to members of the public.
  • Contains any word that is disrespecting to nature.
  • Contains any word that is offensive to any race or religion.

(2) The Registrar with the consent of the Minister may restrict the usage of any desired proposed business name which in his opinion is undesirable. Such names shall be published in the Gazette by the Registrar.

Read Also : How to register a new company in Malaysia

Government Gazette bill dated 30 January 1997

The direction of the Minister under Sections 22(1) and 341 Companies Act 1965.

Business Tax system of Malaysia


Business tax system of Malaysia
Business tax system Malaysia

The tax system of Malaysian is territorial. Residents and non-residents are taxed on their income originating in Malaysia, while foreign-sourced income is usually not taxed even in the case of local companies, firm or residents.

Tax Rate in Malaysia

Corporate tax standard rate24 percent (a deduction from 1% to 4% is granted for the fiscal years 2017 and 2018 to companies that have seen their taxable income grow by 5% at least compared to the previous year
Corporate tax rate of small and medium-sized organization & residents18 percent on the first MYR 500,000 24 percent above MYR 500,000
Corporate tax for companies originating in the Labuan Territory and carrying out a commercial activity in that territory.3 percent of the audited income

Tax Rate for Foreign Companies

There is no difference between foreign and domestic companies. For the method of tax taxation, there is also no subsidiaries of foreign companies.

Capital Gains Taxation

Malaysia government do not tax the capital gains on the sale of investments other than those relating to buildings and land. RPGT (real property gains tax) is only applied to the selling of land in Malaysia. You need to pay 30% for real estate sales which are made within 3 years of the date of acquisition. For the disposals in the fourth and fifth years after the acquisition, the rate is 15% & 20%. And 5% respectively for sales in the sixth year after acquisition. Company or business organization not following this policy will lose their business license of Malaysia.

Main Allowable Deductions and Tax Credits

Benefits are allowed for cash grants to approved institutions (defined) made during the base period for one year of the valuation. The deduction is limited to 10% of the total income of that company for one year of the valuation.  In the certain sector, the tax incentives are provided in the exchange of exemptions. Which includes hotels, manufacturing, energy conservation, environmental protection and tourism, in the form of tax exemption which is up to 10 years.  Net operating losses can be carried forward for indefinitely (except in case of a significant change in the ownership structure of a dormant company). The transfer of losses is not allowed.

Other Corporate Taxes

Malaysian business license holder needs to contribute must contribute to the countries Social Security Organization (SOCSO). Business employers generally contribute 1.75 percent of salary for each employee who is registered with SOCSO. The employer needs to contribute 11% to 13% of the salary to the Employees’ Provident Fund (EPF). From 2018, employers and employees pay 0.2% of employees’ salary which is capped at 4 000 MYR each month.

Country Comparison for Corporate Taxation

  Malaysia            United States Germany
Total number of payment of Taxes each Year   9.0 10.6 9.0
Time Taken For Administrative Hours 164 175 218.0
Share of Taxes (Total % of Profit)
40  
44 48.9


Conclusion

If a person lives in Malaysia for more than 182 days in a calendar year, he/she is considered as a taxable person. As I mentioned above the total corporation tax in Malaysia is 24% however the general corporation are taxed on their income. Comparatively, Malaysia tax system is more beneficial for the business license holder.