Tax free investment - MIM Enhanced Cash XIII Fund

http://www.maybank-am.com/documents/15019/29536/MIMECXIII_August2012.pdf


FUND FACT SHEET AUGUST 2012

MIM Enhanced Cash XIII Fund ("MIMECXIII" or "the Fund") is a Short Term money market fund that aims to:

• invest in instruments which generate tax exempted income
• provide regular income that is potentially higher than prevailling money market and traditional fixed bank deposits
• provide stability of capital and a high level of liquidity.

How to apply for a tax agent license ?

http://www.mia.org.my/new/faqs.asp

Q19. How do I apply for a tax agent licence?


There are certain qualifications recognised by the Ministry of Finance in order to apply for a tax agent licence under section 153 of the Income Tax Act, 1967 with relevant years of tax experience.

The tax agent licence application (Borang EC) and renewal form (Borang EC1) may be obtained from
a) the Institute (MIA) or
b) the Ministry of Finance or
c) downloaded from the MIA or
d) Treasury website.

Further enquiries with regards to the tax agent application/renewal, please refer with the officer-in-charge, Cik Nik Nur Firdaus binti Abu Bakar from Tax Analysis Division of MOF at 03-8882 4308 (DL).

Who is Xie Wan Ying ?

http://www.bingxin.org/databank/sp/jjen.htm
She is a Chinese writer in Fuzhou.

1923 - graduated from Yanjing University
1923-5 -went to the US to further her study in literature at Wellesley College & finished her 
            Master’s Degree.
1926 -1936 teacher of Chinese Literature at Yanjing University,
1929 - married  
1947 - went to Japan and taught a course at Tokyo University
1960s -  visit Europe, Asia, and Africa as member of Chinese Writers Association

A Short Biography of Xie Bingxin

       Bingxin, a distinguished contemporary writer, poet, translator, and social activist, was born Xie Wanying on Oct.5, 1900, in Fuzhou, Fujian Province, to the family of a patriotic naval officer. During the May Fourth Movement, a patriotic student movement against foreign aggression and for new culture, she was a student at Yanjing University, was elected secretary of the Students’ Union, and took an active part in the publicity work for the Beijing Federation of Women Students. Greatly inspired by the movement, she began contributing to the newspaper Chenbao (Morning Paper). After she graduated from Yanjing University in 1923 with a Bachelor’s Degree, Phi-Beta-Kappa, she went to the United States to further her study in literature at Wellesley College and finished her postgraduate study with a Master’s Degree. Her M.A. Thesis was An English Translation and Edition of the Poems of Lady Li I-an (1926), a distinguished woman poet of the Sung Dynasty. In 1926, Bingxin returned to China to teach Chinese Literature at Yanjing University, a post she held until 1936. In 1929, she married Wu Wenzao, one of the founders of anthropology in China and widely respected in that field.

       Bingxin had never stopped writing, contributing all her life to various papers and journals. She wrote a lot about her life and experience in the United States, from her journey there to the end of her stay. Those essays were later collected and published under the title of Letters to Young Readers, which has won her great popularity. As well as being educated in America, in 1947,Bingxin went with her husband to Japan where she taught a course on the New Chinese Literature at Tokyo University. She returned to China in 1951. In 1960,as a member of the Chinese Writers Association, she paid visits to various countries in Europe, Asia, and Africa to promote international cultural exchanges.

       Bingxin’s literary involvement covers a wide spectrum. Her achievements in writing for children are the most significant and her influence has been widespread. Letter to Young Readers in the 192Os,More Letters to Young Readers in the 1950s and Still More Letters in the 1970s have stimulated and educated generation after generation of young 20th century readers.

      Her most salient literary achievements are in prose, which constitutes the bulk of her writing, A Smile in the 1920s, A Little Orange Lantern in the 1950s, Ode to Cherry Blossoms in the 1960s are modern prose classics. In the spirit of" Life Begins at 80", she had continued her writing into her later years. In the 1980s,she completed a series of prose writings, for example, About Men. Since 1985 she had been writing reminiscences, short stories, prose, essays, which have stimulated great interest and response on the part of her many readers.

      Bingxin was one of Chinese poets in the early time of the 20th century. Two collections of her poems A Maze of Stars and Spring Water, published in the 1920s,were so unique that the style was named  'Bingxin Style' after her. She blazed a trail in modern poetry and ushered in a period of  'popular short poems'.

      In fiction, her 1920s short stories describing social problems, Two Families and A Frustrated Man, found an echo in the hearts of many readers. In 1981,her short story An Empty Nest won the National Best Short Story Award.

      As a translator, Bingxin had translated Tagore's collected poems Gitanjali (Song Offerings) and The Gardener. She was the first to translate the Lebanese Poet Kahil Gibran' s collected poems The Prophet and Sand and Foam into Chinese in the early 30s and 60s respectively. In recognition of her contribution to cultural exchange and friendship between China and Lebanon, the President of Lebanon conferred a National Decoration on her in 1995.

On the 20th century literary scene, Bingxin had emerged as a unique Chinese woman writer in terms both of her achievements and of the fact that her creative writing had spanned the century from the 1920s to the 1990s. Her works teem with wisdom, purity, sincerity, noble ideals, love for the young and for the nation. Her writings have faithfully recorded the experiences and lessons of the 20th century. She was a woman of integrity and principle, keeping her dignity and upholding her lofty ideals. She had taken things philosophically and viewed life optimistically, looking always on the bright side of things. As the saving has it: ‘the writing reflects the writer’Bingxin' s writing, like a maze of stars in the sky or a pond of spring water when winter comes to an end, relieves thirst, brings comfort, and will exert a lasting influence on readers, generation after generation.

Cost of doing business in Malaysia

http://www.mida.gov.my/env3/index.php?page=taxation

Costs of Doing Business

Taxation

Income of any person including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax. However, income received in Malaysia by any person other than a resident company carrying on business of banking, insurance or sea or air transport for a year of assessment derived from sources outside Malaysia is exempted from tax.

To modernise and streamline the tax administration system, the self-assessment system was implemented for companies, sole proprietor, partnerships, cooperatives and salaried groups and the assessment of income tax is based on a current year basis.

Company Tax
Resident and non-resident companies		25%
Resident companies with paid-up capital of RM2.5 million (US$781,250) and less at the beginning of the basis period for a year of assesment
•	on the first RM500,000 (US$156,250) chargeable income	20%
•	on subsequent chargeable income	25%

Petroleum Income Tax
A person who signed Petroleum Agreement with Petronas or Malaysia-Thailand Authority and carry out petroleum operation		38%
'Chargeable person' means:
•	Petroleum Nasional Berhad
•	Malaysia-Thailand Joint Authority, or
•	Any person carrying on petroleum operations under a petroleum agreement with (a) or (b)
'Person' includes a company, a partnership or other body of person and corporate sole.
"Petroleum operations" means searching for, winning or obtaining of petroleum in Malaysia (by drilling, mining, extracting etc), all operations incidental thereto and sale or disposal of petroleum so won or obtained, transportation within Malaysia of petroleum so won or obtained to any point of sale or export but excludes transportation outside Malaysia; refining or liquefing; dealing with products so refined or liquefied; service involving the supply and used of rigs, derricks, ocean tankers and barges. From the year of assessment 2010, the assessment system under PITA has changed to the current year basis and the self assessment system.

Personal Income Tax
Resident individuals with chargeable income of RM16,667 (US$5,208) and above per annum (after deduction of personal reliefs)	1% - 26%
Non-resident individuals (not entitled to any personal reliefs)	26%

Withholding Tax
Non-resident persons individuals are subject to final withholding tax based on classes of income such as:
•	Special classes of income (use of moveable property, technical services, installation services on the supply of plant and machinery, etc.)		10%
•	Interest		15%
•	Royalty		10%
•	Contract payment on:
	-	account of contractor	10%
	-	account of employee	3%
* Other income such as commission, guarantee fees, agency fees, brokerage fees, introducers fees etc.			10%

Sales Tax

Sales tax is imposed on certain imported and locally manufactured goods under the Sales Tax Act 1972. The tax rate ranges from 5 - 10% for majority of the goods except for food preparations other than alcoholic and non-alcoholic compound preparations (other than those of heading No. 33.02) used for making beverages which falls under the tariff code 2106.90.490 with a tax rate of 20%. Sales tax is also imposed on petroleum and petroleum products according to specific rates

5% - 10%

Service Tax

Service tax is imposed on taxable services provided by taxable persons. Services include services provided by professionals (such as lawyers, engineers, architects, surveyors and consultants), advertising firms, private hospitals, insurance companies, communication companies, hotels and restaurants. In the case of taxable service relating to credit card or charge card services i. RM50(US$15.63) - shall be charged for each principal, on the date of the issuance, or on the date of renewal; and every twelve months thereof after the issuance of the card. ii. RM25(US$7.82) - shall be charged for each supplementary card holder, on the date of the issuance, or on the date of renewal; and every twelve months thereof after the issuance of the card.

6%

Excise Duty
Excise duty is levied on imported and locally manufactured goods under the Excise Act 1976. The goods are listed under the Excise Duties Order 2004. Goods include:
Goods		Duty Rate
•	Motorcars	75% -105%
•	4-wheel drive	60% -105%
•	Motorcycle	20% -30%
•	Intoxicating liquor	RM0.10 + 15% per litre -RM42.50 per 100% vol per litre + 15% RM0.22
•	Cigarettes	RM0.19 per stick + 20%

Source: Royal Malaysian Customs - www.customs.gov.my

Rates of Capital Allowance
Capital allowances are given on qualifying capital expenditure. Initial allowances are given only once while annual allowances are given every year by the straightline method. Some of the items accorded allowances are shown below. For plant and machinery, companies are advised to verify with the Inland Revenue Board on the specific items which qualify.
Capital Expenditure		Initial Allowance	Annual Allowance
•	Industrial buildings	10%	3%
•	Plant and machinery	20%	14%
•	Heavy machinery and motor vehicles	20%	20%
•	Computer and IT equipment	20%	40%
•	Environmental control equipment	40%	20%
•	Others	20%	10%

Source: Inland Revenue Board - www.hasil.gov.my

Deloitte International Malaysian Tax Guide May 2012

http://www.deloitte.com/assets/Dcom-Malaysia/Local%20Assets/Documents/Tax/Malaysia%20Country%20Tax%20Guide%202012.pdf

Invest in Malaysia-MIDA

http://www.mida.gov.my/env3/

International Tax and Business Guide

http://www.deloitte.com/assets/Dcom-Malaysia/Local%20Assets/Documents/Tax/Malaysia%20Country%20Tax%20Guide%202012.pdf



A publication of Deloitte Touche Tohmatsu Limited
International Tax and Business Guide
Connecting you to worldwide information
This Guide was updated in May 2012


Contents
1.0 The investment climate
1.1 Economic structure
1.2 Banking and financing
1.3 Foreign trade
2.0 Business regulations
2.1 Registration and licensing
2.2 Price controls
2.3 Monopolies and restraint of trade
2.4 Intellectual property
2.5 Mergers and acquisitions
3.0 Foreign investment
3.1 Foreign investment incentives and restrictions
3.2 Exchange controls
4.0 Choice of business entity
4.1 Principal forms of doing business
4.2 Establishing a branch
4.3 Setting up a company
5.0 Business taxation
5.1 Overview
5.2 Taxable income and rates
5.3 Capital gains taxation
5.4 Withholding tax
5.5 Foreign income and tax treaties
5.6 Transactions between related parties
5.7 Turnover and other indirect taxes and duties
5.8 Other taxes
5.9 Tax compliance and administration
6.0 Personal taxation
6.1 Residency
6.2 Taxable income and rates
6.3 Special expatriate tax regime
6.4 Capital taxes
7.0 Labour environment
7.1 Employees’ rights and remuneration
7.2 Wages and benefits
7.3 Termination of employment
7.4 Labour-management relations
7.5 Employment of foreigners
8.0 Office locations

Website Development

For more information about web development, please contact us via phone or email.

We will reply soonest possible.

Our Information Technology Division is ready to discuss and assist you in website planning whether for your company website or personal website. The design of the website will be based on your preference.

Website is one of the way to market your business and act as a communication tool. With the development of your website, you are one step nearer to your business expansion.

Please contact:

Global Biz Advisory Services 
e-mel: njoilife100@gmail.com

Management Services

http://www.registeracompany.com.my/management.do

Management Services

We also provide the following services:

• Accounting services for backlog accounts
• Taxation services for individual and company specialised in handling tax audit and tax investigation
• Preparation for bank loan paper
• Managing financial problem company
• Registration with MOF, PKK
• Manufacturing license with MIDA
• Goods & Services Tax Services

Our charges are very reasonable. For further information please call us at:

Spektra Management Sdn Bhd 
Tel: 03-8024 0255 atau 016-6296 550 (Hema)
Fax: 03-8024 7833
e-mail: mag@spektra.net.my

Accounting & Bookeeping Services

http://www.registeracompany.com.my/accounting.do

Accounting & Bookeeping Services

All companies need to keep proper accounting records and produce financial report for the following purpose:

1. For statutory requirements.
2. For business and management purposes.

STATUTORY REQUIREMENTS

• Companies Commission of Malaysia (CCM),  as provided by the Company Act 1965
• Inland Revenue Department, as provided by the Income Tax Act 1967

FOR BUSINESS AND MANAGEMENT PURPOSES

• For auditor
• For management to analyst the company’s performance
• To help management preparing company’s budget and planning
• To help management preparing company’s tax planning
• For shareholder and investor to analyst the performance and potential of the company
• For bankers to see the potential and reliability of the company
• For suppliers or creditors

ACCOUNTING AND BOOK KEEPING SERVICES

Our services includes maintaining daily accounting records or updating accounts periodically  i.e. monthly, quarterly, half yearly, annually or updating backlog accounts. These include the followings:

• Collecting and recording of all business transactions data.
• Transactions include sales, purchases, receipts and payment.
• Records books include sales book, purchase books, general ledger, cash book, journals, register book, etc.
• Documents include sale invoices, purchase invoices, payment vouchers, cheques, etc.

Upon completion we will produce the following reports for you.

• Trial balance
• Trading and Profit & Loss Account
• Balance Sheet
• Debtors Aging report
• Creditors Aging Report
• Bank Reconciliations
• Fixed Asset Schedule
• Any other related schedules

All records and report format is based on standard accounting practice in Malaysia. The accuracy and correctness of the account however will depend on the information and documents made available to us.

FEES AND CHARGES

Accounting fees are based on volume of works done. It is based on estimated numbers of transactions involves which include number of cheques issued, receipts, number of sales invoices, purchase invoices, journals, etc. We will examine all documents available and analyst all the information before giving our estimate or quotation. Only upon agreeing to our estimate or quotation we shall start our works. The works can be done at our office or at your offices. The fee does not include any incidental out of pocket expenses incurred by us while performing our job.

Please call
Spektra Management Sdn Bhd 
Tel: 03-8024 0255 or 016-6296 550 (Hema)
Fax: 03-8024 7833
e-mail: mag@spektra.net.my

Auditing & Taxing Services

http://www.registeracompany.com.my/auditing.do

Auditing & Taxing Services

Auditors 
  
Under the Malaysian Company Act 1965 all limited company must appoint a Auditor for the company within three (3) months after incorporation.  The first Auditor appointment is the responsibilities of the Directors and they hold office until the first general meeting at which the company audited accounts are considered. 
  
An approved auditor is one who has the necessary qualification and has been granted approval to act as auditor by the Malaysian Minister of Finance. 
  
Audited Accounts 
  
Pursuant to sections 167 of the Companies Act 1965, the directors of a company are responsible for ensuring that the company keeps accounting records sufficient to explain the transaction of the company.  The accounts should be sufficient to determine the financial position of the company and enable true and fair profit and loss accounts and balance sheets to be prepared suitable for audit.  The records must be kept for at least seven years. 
  
Every year the company must table at the company Annual General Meeting an Audited Accounts of the company before lodgement with CCM. 
  
Taxation 
  
The Self Assessment System was introduced for companies from the year 2001.  Under this system, the directors of a company are responsible to determine their own tax liability and make payment to the IRB. 
  
Taxpayers have to determine their correct tax liability and make payments promptly.  That does not mean that the IRB would not examine the return forms at all.  A certain percentage of the return forms will be audited.  It is very likely that IRB will audit those returns with a high probability of under declaration of taxable income or tax payable and those that are inherently of high risks to revenue. 
  
Companies have to maintain a good record keeping system.  This will help in verifying any claims made should the IRB require them to be produced or when the taxpayer are being audited.
  
A newly commenced company shall furnish an estimated tax payable within 3 months from the date of commencement and payments are made from the 6th month of the basis period. 
  
Company newly commencing operation can furnish any amount that it deems reasonable as the estimated tax payable for that year of assessment so long as the variance between the actual tax and the estimated tax is not more than 30%.
 

Our panel of Auditor is Bahudin & Associates.  Tel: 03-8024 0833 Fax: 03-8024 7833 or e-mail atbahudin@pd.jaring.my.

Goods & Services Tax (GST) in MalaysiaScope
Supply of goods and services
-GST is charged on the taxable supply of goods and services made by taxable person in the course or furtherance of business in Malaysia inclusive of importation of goods and services.

Tax Rate
Standard rated
-An indicative rate of 4% was suggested on GST
-Eligible to claim input tax credit on business inputs

Zero rated
-Zero rate
-Eligible to claim input tax credit on business input

Exempt
-Exempted from GST
-Not eligible to claim GST incurred on business inputs

Taxable Person
A person includes
-an individual, sole proprietor and partnership
-company, club, association, society, co-operative , trade union, non profit body and unincorporated bodies
-trust, trustee, executor, administrator and joint venture
-Federal Government, State Government, statutory body and local authority
A taxable person is a person who is or is required to be registered under the GST Act

Registration
The indicative threshold to register for GST is above RM500,000.00 taxable turnover
 -Voluntary registration is permitted where the business has not achieved the mandatory threshold
-Registration is not required for exempt supply and designated area

Taxable Period
The registered person will be allocated monthly, quarterly and six months taxable periods according to the annual business turnover on the approval of GST registration - GST Act Section 40
Indicated:
-Monthly for a person with turnover in excess of RM5million as well as export-based entities
-Quarterly for a person with turnover of less than RM5million
-Six-monthly for others small businesses and seasonal sales

Submission of Returns and Payment of Tax
-Every taxable person shall submit to the Director General of Royal Malaysian Customs a return not later than the last day of the following month after the end of the taxable period
-Every taxable person shall keep the accounting records relating to GST for a period of 7 years - GST Act Section 36
-Penalties will be incurred for late GST payment

What can you do to prepare for GST in Malaysia?

1.  Keep your accounting record up to date
2.  Register your Business on time
3.  Issuing the required Tax Invoices
4.  Filing and payment of Tax Returns
5.  Input tax credit mechanism and claiming GST refunds
6.  Training your staff from all levels to deal with GST
7. Learn how to manage your cash flows affected by the GST system
8. Avoid fines and penalties for no filling, no/late registration, improper record-keeping, incorrect accounting and incorrect submission of GST tax return to Royal Malasian Customs Department

Contact us now!!

Spektra Management Sdn Bhd 
Tel: 03-8024 0255 or 016-6296 550 (Hema)
Fax: 03-8024 7833
e-mail: mag@spektra.net.my

How to register a new company

http://www.registeracompany.com.my/faq.do

Process & FAQ

LOCAL COMPANY INCORPORATION GUIDELINES

Incoporation of a Company in Malaysia
The two types of companies that can be incorporated under the Companies Act 1965 (CA 65)  are:

1. A company limited by shares
2. An unlimited company

1. COMPANY LIMITED BY SHARES

A company having a share capital may be incorporated as a private company (identified through the words "Sendirian Berhad" or 'Sdn Bhd.' appearing together with the company's name) or public company "Berhad" or 'Bhd' appearing together with the company's name).

The requirements to form a company are:
 i)  A minimum of two subscribers to the shares of the company (Section 14CA);
ii) A minimum of two directors (Section 122); and
iii) A company secretary who can be either:

An individual who is a member of a professional body prescribes by the Minister of Domestic Trade Cooperative and Consumerism; or
An individual licensed by the Companies Commission of Malaysia (SSM)

Both the director and company secretary shall have their principal or only place or residence within Malaysia.


A. Incorporation Procedures 

1. Application of Name Search 

A name search must be conducted to determine whether the proposed name of the company is available. Refer to Government Gazette No. 716 dated 30 January 1997, Gazette (Amendment) dated 11 October 2001, Guidelines For Naming A Company and Guidelines For Application Of A Company Name. The steps involved are:

i) Completion and submission of Form 13AA CA (Request For Availability of Name) to SSM; and
ii) Payment of a RM30.00 fee for each name applied.
 
The Companies Act 1965 (the Act) provides that before a company or its change of name is registered, the Minister of Domestic Trade, Co-operatives and Consumerism or the Registrar of Companies must first approve the name or the new name of the company respectively accordingly.

Where the proposed company's name is approved by SSM, it shall be reserved for three months from the date of approval.

 
1.2       Lodgement of Incorporation Documents
 
Incorporation documents (as further explained in Part B below) must be submitted to SSM within 3 months from the date of approval of the company's name by SSM, failure or which a fresh application for a name search must be done. (Steps (i) and (ii) above shall have to be repeated).


B. Incorporation Documents to be Lodged with SSM

1.2.1    Memorandum and Articles of Association

• The first directors and secretaries shall be named in the Memorandum and Articles of Association.
• The subscribers to the company’s shares shall sign the Memorandum and Articles of Association in front of a witness.
• Table A of the Fourth Schedule in the CA can be adopted as the Articles of Association of the company (Section 30 CA).

Note: For incorporation of a private company, the articles of association shall contain the following stipulations:

i) Restriction on the right to transfer the company's shares;
ii) Limitation on the number of members do not exceed fifty;
iii) Prohibition to any invitation to the public to subscribe the shares/debentures of the company; and
iv) Prohibition on public invitation to deposit money with the company.

1.2.2    Form 48A - Statutory Declaration by a Director or Promoter before Appointment 
 
The director or promoter must declares under oath that he/she is not a bankrupt; and he/she has not been convicted and imprisoned for the prescribed offences.


1.2.3    Form 6 - Declaration of Compliance 
 

This declaration states that all the requirements of the CA have been complied with. It must be signed by theCOMPANY SECRETARY who handles the registration and is named in the Memorandum and Articles of Association. 

 
 1.2.4   Additional documents

• Original Form 13A.
• A copy of the letter from SSM approving the name of the company.
• A copy of the identity card of each director and company secretary.

 
C. Registration Fees
 
Each application for the incorporation of a company shall be accompanied with payment capital registration fee. The registration fees would be based on the company authorized capital.

AUTHORISED SHARE CAPITAL (RM)	FEES (RM)
Up to 100,000	1,000
100,001 - 500,000	3,000
500,001 - 1 million	5,000
1,000,001 - 5 million	8,000
5,000,001 - 10 million	10,000
10,000,001 - 25 million	20,000
25,000,001 - 50 million	40,000
50,000,001 - 100 million	50,000
100,000,001 and above	70,000

D. Certificate of Corporation

A Certificate of Incorporation will be issued by SSM upon compliance with the incorporation procedures and submission of the duly completed Incorporation Documents.

Upon incorporation, the company is advised to obtain the required license/permit/approval from other relevant authorities prior to carrying on any business outlined in the Memorandum of Association.

2.     POST INCORPORATION

Upon incorporation of the company, the following documents must be submitted to the CCM within one (1) month from the date of incorporation:

• Return of Allotment of Subscribers' Shares (Form 24);
• Notice of Situation of Registered Office (Form 44); and
• Return Giving Particulars in Register of Directors, Managers and Secretaries (Form 49);
• The First Board Meeting of the Company shall be convened and held immediately after the Company has been duly incorporated.

3. SHARE CAPITAL 

The minimum share capital during incorporation is as follows;
 
Authorised capital - minimum            :    100,000 shares comprises of 100,000 ordinary share
                                                            of RM1.00 per shares
Paid up capital - minimum                 :    2.00 shares comprises of 2 ordinary share of RM1.00
                                                            per shares
 
Details of at least two subscribers during incorporation is as follows:
 

If subscriber is an individual Person	If subscriber is a Corporation
Full name Residential Address Identity Card No.(Colour)/Passport/ Citizenship No. Nationality Business Occupation Number of shares taken by each subscriber.	Full name Address of place of business Company Registration No./Local No. Place of Incorporation Business activities and Number of shares taken by each subscriber.

 

Additional registration fee for an authorised share capital of more than RM100,000.

4. MEMORANDUM AND ARTICLES OF ASSOCIATION 

The affairs of a company are governed by these documents. They contain two parts, with the first part being the memorandum of association and the second part the article of association.
 
The main object clauses of the memorandum of association are the nature of business intended to be carried out by the proposed company.
 
The articles of associate which constitute the internal regulations of a company usually contain clauses dealing with the under-mention matters.

We will charge a separate fee for our drafting of your M&A to suit your particular need if required. Our fee would be between RM150 to RM1,000 depending on the time spent on the job.

5. DIRECTORS

• Full name and former name, (if any) (and its clear photocopy
• Residential Address
• Date of Birth
• I.C. No. (Colour)/Passport/Citizenship No
• Nationality/Race
• Business Occupation

A limited company must have at least two directors at all time during the existence of the company. They must be a natural persons whose principal or only place of residence are in Malaysia. A resident need not be a Malaysian citizen. Details of at least two directors are as follows:

We will charge a separate fee for additional directors for preparation of the relevant documentation, statutory declaration and filling of documents with SSM . Our fee would be between RM50 to RM1,000 depending on the time spent and cost incurred on the job.

Section 132(1) of the Company Act states that a director must at all time act honestly and use reasonable diligence in the discharge of his duties. All directors are advise to read Table A (Art 73) of the company act on duties of a directors.

The directors of a company are responsible for ensuring that all such annual returns are lodged together with the accounts for each calendar year pursuant to sections 143, 165 and 169 of the Companies Act 1965.

6. COMPANY SECRETARY

A limited company must have at least one secretary at all time during the existence of the company. They must be a natural persons whose principal or only place of residence are in Malaysia to be appointed a Secretary of a company and who must be a qualified/ licensed Secretary under Section 139A of the Company Act.

A company secretary maintains all the statutory books and records, prepare the relevant resolutions, advise you on the requirements of all the statutes which concern to the relevant authorities. If a public listed company, we will make the relevant notifications to the Kuala Lumpur Stock Exchange and Securities Commission (if required). We will also advise you on the requirements for meetings and other procedures that you need to comply with. Foreign companies can also appoint us as their agent for the purpose of investing in the country. Other related secretarial services include changing the status of your company, striking off your company from the Register maintained by Companies Commission of Malaysia as well as other matters.

Act as a Company Secretary in compliance of Section 139A of the Companies Act, 1965.

When a company secretary fails to communicate  to all the directors at their last known residential address, the company secretary can lodge Form 48E to vacate his office. The vacation takes effect one month from the date of the notice.

We will charge a separate fee for the preparation of the relevant resolution, advice, attending board or shareholders meeting and sending notification. Our fee would be between RM50 to RM1,500 per assignment depending on the time spent on the job.

7. REGISTERED OFFICE

A limited company must have a registered office at all time during the existence of the company The registered office of the intended company where all official notices and correspondences will be sent to must be situated in Malaysia.

A separate fee for the registered office. Our fee would be between RM15 to RM150 per month.

8. CERTIFICATE OF INCORPORATION

Certificates of incorporation will be issued by SSM upon compliance with the incorporation procedures and submission of duly completed incorporation documents:

• Form 8 – Certificate of Incorporation for a public company
• Form 9 – Certificate of Incorporation for a private company

A company is advised to obtain the required license /permit /approval from other relevant authorities  before carrying on any business outlined in the Memorandum of Association.

9.  COMPANY ANNUAL RETURN

Pursuant to sections 143, 165 and 169 of the Companies Act 1965, the directors of a company are responsible for ensuring that the Company Annual Returns together with the audited accounts of the company are lodged with CCM for each calendar year.

The first Company Annual Return together with the audited accounts of the company must be lodged not later than eighteen months after the date of incorporation and subsequently not later than 6 months after the date of the company financial year.

RM150.00 filing fees on lodgement of Company Annual Rerurn by CCM. Heavy penalty will be imposed by CCM for non compliance.

10. AUDITED ACCOUNTS

Pursuant to sections 167 of the Companies Act 1965, the directors of a company are responsible for ensuring that the company keeps accounting records sufficient to explain the transaction of the company. The accounts should be sufficient to determine the financial position of the company and enable true and fair profit and loss accounts and balance sheets to be prepared suitable for audit. The records must be kept for at least seven years.

Every year the company must table at the company Annual General Meeting an Audited Accounts of the company before lodgement with CCM.

11.   AUDITOR

Under the Malaysian Company Act 1965 all limited company must appoint a Auditor for the company within three (3) months after incorporation. The first Auditor appointment is the responsibilities of the Directors and they hold office until the first general meeting at which the company audited accounts are considered.

An approved auditor is one who has the necessary qualification and has been granted approval to act as auditor by the Malaysian Minister of Finance.

Our panel of Auditor is Bahudin & Associates. Tel: 03-8024 0833 Fax: 03-8024 7833 or e-mail atBahudin@pd.jaring.my

12. TAXATION

The Self Assessment System was introduced for companies from the year 2001. Under this system, the directors of a company are responsible to determine their own tax liability and make payment to the IRB.

Taxpayers have to determine their correct tax liability and make payments promptly. That does not mean that the IRB would not examine the return forms at all. A certain percentage of the return forms will be audited. It is very likely that IRB will audit those returns with a high probability of under declaration of taxable income or tax payable and those that are inherently of high risks to revenue.

Companies have to maintain a good record keeping system. This will help in verifying any claims made should the IRB require them to be produced or when the taxpayer are being audited.

A newly commenced company shall furnish an estimated tax payable within 3 months from the date of commencement and payments are made from the 6th month of the basis period.

Company newly commencing operation can furnish any amount that it deems reasonable as the estimated tax payable for that year of assessment so long as the variance between the actual tax and the estimated tax is not more than 30%.

An approved Tax agent is one who has the necessary qualification and has been granted approval to act as auditor by the Malaysian Ministry of Finance.

Our panel of Tax agent is Bahudin & Associates. Tel: 03-8024 0833 Fax: 03-8024 7833 or e-mail at bahudin@pd.jaring.my

Please call us at

Spektra Management Sdn Bhd
Tel: 03-8024 0255 atau 016-6296 550 (Hema) 
Fax: 03-8024 7833 
e-mail: mag@spektra.net.my