Malaysia Corporate information

1. Restrictions on Name

  • Names which are identical to a sole-proprietorship / partnership name or to that of any other company, corporation, limited liability partnership or limited partnership
  • Names which are identical to a name being reserved under the Business Registration Act, the Companies Act, the Limited Liability Partnerships Act or Limited Partnerships Act
  • Names which the Minister has directed the Registrar not to accept for registration e.g. “Royal”, “King”, “Queen”, “prince”, “Princess”, “Crown”, ‘Regent”, or “Imperial”;
  • Undesirable and unacceptable

2. Financial Statment Requirements

Every Malaysia companies must prepare annual audited financial statements and appoint an auditor within 18 months from the date of incorporation and, who must be a member of the Malaysian Accounting Standards Board and hold a practising certificate. Subsequently, audited financial statement must be prepared within 6 months of the company’s financial year-end. 

However, under the amended law, it is not mandatory for dormant companies, Zero-Revenue Companies and Threshold-Qualified Companies whose revenue not exceeding RM100,000 and its total assets do not exceed RM300,000 to have their accounts audited. The company must keep accounting records, which may be kept at the registered office address or elsewhere at the discretion of the directors.

3. Annual Filings / Requirements

  • Filing of Annual Return (must be filed with the Registrar not later than 30 days from the anniversary of its incorporation date)
  • Audited/Unaudited Accounts

4. Malaysia Income Tax System - Key Facts

  • Income tax in Malaysia is imposed on income accruing in or derived from Malaysia except for income of a resident company carrying on a business of air/sea transport, banking or insurance, which is assessable on a world income scope.
  • Income attribute to a Labuan business activity of Labuan entities including the branch or subsidiary of a Malaysian bank in Labuan is subject to tax under the Labuan Business Activity Tax Act 990 instead of the Income Tax Act 1967. A Labuan entity can make an irrevocable election to be taxed under the Income Tax Act 1967 in respect of its Labuan business activity.
  • Gains or profits from a business;
  • Gains or profits from employment; 
  • Dividends, interest or discounts;
  • Rents, royalty or premium
  • Pensions, annuities or other periodical payments not falling under any of the foregoing classes;
  • Gains or profits not falling under any of the foregoing classes.
  • For personal taxes, the tax year is the normal calendar year i.e. January 1 – December 31. Deadline for filing a personal tax return is before 30 April of the following year. For corporate taxes, a company is free to decide on its financial year. Deadline for filing a corporate tax return is within 7 months from its financial year-end.

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