(updated on 17 Apr 2024)
10 things you should do after set up your business
THE 10 THINGS.
- Displaying and publication of name and registration number
The Companies Act, 2016 requires a company to disclose its registered name and company registration number on all its business letters, notices and other official publications, websites, bill of exchange, promissory notes, endorsements and order forms, cheques purporting to be signed by or on behalf of the company, order invoices, and other demands for payments, receipts and letters of credit purporting to be issued or signed by or on behalf of the company; and all other forms of business correspondence and documentation. - Open bank account
A board resolution is sufficed to open a bank account with the help of a secretary. - Appoint auditor and tax agent and fix financial year ended (for Sdn Bhd only)
A board resolution to appoint auditor and tax agent to audit and submit tax return for the Company. - Business License
Depend on the local council, you are generally required to obtain business license and advertising license. - Setup proper accounting and finance processes
Proper accounting process flow help to simplified work task and if the Company is not consider on hiring an in house accountant yet, we may help you to set up and establish the initial accounting system. - Setup Human Resource (HR) policies and payroll systems
Payroll is complex and a system must be placed to calculate accurate payroll to comply with Malaysia law. - Obtain Company and Employer Tax Registration Number (C and E numbers)
C number also acts as a company TIN number for e-invoicing and tax return purpose. E number represents the employer number and associated with form-E return.
For sole pro, its TIN number is represented by the person’s TIN number. For partnership, to get a P number. - Register with the Employees Provident Fund (EPF) Board
If you intend to hire employees, it is crucial to register with the Employees Provident Fund (EPF) Board which is a mandatory national social security scheme. - Register with the Social Security Organisation (SOCSO) and EIS
If you intend to hire employees, it is crucial to register with the SOCSO Board which is a mandatory national social security scheme. - Register with the Human Resources Development Corporation (HRDC)
Depending on the nature or type of your business and number of employees, you may be required to register with the Human Resources Development Corporation (HRDC).