5 Things You Need To Start Any Company In Malaysia

It involves opening an account.

This Spotlight is sponsored by CIMB Bank. 

Whether you're planning to run an online or offline business, the first thing you should do is to register it with SSM

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The process is simple and won't take you more than two hours to complete.

You'll need to submit a completed Business Registration Form (Form A) along with a photocopy of your NRIC, permit or supporting letters (if any), and the required payment. This can be done at the nearest SSM office or via their online portal. Your Business Registration Certificate should be ready within an hour of payment. 

But having a Business Registration Certificate alone is not enough. Here are five other important things you need to do as a business owner:

1. Open a business bank account

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It's advisable to open a business account so that you can keep your personal and business finances separated. This is especially important if you're running a partnership (a business that is owned by two or more people), since there will be a few people who need access to the bank account. 

With the CIMB Online Business Current Account, you can open an account from the comforts of your home or new office without the need to step out. Just have all your documents prepared in front of you and you’ll be done in 10 minutes.

2. Register your business with SOCSO

It's a legal requirement for all companies to register itself with SOCSO, whether yours is a sole-proprietorship or partnership. This is so that you and your employees will be protected should there be any work-related injuries. 

Registration can be done at the nearest SOCSO office, where you'll need to fill in the following forms:

- Form 1
- Two copies of Form D
- Two copies of Form A
- Form 2 (if you have any employees)

3. Register for a tax file with LHDN

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Similar to the above, you are also legally required to open a tax file at LHDN when you start your own company. You'll need to submit two copies of the Business Registration Certificate along with the LHDN registration forms. This can be done online or at their nearest office. 

4. Register with EPF

Once you've hired someone, you'll need to register your business and employee with EPF within the next seven days. Complete the Form KWSP 1 and submit it along with your Business Registration Certificate and other documents issued by SSM at the nearest EPF office. 

5. Companies that are operating in certain industries will also need to register with HRDF

As stated in the PSMB Act 2001, companies that operate in certain industries will need to register with HRDF. This gives your employees access to trainings that can further develop their skills at work. Being registered under HRDF also allows you as an employer to apply for a training grant, which can be used to subsidise training costs for employees. 

The registration process is online via HRDF's portal

Now that you've got all these done, you're ready to get your business up and running!

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Also, CIMB Bank is giving sole proprietors and partnerships up to RM600 cashback

CIMB Bank is running a promotion for their Online Business Current Account which allows you to enjoy up to RM600 cashback. This promotion is open to business owners who registered with SSM as a sole proprietor or under a partnership. 

Here's what you need to do to enjoy the cashback:

1. Register for an Online Business Current Account here from now till 31 December 2018. 
2. Subscribe to [email protected] (mandatory) and BizAlert (optional).

To enjoy RM600 cashback, you'll need to maintain a monthly average balance of RM30,000 in your CIMB Online Business Current Account. Customers who maintain a monthly average balance of RM10,000 will get up to RM300 cashback. 

*Terms and Conditions apply.

Find out more about CIMB's Sole Proprietor and Partnership promotion here

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