You've thought it out carefully, spent hours planning for it, and now you' re ready to set up your own consultancy or business. In Malaysia, to commence business, you need to have a vehicle that can be a sole proprietorship, a partnership or a private limited company, which is best suited to your needs? There are pros and cons of each.
For the first two, there is unlimited liability. So if the business owes money, the creditors can sue the owners personally. And if the businessperson should lose the case, the creditor can claim against his or her personal assets. In a private limited company, the people involved, i.e., the directors and shareholders, have limited liability. Should the company be sued by creditors and have to pay, they will only lose the amount of money they put in as capital.”
Globally and locally, the limited company is very popular because of the protection it offers. But the cost of maintaining a limited company is higher than that of the sole proprietorship or partnership. First, the limited company needs to appoint a company secretary who ensures the company complies with all the relevant legal requirements such as the Company Act, income tax law, employment law, duties of company directors and so on.
The company also needs an accountant to write up the accounts of the company on a monthly basis, and ad independent audit firm to audit the accounts at year-end. After the shareholders at the Annual General Meeting(AGM) adopt the audited accounts, the accounts are submitted to the Income Tax department for assessment of tax payable, if a profit was made. In a private limited company, because of the protection of limited liability, the principles of accountability and transparency are much emphasised.
To register a sole proprietorship or a partnership, the business owner(s) can easily fill up the necessary forms and make payment at the Registrar of Business, Level 2, The Mall in Jalan Putra, Kuala Lumpur. To incorporate a private limited company, it is advisable to use services of a professional company secretary. Besides applying for the Registrar of Companies's approval for the business name, the company secretary will prepare and submit all necessary documents such as Memorandum & Articles of Association and statutory declarations.
If you intend to setup a company, we can provide professional assistance in various manner.
Incorporated in 1985, Trans-Asia Consultants (M) Sdn Bhd provide the following services:
a) Accounting services:
- Sorting
- Preparing payments vouchers with invoices
- Writing up accounts for audit and tax. If we are writing the accounts, we will liase with the auditors & leaving the MD to make more profits!
b) Secretarial services:
- Corporate, management & consultancy i.e. Incorporation of Private Limited Company
- Maintaining your statutory books
- Any secretarial advise-open bank account
- Purchase & disposal of motor vehicle, land, joint venture or investing overseas
- Complying with the Companies Act 1965
- Strike-off
- Members voluntary winding-up
c) Audit arrangement services:
Independent person to:-
Investigate the statutory books, its records and management financial statements to form an opinion on accuracy and correctness of financial statements.
d) Tax arrangement services:
We assist in filling up:-
- Individual Tax return i.e. Form B
- Partnership i.e Form P
- Private Limited Company i.e. Form C & Form R
- CP 204 i.e. Sdn Bhd corporate tax estimate
e) MOF application services:
We assist with your business needs to obtain the Ministry of Finance's approval in different sectors
f) Other services:
- Registration with EPF and SOCSO
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