Guidelines Doing Business in Malaysia- Part 2(Sole Proprietor/Partnership)

REGISTERING A NEW BUSINESS - SOLE PROPRIETOR & PARTNERSHIP Business includes every form of trade, commerce, craftsmanship, calling, profession or other activity carried on for the purpose of gain, but does not include any office or employment or any charitable undertaking or any occupation specified in the Schedule of the Registration of Businesses Act 1956. Businesses that can be registered under the Registration of Businesses Act 1956 are:

• Sole Proprietorship – a business wholly owned by a single owner using personal name as per identity card or trade name.
• Partnership – a business owned by two persons and not more than twenty partners.

Registration Procedure

i. Obtain prior approval of the proposed business name from the SSM for trade name; ii. Form A (Registration of a New Business) should include the following details:

a. The name of the business;

b. The nature of the business;

c. The date of the commencement of the business;

d. The address of the place of business; e. Branch(s) of the business; f. Particulars of owners of the business; and g. Partnership Agreement (if any).

iii. Every business owner must sign the completed Form A.

Requirement

i. Malaysian citizens, or permanent residents;

ii. Aged 18 and above;

iii. Attach the completed Form A with the following documents:

a. Approval letter of business name;

b. Photocopy of identity card;

c. Photocopy of Partnership Agreement (if any); and

d. Permit, license, approval or supporting letter from another agency (if any).

iv. Register the business within 30 days from the date of commencement of the business; and

v. The nature of the registered business shall not contravene any laws.

Registration Fee

• Sole proprietorship (personal name as in identity card) – RM 30.00
• Sole proprietorship and partnership using trade name – RM 60.00
• Registration of branch(s) – RM 5.00 each branch
• Business information print-out – RM 10.00

General Guide

Submit application for registration personally to the nearest SSM office or send by post.

REGISTRATION OF CHANGES IN BUSINESS PARTICULAR

To change particulars of a business, the person responsible for the business is required to complete the changes accordingly using the following forms:

• Form B1 – Change of Business Address
• Form B2 – Change in Type of Business
• Form B3 – Change of Particulars on Branches
• Form B4 – Change of Information of Owner/ Partner (residential address, new entry/ withdrawal of the partner)

Procedure Every business owner must sign the completed Form B.

Requirement

i. Malaysian citizens, or permanent residents;

ii. Additional new partners must be aged 18 and above; and

iii. Attach the complete Form B with the following documents:

a. Photocopy of identity card of the new partners;

b. Photocopy of death certificate if a partner has passed away;

c. Copy of approval or supporting letter for businesses requiring permits or licenses; and

d. Register the changes in business particulars within 30 days from the date of such changes.

Registration Fee

• Registration of Form B – RM 20.00
• Registration for a branch addition – RM 5.00 each branch
• Print out of business information – RM 10.00

General Guide

i. A registered sole proprietor using personal name as stated in identity card cannot take on an additional partner.

ii. A partnership can change its status to a sole proprietorship using trade names and vice – versa.

iii. Submit application for registration personally to the nearest SSM office or send by post.

Source: http://www.ssm.com.my/ Companies Commission of Malaysia