About New Business Formation Law in Petaling Jaya, Malaysia
In Petaling Jaya, Malaysia, starting a new business involves navigating the regulatory environment, which includes registering the business with the Companies Commission of Malaysia (SSM), local city council and possibly other ministries or agencies depending on the business sector. The Companies Act 2016 is the key legislation governing business registration and operation in Malaysia, which includes provisions for various business types including sole proprietorship, partnership, and private limited companies.
Why You May Need a Lawyer
Lawyers play a vital part when starting a business in Petaling Jaya as they guide you through the complex process of business registration and compliance with local laws. They can help you understand the various legal obligations, assist in drafting articles of association, and provide advice on contracts, leases, and licenses. If your business involves specific, specialized industries such as finance, healthcare, or technology, the need for a lawyer becomes even more crucial due to additional regulations and compliance requirements.
Local Laws Overview
Key local laws affecting new business formation in Petaling Jaya include the Companies Act 2016, Goods and Services Tax Act 2014, and city-specific regulations. The Companies Act 2016 prescribes rules for business registration, directors' duties, and shareholding arrangements. The Goods and Services Tax Act 2014 requires businesses to register for GST if their annual turnover exceeds RM500,000. Additionally, city-specific regulations may affect business location, permit requirements, and local taxes.
Frequently Asked Questions
1. Can a foreigner start a business in Petaling Jaya?
Yes, foreigners can start a business, but it must be registered as a private limited company (Sdn Bhd) under the Companies Act.
2. What are the basic steps to start a business in Petaling Jaya?
The basic steps involve identifying a unique business name, submitting the necessary documents for business registration, paying the applicable fees, and receiving the Certificate of Incorporation.
3. Do I need to hire a company secretary in Malaysia?
Yes, the Companies Act 2016 requires every company to have a company secretary that is a member of a prescribed professional body or licensed by the SSM.
4. How long does it take to register a business in Petaling Jaya?
The estimated time frame is approximately 1-2 weeks after submitting all the required documents, depending on the evaluation process by the Companies Commission of Malaysia.
5. Where can I find more information about starting a business in Petaling Jaya, Malaysia?
The Companies Commission of Malaysia's (SSM) official website offers ample resources and complete guides to starting a business.
Additional Resources
The Companies Commission of Malaysia (SSM) offers resources and guides on their website. The Economic Planning Unit (EPU) and Malaysian Investment Development Authority (MIDA) provide guidelines and details about investment opportunities in Malaysia. The Ministry of International Trade and Industry (MITI) and Inland Revenue Board of Malaysia (LHDN) provide relevant details about trade and tax regulations.
Next Steps
If you need legal assistance, find a reputable law firm specializing in business law in Petaling Jaya. Prepare all necessary documents and a list of questions or concerns to discuss at your initial consultation. Be ready to give an overview of your business plan, and familiarize yourself with basic legal terms and concepts to get maximum benefit from your consultation.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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