A sole proprietorship is the simplest form of business ownership in Malaysia, where the owner and the company are the same entity. This means that everything you earn through your business counts as personal income, and your personal assets and things you own are liable if you need to make any outstanding payments.
To register a sole proprietorship in Malaysia, you need to go through the registration process with the Companies Commission of Malaysia (SSM). You can register your new business at a local SSM branch and name your sole proprietorship either as your personal name or a business under which you trade.
Alternatively, you can also register a sole proprietorship online through EzBiz Online Corporate Portal. Here are the steps to register your business online:
- Visit the EzBiz Online Corporate Portal.
- Ensure that you are a Malaysian citizen or permanent resident of Malaysia and aged 18 years or above.
- Register and verify yourself as a user of EzBiz Online.
- Select the service you require, such as new business registration, registration of changes, renewal, or termination of business registration.
- Fill in the required details about your business.
- Make the payment using credit card or FPX (Financial Process Exchange - Online banking).
If you use your personal name, you do not have to wait for approval, and your business can start immediately. However, if you want to register your business in Malaysia under a trading name, you’ll have to submit your request to the SSM. You will also have to adhere to certain guidelines. Your business can be registered for any length of time up to five years, and you need to pay certain costs, including a fee of RM60 every year if you register under a trading name and a fee of RM30 every year if you use your personal name.
To gain additional information or seek any help, contact us at Zentrusted.