Registration of an Enterprise

There are two types of enterprise businesses in Malaysia which include sole proprietorship and partnership.

A business owned and run by one person is known as a sole proprietorship which is a kind of enterprise business. In this case, the owner is fully responsible for the debts and liabilities unlike a private limited company. A sole proprietor normally uses his/ her own name to register a trading name for the business.

A partnership is a business organization which involves two or more partners who have decided to run the business together. All partners are fully responsible for the debts and liabilities of the business. Partnership can be either general or limited.

The following are the requirements to setup an enterprise in Malaysia:

1. A minimum of 1 entrepreneur who has to be Malaysian. 
2. Age requirement of 18 years or more.
3. Provide a proposed name of the enterprise. 
4. Describe the nature of business.
5. Provide a business address and residential address of the business owner.

The following are the requirements to setup an enterprise in Malaysia:

1. A minimum of 1 entrepreneur who has to be Malaysian. 
2. Age requirement of 18 years or more.
3. Provide a proposed name of the enterprise. 
4. Describe the nature of business.
5. Provide a business address and residential address of the business owner.

There are many advantages of an enterprise business which are discussed as as follows:

1. Easy to set up and run and it does not need any company secretary to maintain the business. 
2. Flexible working hours meaning that Company commission of Malaysia (CCM) or Suruhanjaya Syarikat Malaysia (SSM) does not require any specific office hours to operate the business. 
3. The owner has complete control over the business since there is no other shareholder of the company.
4. Home address can be used as an office address and the owner of the business can do it from home. 
5. Relatively low cost to start up and maintain as it does not require auditing. 

Though, in spite of having some advantages, the enterprise business has some disadvantages that are provided as follows:

1. Unlimited liability: The owner is fully responsible for the debts and liabilities of the business. When the business is in default, the owner of the business has to settle on his own. 
2. Difficult to raise capital: It can be difficult to raise capital for an enterprise as potential investors may perceive it as a high risk investment. 
3. Can be time consuming: As the owner has complete control over the business, he or she may have to spend a lot of time. 
4. The business may not be sustainable: The business may not be sustainable in the long run as it lacks the economies of scale.

Sole proprietorship is a business owned and run by one person while partnership is a business organization which involves two or more partners who have decided to run the business together. In sole proprietorship, the owner is fully responsible for the debts and liabilities of the business, while in partnership, all partners are fully responsible for the debts and liabilities of the business. Sole proprietorship is easier to set up and does not require any specific office hours to operate while partnership may be difficult to set up and it requires some specific office hours to operate.

A private limited company is a company that is owned by one or more shareholders and the liability of the shareholders are limited to their shares. An enterprise on the other hand is a business owned and run by one person. The owner is fully responsible for the debts and liabilities of the business. A private limited company is more complex to set up as it requires auditing and retaining a professional company secretary while an enterprise is easy to set up and does not require any of these complexities.

No, Malaysian company act does not require an enterprise business to do auditing. The owner has complete control over the business and there are no other shareholders of the company. 

Yes, an enterprise business needs to declare a tax return. The Inland Revenue Board (IRB) of Malaysia is the authority responsible for the administration and collection of income tax in Malaysia. Businesses are required by law to file their income tax returns on or before the 30th day of April following the taxation year. Penalties may be applicable for businesses that fail to comply with these requirements. 

There are no minimum paid up capital requirements for an enterprise business in Malaysia.

There is no definitive answer to this question as it can vary depending on the type and size of the enterprise, as well as the industry in which it operates. However, according to the Malaysian Ministry of Human Resources, the maximum number of employees that a company in Malaysia can have is 150. This limit is set for health and safety reasons, as it is believed that an organization with more than 150 employees becomes difficult to manage and monitor.

In Malaysia, it typically takes two to four working days to register an enterprise depending on the type of business and the level of service you select. First, you need to decide on the company's name and check if it is available. Once you have confirmed that the name is available, you will need to file an application with CCM. 

The following types of businesses are not allowed to be registered as an enterprise:

1. Banks and financial institutions
2. Insurance companies
3. Investment holding companies
4. Unit trusts
5. Companies that are regulated by the Malaysian Communications and Multimedia Commission (MCMC)
6. Air transport services
7. Sea transport services
8. Pipeline transportation services
9. Railway transportation services

The cost of registering an enterprise in Malaysia depends on the type of business and the level of service you select. In general, onecompany.my charges RM 400 inclusive government fees for registering an enterprise.

1. The process of registering an enterprise in Malaysia typically takes two to four working days. 
2. You need to decide on the company's name and check if it is available. Once you have confirmed that the name is available, you will need to file an application with CCM 
3. After the application is approved, you will need to submit a statutory declaration and pay the registration fee. Once the registration fee is paid, your enterprise will be registered and you will be issued with a registration certificate. 
4. You will need to open a bank account in the company's name. Once the bank has confirmed that the funds have been received, you can apply for a business license from the relevant authorities. 
5. After you have obtained the business license, you can commence operations.

1. A minimum of one person is needed to register an enterprise in Malaysia. The owner of enterprise business must be Malaysian. When the owner is more than one, it is called partnership business.

1. No, foreign ownership is not allowed in an enterprise business. All enterprises must be owned by Malaysian citizens.

1. Generally, in Malaysia, an enterprise is not required to show paid-up capital to SSM (Suruhanjaya Syarikat Malaysia). However, there are some exceptions to this rule. For example, if an enterprise is a publicly listed company or a company that is registered under the Companies Act 1965, then it must show paid-up capital to SSM. Additionally, some professional businesses such as law firms and medical practices are also required to show paid-up capital. Ultimately, whether or not an enterprise needs to show paid-up capital to SSM depends on the specific business type and situation.

An enterprise business in Malaysia needs to renew its business license annually.

The penalties for not renewing an enterprise on time can vary depending on the specific situation. However, generally, the late payment of renewal fees will result in a fine and/or the suspension of the business

onecompany.my charges a renewal fee of enterprise business in Malaysia is RM 350 including government fee.

Yes, it is mandatory for enterprise businesses to declare income taxes in Malaysia. The specific amount of tax that an enterprise needs to pay will depend on the business's income and profit.

The deadline for filing income tax returns in Malaysia is 30 April each year.

The penalties for not filing income tax can vary depending on the specific situation. However, generally, the late payment of taxes will result in a fine and/or the suspension of the business.

The income tax rate for enterprises in Malaysia is 24%. However, the specific amount of tax that an enterprise needs to pay will depend on the business's income and profit.

The levies charged on an enterprise can vary depending on the specific situation. However, generally, enterprises are required to pay a levy for each employee that they have. Additionally, enterprises may also be required to pay levies for other things such as waste disposal and environmental protection.

No, an enterprise does not need to submit audit reports to SSM (Suruhanjaya Syarikat Malaysia). However, there are some exceptions to this rule. For example, if an enterprise is a publicly listed company or a company that is registered under the Companies Act 1965, then it must submit audit reports to SSM.