Establishment of company in Malaysia Service

Establishment of company in Malaysia Service

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This is reference to your requirement, from which, we understand that currently you (hereinafter referred to as “Client”) is looking for a professional law firm to support the establishment of a company in Malaysia. Therefore, we are grateful to set our legal services proposal for your review and consideration as follows:

  1. Scope of works:

Our scope of work shall be as follows:

1.1. Preparation of the application documents:

(i) Notifying required application documents in accordance with Malaysian law;

(ii) Search for a company name (no more than 3 names)

(iii) Drafting application documents required for submission purpose;

(iv) Liaising with Client to discuss the draft application documents;

(v) Amending the application documents based on Client’s comments;

(vi) Obtaining preliminary comments from the licensing authority on the draft application documents;

(vii) Finalizing the application documents following comments from the licensing authority; and

1.2. Licensing procedures:

(i) Submitting the application dossier to the licensing authority on Client’s behalf;

(ii) Monitoring and following up with the relevant authorities on the approval process;

(iii) Keeping Client updated on the developments and additional requirements, if any; and

(iv) Receiving result from the competent authority and hand over to Client.

  1. Performance time:

2.1. Preparing the application dossier:

We shall collect necessary information and documents from you. Upon receipt of necessary information and documents from you, we shall prepare the application dossier under the standard forms. The initial drafted application dossier shall be sent to you for your comments. Then, after updating the application dossier based on your comments, we shall obtain the preliminary comments from the competent authority and send the finalized application dossiers for you to sign and seal. We anticipate that this phase shall be completed within 05 working days.

2.2. Licensing Procedure:

Upon receipt of duly application dossier, we shall submit the application dossier to relevant competent authority. Within 05 working days from submission of application dossiers to Licensing Agency, Client shall obtain the Enterprise Registration Certificate

2.3. Post – Licensing Procedure:

Upon receipt of Enterprise Registration Certificate, whether it is required, we shall assist Client to connect with a 3rdservice provider to complete the post-licensing procedures included: Provision of Company’s secretary, Company’s head office address; Household registration for foreign directors residing in Malaysia,…

For avoidance of any doubt, in practice, the administrative procedure can be longer due to that the competent authority must consult relevant ministries before granting license. In such case, SB Law shall try our best to accelerate the progress in order to obtain the approval at the soonest.

  1. Service fees and payment:

3.1. Service fees:

Detailed service fees of the scope of works mentioned in Section 2 is as the follow:

Fees of setting up a company in Malaysia
Description USD
  1st Year 2nd Year & onwards
Setting up company (search for name, dossier preparation and submission) 2750 NA
Open bank account  1875  
Total fees of company establishment 4625  
Provide company secretary (within 1 year from the date of establishment)  1032 1032
Provide a Registered Office Address (within 1 year from the date of establishment) 263 263
Household registration in 1 year for foreign directors residing in Malaysia 625 625
Prepare annual returns and application fees   675
Total fees of maintenance 1920 2595

The company need to collect the following payment:

One-time security deposit for the provision of the registered address

2375

 

 

3.2. Payment:

1st installment payment: Within 05 (five) working days from the signing date of Legal Service Contract between Client and SB Law, Client shall pay SB Law an advance payment which is equivalent to 60% of the professional fee, VAT.

2nd installment payment: Within 05 (five) working days from the date of SB Law’s completion of work scope, Client shall pay SB Law the remaining 40% of the professional fee, VAT.

– Client will immediately notify SB Law of when actual payment(s) will be made on the amount specified in the invoice(s). SB Law will start working only upon receipt of payment of the respective invoice(s). Alternatively, SB Law reserves the right to withdraw the service if payment is not received 10 days after the date of the invoice. Further, in the event payments are not received by the payable date, SB Law reserves the right to suspend services and/or levy and collect a late payment fee of 0.5% per month up to the date of receipt of payment by SB Law.