SSM Online Registration
Register SSM Online – Starting a business in Malaysia can be an exciting endeavor, but it also comes with certain legal requirements that must be met. An important step in setting up your business is to register with the Malaysian Companies Commission, also known as SSM (Malaysian Companies Commission). This registration process is important for any business that wants to operate legally in this country. Below, we explore the reasons why registering your business with SSM is a necessary step for entrepreneurs in Malaysia.
SSM register guide for new traders
Registration can be done with 2 types of business ownership, namely in your own name or another option with a Commercial trading business name.
For example Abu Bin Ali. The name used is the name as in this identification card is the personal name used. The selection of a name using an Identity Card is easy to approve, compared to a commercial trade name to register a new business.
Meanwhile, Commercial trade names such as Restoran Selera, Maju Kontraktor, and Nirmala Trading and Services. In conclusion, you need to know first for the name selection before registering for SSM online.
The type/activity of the registered business must be appropriate to the business name, not illegal, comply with federal security
The registered business branch (if any) must not be the same as the main business address and any other branch.
Enterprise companies have 2 types of ownership so before registering a business at SSM you must know the difference between Sole Proprietorship and Partnership.
Sole proprietorships
Registered businesses use the name as on the Identification Card. For example, Ali Bin Abu. The owner is one person, that is the owner of the name.
All capital, profits, costs, and losses are borne by the owner.
Advantages of Sole Proprietorship:
Easy to set up.
Small capital.
Easy to handle.
Free to manage business.
Business taxes are low.
Taxes are levied on individuals.
Disadvantages of Sole Proprietorship:
Managed by private individuals.
Difficult to grow due to small capital.
The business does not continue if the owner dies.
It is difficult to share expertise.
Limited liability.
Shared Ownership
Partnership ownership that can be registered at the Malaysian Companies Commission from 2 people up to 20 people in one company. All profits, costs, and losses are borne by the partners. In addition to sharing capital, also sharing experience, expertise, and knowledge within the company.
Advantages of partnership business:
Capital becomes large when combined with partners.
Easy to set up.
Business risk is shared.
Low taxes.
Disadvantages of partnership business:
Termination of business can happen at any time if one of the members dies.
Disagreement between partners.
Every decision must be mutually agreed upon.
Unlimited liability.
Legal Compliance and Protection
Registering your business with SSM ensures that your company operates within the legal framework set by the Malaysian government. By obtaining a business registration certificate, you show your commitment to comply with the laws and regulations that govern business in this country. This not only protects your business from potential legal issues but also increases your credibility and trustworthiness in the eyes of customers, suppliers and investors.
In addition, registering with SSM legally protects your business name, preventing others from using the same name or operating under a similar identity. This exclusivity can be important to build a strong brand presence and avoid confusion in the market.
Online Business SSM Registration Conditions
Before starting the online registration process with SSM, business owners must ensure that they have met all the necessary requirements. First, they need to have a valid email address and contact number for communication purposes. In addition, they must have a registered business name that complies with the guidelines set by SSM. The business owner’s identity document, such as MyKad for Malaysians or passport for foreigners, is also required during the registration process.
In addition, business owners need to provide details about their business activities, such as business type, operating address and details of shareholders or partners. It is important to prepare all relevant information and documents in advance to speed up the registration process and avoid any delays.
The following are SSM’s new business registration requirements.
Among the SSM registration requirements are:
Under the provisions of Section 5 of the Business Registration Act 1956 (ROBA 1956) stipulates that a business must be registered no later than 30 days from the commencement of business.
- Registered businesses must comply with Section 2 (Business Interpretation) of ROBA 1956 and must not engage in any charity/welfare activities and any work specified in the Schedule (Section 2)
- The business must operate in Peninsular Malaysia and the Federal Territory of Labuan.
- The owner or partner must be a Malaysian citizen (MyKad) or permanent resident (MyPR) and must be at least 18 years old.
Steps Involved in Online SSM Registration Business
The online business registration process with SSM in Malaysia usually involves several steps to ensure a smooth and efficient registration process. The first step is to create an account on the SSM online portal by providing basic information and verifying the account through email verification. Once the account is verified, the business owner can proceed to select options for new business registration.
Next, they need to fill out an online registration form with accurate details about their business, including business name, activity, address and shareholder/partner information. It is important to double-check all the information provided to avoid any errors that could delay the registration process.
After submitting the registration form, the business owner will be required to pay the registration fee through the online portal. Fees vary depending on the type of business entity being registered. Once payment is confirmed, the application will be processed by SSM, and once approved, a digital registration certificate will be issued to the business owner.
SSM Online Business Registration in Malaysia offers a simple and efficient way for entrepreneurs to easily register their business. By leveraging technology, business owners can save time, reduce errors and access the registration process from anywhere in Malaysia. Understanding the benefits, requirements and steps involved in online registration is important for potential entrepreneurs who want to set up their business in Malaysia. Embracing digital transformation in business registration not only streamlines the process but also fosters a conducive environment for entrepreneurship to thrive in the country.
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