To Carry On The Business As Traders Companies in Malaysia

Carrying on business as a trader or company in Malaysia is subject to the Companies Act 2016 and the Business Registration Act 1956. Businesses must be registered with the Companies Commission of Malaysia (SSM) and have a valid business license from the relevant local authority.

Under the Companies Act 2016, a company is defined as a legal entity that is registered with SSM and has a valid business license. A company must have at least one shareholder and one director, and its shares must be registered with SSM.

A business registration certificate is required for businesses that carry on business as a company. The certificate must be renewed every three years.

A company must have a registered address in Malaysia, and its directors must reside in Malaysia. The company must also maintain a registered office in Malaysia.

A company must keep proper books of accounts and records, and prepare financial statements in accordance with the Companies Act 2016 and the Financial Reporting Standards.

The directors of a company are responsible for the management of the company and must act in the best interests of the company. They must exercise due care, skill and diligence in the conduct of the company’s business.

The directors of a company must disclose any conflicts of interest to the shareholders