Are you considering the process to set up an Sdn. Bhd. company in Malaysia and weighing the options of handling it yourself or engaging a company secretary?
While navigating the entire incorporation process independently is feasible, it's important to consider several key factors.
Time and Energy Investment: Setting up a MyCoID account and completing identity validation at an SSM counter can be time-consuming. Understanding SSM guidelines for naming your company and determining its business nature also requires effort. Alternatively, a company secretary can streamline this process, providing guidance on company name selection and other crucial details.
Navigating Startup Challenges: First-time entrepreneurs often face uncertainties when embarking on the journey of company incorporation. Questions about initial paid-up capital, future director or shareholder additions, and compliance requirements may arise. Engaging a company secretary provides invaluable clarity and support, ensuring a smoother incorporation experience.
Mandatory Appointment Requirement: Appointing a company secretary within 30 days of successful company incorporation is mandatory. Involving a company secretary from the outset bypasses the need to independently validate your MyCoID account, aligning seamlessly with compliance requirements.
Cost Considerations: While undertaking the incorporation process independently may seem cost-effective initially, it’s essential to weigh long-term benefits against potential savings. Company secretaries in Malaysia typically charge service fees ranging from RM600 to RM2,000 for Malaysian directors and shareholders, excluding SSM incorporation fees. This investment often proves worthwhile for the expertise and efficiency they bring to the table.