Register Your Company

Understanding the procedures involved in registering a business is helpful and crucial for people beginning new enterprises in Malaysia. You can follow along with the procedures in this article, but know that Quantum BPO is prepared to handle all of your chores.

Step 1: Get your business registered

Firstly, decide what business entity that you want to form for your business. The most common ones that are available in Malaysia is:

  1. Sole Proprietorship (Enterprise)
  2. Partnership
  3. Limited Liability Partnership
  4. Private Limited (SDN BHD)

Step 2: Create business account

You must create a business bank account in addition to registering your company as a legal entity in order to meet your company’s financial demands. But if your Malaysian SME is more than simply a one-man operation, opening a single business account might not be enough. Open these 3 accounts if you want to have a better perspective on your business.

  1. General operating account
  2. Payroll account
  3. Investment account

Step 3: Find the right software solution for you

You could do it the old-fashioned way using Excel, but why would you when there is a tonne of user-friendly cloud accounting software that does all the laborious work for you? When making your choice, take into account the user-friendliness of the interface, the degree to which it integrates with any other software you may already be using, and its real-time accessibility for simple reporting and collaboration. There are some software solution that Quantum BPO can offer you such as XERO, MYOB and MOXO.

Step 4: Keep track of everything

Keep track of all the invoices and paperwork your company receives, from utility bills to purchases of office supplies! You can either properly file your records or just transfer them to your accounting programme. Going digital beats digging through a stack of dog-eared papers because most important documents, such your year-end financial statements and records, must be preserved in Malaysia for seven years by law.

Step 5: Establish your bookkeeping process

Your accounting software contains beautifully organised records. How will you use the information? It aids in the creation of your financial statements, which you use! These three financial statements serve as the foundation for accounting, which is the process of documenting your company’s financial activities.

  1. Profit & Loss Statement
  2. Balance Sheet
  3. Cash Flow Statement

 

Step 6: Keep up with your tax

The LHDN (Inland Revenue Board of Malaysia) requires that you register your business for taxation; you may do this online here. Your company entity, as described in (1) above, will determine your tax return and the due date for filing. Get ready since this is the deadline for your business to submit its tax return. You overestimated your tax liability? Threaten a fine. Overestimate? Additionally, you’ll have less money on hand that could have been invested back into the company.

Step 7: Analyse and apply

You now have a basic understanding of how to set up a business and handle bookkeeping. However, the true power of accounting rests in your ability to translate the information from your financial statements and other data into the language of business. It displays the firm’s financial health and is a component of the framework that directs the business toward profitable expansion. To manage your accounting while you concentrate on what you do best, competent accountants can help. Additionally, it costs less than hiring internal personnel.

If you are interested in getting help on data analytics service for your company, feel free to get in touch with us through email at info.quantumbpo@gmail.com

#register #business #LHDN #accounting

 

 

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