Malaysia National Day 2020
- Details
On behalf of the management and staff of YCS, we wish Malaysia a Happy Birthday.
Please be informed that our Malaysia office will be closed on 31/08/2020 (Monday) for Malaysia National Day.
Business shall be resumed on 01/09/2020 (Tuesday).
Wishing you Happy National Day and Happy Holiday!
Service Tax Group G Item 8 - Information Technology Services (Updated on 13.07.2020)
- Details
- Information Technology is the Use of Any Computers, Storage, Networking and Other Physical Devices, Infrastructure and Processes to Create, Process, Store, Secure and Exchange All Forms of Electronic Data
- Charges: Service Tax on the supply will be charged at the point of services rendered
- IT Services:
- Computing Services;
- Coding and Programming;
- Application Development;
- Software Development;
- System Integration;
- Web Development;
- Online Platforms (Effective 1 January 2020, for the purpose of service tax, any person who operates online platform is considered a taxable person under Item 12, Group G: Professionals in the First Schedule of the Service Tax Regulations 2018);
- Networks Integration;
- Data Processing and Administration;
- Cloud Services;
- Artificial Intelligence;
- Internet of Things
- Taxable Services:
- Provision of software by the software developer;
- Services relating to the development, customization or provision of computer system (computer system refers generally to IT equipment and software that works together to perform some specified functions);
- Installation or setting up of computer system;
- Installation of software into hardware;
- Software support and maintenance;
- Periodic payments, subscription or maintenance for continued use and updates website related services, (eg development, customization, maintenance of webpage, websites, web portal and online platforms);
- Updating to new version, upgrading or modification of data, system or software;
- Provision of cloud services;
- Managed data centre services (eg managed service, connection charges);
- Digital data services delivered through the internet;
- Administrative fee for data, system or software;
- IT advisory or consultation in relation to data and systems (hardware and/ or software)
- Management on IT;
- Training services (subject to service tax under Consultancy Services effective 1 January 2019)
- Physical security of hardware or server
- Maintenance management hardware
- Not subject to Service Tax
- Charge on storage or co-location of hardware or server;
- Leasing or rental of computer, hardware and server;
- Assembly of computer, hardware or server
- Exemption from Payment of Service Tax on ITS Received
- The service that is exempted is an ITS, not other services received by ITS provider;
- ITS provider who is the recipient of such ITS must be a registered person;
- The ITS is provided by an ITS provider who is a registered person
Promotion - Free First Year Company Secretary Fee
- Details
To react to the Penjana program, we are now free of Corporate Secretarial service charge (for the first year) when engaging our incorporation service in Malaysia 为了响应政府的经济复兴计划，我们将免除公司秘书费 （第一年）给予选择我们公司注册服务的公司
* Terms and Conditions Applied 须符合条规
Promotion Until 31 December 2020 优惠直到31/12/2020
Free Corporate Secretarial Service Including:
- Acting as named corporate secretary for the company 担任公司的指定公司秘书
- Preparation of common minutes and resolutions 准备一般的会议记录及决议
- Opening a corporate bank account 开设公司银行账户
- Bank facility 银行贷款
- Purchase of property or motor vehicle 购买产业或机动车
- Resolution of Issuance of Dividend 分派股息
- Routine advice on matter pertaining to the Companies Act requirements and company secretarial practice
- Common changes are also inclusive into our corporate secretarial service fee 一些基本的改变也是包含在我们的公司秘书费内
- Change of Director’s and Shareholder’s Particulars (i.e. residential address, passport) 公司董事及股东资料的更换（例如住家地址以及护照号码）
- Change of Business Address 公司地址的更换
- Provision of registered address service in compliance with Section 46 and Section 47 under Companies Act 2016:
- To receive all communications and notices on behalf
- Opening to the public during ordinary business hours
- Keeping the following documents in the registered office:
- Notice of registration issued under Section 15
- The constitution of the company
- Certificates given under Companies Act or corresponding previous written law, if any
- All registers, book, records and documents as required under Companies Act 2016
- Minutes of all meetings of members and resolutions of members
- Minutes of all meetings and resolutions of the Board and committees of the Board
- Copies of all written communications to all members or all holders of the same class of shares
- Copies of all instruments creating or evidencing charges as required under Section 357
- Such other documents required to be kept by the Registrar
- We locate in Singapore and Johor Bahru 我们位在新加坡和新山
- We can send all documents to our Singapore office for collection if the directors and shareholders are unable to come our JB office due to the lockdown between JB and SG boundary 由于防疫期间不能自由进出新加坡及马来西亚，我们能够把文件送至我们新加坡办公室，让公司董事及股东在我们新加坡办公室领取文件
Tax Rebate: https://www.ycsaccounting.com.sg/latest-news/malaysia-news-2/358-tax-rebate-for-newly-incorporated-smes
Company Registration: https://www.ycsaccounting.com.sg/latest-news/malaysia-news-2/359-company-registration-in-malaysia
Company Registration in Malaysia
- Details
Sole Proprietorship | Partnership | Limited Liability Partnership | Limited Company (Sdn Bhd) |
Owned by 1 individual | Jointly owned by 2 – 20 individuals Equal rights for managing the business | Owned by at least 2 individuals | Owned by 1 – 50 shareholder(s) The ownership is transferable |
Creditors can sue the owner for all debts the business owed | Creditors can sue all partners of the business for all debts the business owed | Members’ personal assets are protected from liabilities | Liabilities borne by director or shareholder are to the extent of unpaid shares only |
Less paperwork and less additional legal formalities (compare to LLP and Sdn Bhd) | Less paperwork and less additional legal formalities (compare to LLP and Sdn Bhd) | Must lodge annual declaration and solvency statement with SSM | Must file Annual Return and Financial Statement every calendar year |
No need to be audited | No need to be audited | Not compulsory to be audited | Required to be audit |
The business will be terminated if the owner died | The business continuity will be affected if one of the partners died | The company will exist even if the partner passed away | The company will exist even if the key director/ shareholder passed away |
Cannot enjoy the preferential tax rate given for small companies | Cannot enjoy the preferential tax rate given for small companies | Preferential tax treatment on first RM500,000 of chargeable income | First RM500,000 : 17% Subsequent : 24% If Paid Up Capital less than RM2.5 Million |
- Advantages of a SDN BHD
- Personal wealth protection 个人资产的保护
- Continuous existence 持续的存在
- Transferable ownership 可转让所有权
- Lower tax rate 较低的税率
- Higher tax saving 更高的节税
- Foreigner is also allowed for set up a SDN BHD 外籍人士也能注册公司
- Personal Wealth Protection
- The liability of its members is limited to the amount, if any, unpaid on shares held by the members only 其成员的责任仅限于由成员持有的股份未支付的金额（如有）
- A company incorporated under Companies Act 2016 is a body corporate and shall 注册于2016年公司注册法的公司是一个法人团体
- Have legal personality separate from that of its members 法人资格与其成员的独立
- Continuous Existence
- A company incorporated under Companies Act 2016 is a body corporate and shall continue in existence until it is removed from the register
- The company will exist even if the key director/ shareholder passed away 即使主要的董事或股东过世了，其公司还是存在的
- Tax Rate
- Tax rate for an enterprise will be based on personal income tax rate while for a private limited company (SDN BHD) will be based on company tax rate 企业（独资经营者或合伙经营者）的税率是根据个人所得税的税率而私人有限公司的税率是根据公司的税率计算
- Shareholder can declare dividend while director can receive director’s fees or director’s remuneration
- For a SDN BHD, shareholder can take out profits from the company (provided that the company is solvent) 股东能够从利润中宣派股息
- Director can also receive salary from the company 董事也能领取薪水或董事费
- All these will be seem as drawing for an enterprise
Tax Rebate: https://www.ycsaccounting.com.sg/latest-news/malaysia-news-2/358-tax-rebate-for-newly-incorporated-smes
