In 2010, Malaysia launched the New Economic Model (NEM) and the Economic Transformation Program (ETP), which aim to lift the country into the rank of a high-income nation by 2020.
Based on the new strategy, Malaysia fosters the economy through the implementation of market-friendly policies and regulations with the aim of creating new sources of growth and promoting higher value-added sectors.
Taking into consideration the ease of doing business, talent development, and improving public service delivery, Malaysia is turning into an increasingly attractive place for businesses. However, there are a number of important considerations to be mindful of and compliant with when it comes to legal procedures to establish a legal entity in Malaysia. NNRoad with its local experts will help guide you with the smooth and fastest solutions for you to be ready to set up your legal entity.
By forming a Private Limited Company (Sdn Bhd or Bhd), you are able to acquire assets, go into debt, sign contracts, liable to suing or being sued and it has a perpetual succession until the directors and shareholders decide to dissolve the company. This type of company is also a much more trusted business entity and it is the best preferred business structure in Malaysia, especially when it comes to conducting B2B type of business dealings.
This type of entity structure is the most carry out in Malaysia:
A Limited Liability Partnership (LLP) is an alternative company formation regulated under the Limited Liability Partnerships which combines the features of a company and a conventional partnership.
NNRoad is a Professional Employer Organization (PEO) that provides Employment Solutions in Malaysia, also known as Employer of Record (EoR) services. Many companies opt to outsource their employees to minimize costs and legal risks when expanding their business operations in Malaysia. NNRoad is specified in helping foreign companies navigate through Malaysian employment laws and requirements, saving you time so you can focus on core business activities.
Malaysia, the next big hurdle is the process of actually hiring staff and dealing with the associated payroll obligations. Hiring, and the associated legal obligations that go along with it, can be a confusing process. Due to the complexities of the payroll and HR-related problems, many companies in Malaysia rely primarily on outsourced providers such as NNRoad when it comes to payroll and HR related.
NNRoad provides payroll and employment-related support services in Malaysia to an endeavor to provide a one-stop integrated service package to small and medium-sized businesses. We make payroll and HR management easy for you in terms of processing payroll, taxation, social labor security matters, as well as offering additional advice and guidance for any inquiries.
We perform service with great confidence in its rigorousness and speed to obtain the benefit for your employees, stress-free about ever-changing labor law, and administrative relief.
Managing accounting and bookkeeping in Malaysia can prove to be a time consuming and constantly changing area of compliance. For a foreign company, adapting to Malaysian accounting system with ever-changing standards and policies can be a real challenge. NNRoad with its local expert can act as your accounting mentors with professional and high skilled accountants and CPA to ensure your company is in compliance with all updated standards and policies.
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