Essential Checklist for New Company Owners: After Incorporating Your Company


5/6/20243 min read

man and woman sitting on table
man and woman sitting on table

What to Do After Incorporating Your Company:

Congratulations on incorporating your new company as a Sendirian Berhad (Sdn Bhd)(quite similar if your register a LLP) in Malaysia! This is an exciting milestone in your entrepreneurial journey. Now that your company is officially registered, it's important to take the necessary steps to ensure a smooth transition and set a strong foundation for your business. To help you navigate this process, we have prepared a checklist of essential tasks for new company owners like you.

1. Obtain Your Certificate of Incorporation

The first step after incorporating your company is to obtain your Certificate of Incorporation from the Companies Commission of Malaysia (SSM). This document serves as proof that your company is legally registered and can be used for various purposes such as opening a bank account and entering into contracts. <Cosec>

2. Open a Business Bank Account

Opening a separate bank account for your company is crucial for managing your finances and maintaining clear separation between personal and business transactions. Contact different banks to compare their offerings and choose the one that best suits your business needs. <Cosec>

3. Apply for Necessary Licenses and Permits

Depending on the nature of your business, you may need to obtain specific licenses or permits to operate legally. Research the regulatory requirements for your industry and apply for any necessary licenses or permits from the relevant authorities. <Runner>

4. Register for SST, if applicable

If your company's annual turnover exceeds the threshold set by the Malaysian government, you will need to register for Services Tax (a.k.a. SST). This tax is imposed on the supply of services in Malaysia. Familiarize yourself with the tax regulations and fulfill your tax obligations accordingly. <Tax Expert>

5. Develop a Business Plan

Creating a comprehensive business plan is essential for outlining your company's goals, strategies, and financial projections. This document will serve as a roadmap for your business and help you make informed decisions. Include sections on market analysis, competition, marketing strategies, and financial forecasts.

6. Set Up an Accounting System

Establishing a reliable accounting system is crucial for managing your company's finances effectively. AmazingCFO recommends cloud for its advantage, but of course it depedings on your company operation. Consider using accounting software or hiring an accountant to help you keep track of your income, expenses, and financial statements. <Chartered Accountant>

7. Register for Employee Provident Fund (EPF) and Social Security Organization (SOCSO)

If you plan to hire employees, you must register for the Employee Provident Fund (EPF) and the Social Security Organization (SOCSO). These registrations ensure that your employees receive the necessary benefits and protection as mandated by Malaysian labor laws. <Outsourcing>

8. Obtain Business Insurance

Protect your company and its assets by obtaining appropriate business insurance coverage. Consult with an insurance provider to determine the types of insurance policies that are relevant to your industry and business operations. <Risk Advisor>

9. Develop a Marketing Strategy

Now that your company is up and running, it's time to develop a marketing strategy to promote your products or services. Determine your target market, identify the most effective marketing channels, and create a plan to reach your potential customers.

10. Stay Compliant with Regulatory Requirements

As a company owner, it's crucial to stay updated with the latest regulatory requirements and comply with all relevant laws and regulations. Regularly review your company's compliance status and make any necessary adjustments to ensure that you operate within the legal framework. By the way, don't forget engage Auditors in advance for Statutory Audit, unless your company qualified for Audit Exemption. Feel free to consult <Chartered Accountant><Cosec>

By following this checklist, you can ensure that you have completed the essential tasks required after incorporating your company as a Sendirian Berhad (Sdn Bhd). Remember, starting a business requires dedication, perseverance, and continuous learning. Best of luck with your new venture!