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The procedure of buying ready-made company and bank account in Malaysia in 2022

Buy ready-made company and account in Malaysia 2022

23. 03. 2022
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Business in Malaysia is attractive to international entrepreneurs because it offers many opportunities. The country has a favorable geographical location and boasts a skilled workforce, simplified registration and doing business. Malaysia welcomes foreign investors and does not discourage the acquisition of businesses. Today we will talk about how to buy a ready-made company in Malaysia in 2022.

Shelf companies Malaysia: the pros of buying

To attract investors, Malaysian businesspeople create and sell a huge number of shelf companies. This is the name given to businesses that have been incorporated but never operated, so they have no liabilities and black histories.

Advantages of shelf-ready businesses in Malaysia:

  • Shelf company is already registered with SSM (Companies Commission of Malaysia);
  • Share capital is 400,000 ringgit, paid-up capital is 2 ringgit;
  • No need to collect documents, wait until the company is registered;
  • The company can be bought by both local and foreign entrepreneurs;
  • Work can be started immediately after purchase;
  • Clean credit history;
  • Age - the longer an enterprise exists, the more trust from clients, partners;
  • It is easier to take out a loan.

You can choose a company, depending on the kind of activity indicated in the constituent documents, or simply by the name, if you like it.
A registered company can engage in any kind of business that does not go against the law. If the activity requires a license, you can look for a company that has one. If there isn't one, you'll have to get one yourself after you buy the company.

Risk of buying a shelf company in Malaysia

There is no risk when buying a shelf company in Malaysia. Since it’s never been active, there are no debts or liabilities. Nevertheless, once you've made a choice, it's not unreasonable to do your due diligence.

How to buy a company in Malaysia

To buy a ready-made company in Malaysia, you can talk to IT-OFFSHORE experts. We will help you choose the best option. The purchase takes several days and consists of the following stages:

  • The customer makes the payment;
  • Nominee directors step down;
  • We introduce the client to the board of directors;
  • The new shareholder and his or her partners execute and sign the documents necessary to run the business.

When the transaction is fully executed, the agreement is sent to SSM, where it is registered.
As a guarantee, the former executives will give "insurance letters" that confirm that the company has been inactive, has no problems, debts, or losses. For more accurate data, you can go to SSM Malaysia, which can provide all the financial information about the company's operations.

In most cases, shelf companies do not have a bank account. At the time of purchase, the customer can arrange for one to be opened. Alternatively, an account can be opened in Malaysia after the stock purchase.

When you can start work

You can start working as soon as the change of ownership documents is signed. If you plan to be inactive, you need to be prepared to spend from 3,000 ringgit per year on the firm. The money will be needed to pay local firms (taxes, auditing, accounting, and secretary), compliance with which is legally required.

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