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 Registering a new company while working full time

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HappyA_Q
post Feb 2 2011, 04:55 PM

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We would need to go through SSM to register the .com.my or .my domain? Or only for the company registration, ie enterprise or partnership or sdn bhd.?
Please advice guys~ tq
TSTuX
post Feb 2 2011, 05:33 PM

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Yes, .com.my and .my requires a Company Register Number from SSM. I haven't do mine yet, but planning to do it after CNY smile.gif
CKJMark
post Feb 2 2011, 05:46 PM

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Your employment income is taxed under Section 4(b) of the Income Tax Act, 1967 (if memory serves me correctly). That is one source of income.

If you are starting a partnership or sole proprietorship, that income is Section 4(a) income to you. Its a different source of income.

Currently, you file a Form BE for income taxes. If you have a sole propreitorship or partnership, you will file a Form B to take into account both types of income. Both income streams are separate and you need to keep separate records for both to avoid confusion when you get audited.

If you start up a company, a company is a separate legal entity from you. You will be a shareholder, and the Company will file a Form C tax return. You will continue to file a Form BE tax return for your salary income. When the company pays dividends to you, you will report this income in your Form BE as dividend income.

Profits earned by the company will not be taxed upon you as an individual unless the company pays dividends. But that also means you can't touch the money in the company for your own personal use. There will be no overlap on our personal tax returns because for tax and legal purposes, the company is a totally different "person" from you.

If I'm not mistake, you need a company secretary's help to register a company. You can't do it by yourself at SSM. This is because you need to prepare a few documents that can only be done by the company secretary. Do check this out before going to SSM or you might waste your time.

This post has been edited by CKJMark: Feb 2 2011, 05:51 PM
erry-
post Feb 3 2011, 02:25 PM

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QUOTE(HappyA_Q @ Feb 2 2011, 04:55 PM)
We would need to go through SSM to register the .com.my or .my domain? Or only for the company registration, ie enterprise or partnership or sdn bhd.?
Please advice guys~ tq
*
to register .com.my domain, u need a company name & license / registration number.
so need to register ur company name with SSM 1st. sole prop also ok.

then, just register .com.my domain with domain registrar.

thumbup.gif
TSTuX
post Feb 14 2012, 01:28 PM

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It's been a year, and I still have yet to solve this tongue.gif

So, sounds like registering a business is not difficult, registering a .com.my is not difficult, BUT, question, how do I file taxes? CKJMark did mention a few things, but I've got questions...

1. How do I record income? Do I need to file income, etc? Or can I just ignore?
2. Instead of BE form, I file B form. Do I need form C? I'm registering only a business (sole proprietor), and not company. Do I need?

Please help me clear my doubts. My business is doing fine now, but am looking for a .com.my. Should I get myself into such mess just for the sake of the name?

Let me know! smile.gif
soules83
post Mar 21 2019, 01:08 PM

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QUOTE(WaCKy-Angel @ Jan 31 2011, 11:18 AM)
I done all within 2 hours.
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Hi WaCKy-Angel,

Did you open a sdn bhd? What are the cost involved? Mind to share where can I find the breakdown of the cost? Can I work fulltime in a company while working as director and also declare myself as a worker in my own company? And can I include a foreigner director and workers too? Thanks! biggrin.gif

This post has been edited by soules83: Mar 21 2019, 01:09 PM
jpaul
post Mar 21 2019, 05:47 PM

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QUOTE(soules83 @ Mar 21 2019, 01:08 PM)
Hi WaCKy-Angel,

Did you open a sdn bhd? What are the cost involved? Mind to share where can I find the breakdown of the cost? Can I work fulltime in a company while working as director and also declare myself as a worker in my own company? And can I include a foreigner director and workers too? Thanks! biggrin.gif
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Just open a LLP then you can get .com.my domain.

As long as you not taking any salary/commission from the LLP, then you got nothing to file in your personal tax.

This post has been edited by jpaul: Mar 21 2019, 05:48 PM
NightHeart
post Mar 22 2019, 01:00 PM

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QUOTE(soules83 @ Mar 21 2019, 01:08 PM)
Can I work fulltime in a company while working as director and also declare myself as a worker in my own company? And can I include a foreigner director and workers too? Thanks! biggrin.gif
*
Can & can. Just don’t boast around during your daytime job that you have your own company.
ch_leong
post Mar 23 2019, 01:27 AM

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why register .com.my/.my, register .com or .net much better.

 

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