If you want to set up a company in Malaysia, it is recommended to also seek accounting services. We invite both local and foreign entrepreneurs to access our online services and discover in-depth information about accounting in Malaysia.
| Quick Facts | |
|---|---|
| Who requires accounting services in Malaysia? | All operational companies in Malaysia must align with the accounting rules in this country. |
Applicable accounting legislation in Malaysia | – MFRS (Malaysian Financial Reporting Standards), – IFRS (International Financial Reporting Standards) |
Types of accounting services we offer | Bookkeeping and payroll are the most important accounting services for a firm in Malaysia. Our accountants can provide support for preparation and filing of annual financial statements. |
| Tax advice and compliance | Company owners can be guided regarding the obligation to register for the payment of taxes and respect the deadlines. |
| We offer support for tax registration | We can manage the paperwork and collaborate with the relevant tax authorities. |
| Financial planning for company owners in Malaysia | Varied tax reports can be requested for a correct financial planning for business owners in Malaysia. |
| Risk assessment and evaluation | Financial risks in business can be anticipated with the help of an experienced accountant in Malaysia. |
| Types of audit services | Internal and external audits are important for the smooth running of business. Our certified public accountant can deal with external ones. |
| Tax minimization methods available | – tax credit planning, – retirement planning, – charities, – tax-free investment, – stock options |
| Personalized financial consultancy services | Expert financial advice for business owners or investors in Malaysia |
| Investment consultancy for high-net-worth individuals | – dedicated business plans, – investment solutions, – wealth management for international investors in Malaysia |
| Financial and analysis reports for companies | Tax reports can be made by our accountants in Malaysia and can reveal the financial situation of a firm. Specific measures can be adopted for vulnerable departments. |
| Human resources services available | We can manage the recruitment process and draft the employment contracts. Staff-related administration matters enter our attention. |
| Expertise provided by certified accountants (YES/NO) | Yes |
| Fiscal year in Malaysia | From January 1st to 31st of December |
Table of Contents
Is accounting mandatory for all companies in Malaysia?
Yes.
What types of accounting services do you provide in Malaysia?
- Bookkeeping,
- Payroll,
- Audits,
- Tax registration,
- Tax advice & returns,
- HR & administration services,
- Preparing & submitting the annual financial statements,
- Invoice management & accounting reports,
- Debt monitoring, and more.
What accounting laws are applicable in Malaysia?
- Companies Act 2016,
- Accountants Act 1967,
- Financial Reporting Act 1997,
- Malaysian Financial Reporting Standards (MFRS),
- Malaysian Private Entities Reporting Standard (MPERS),
- International Financial Reporting Standards (IFRS).
We have prepared an infographic with details on the accounting services we offer in Malaysia:
Who oversees the accounting procedures in Malaysia?
Companies Commission of Malaysia (SSM).
What does bookkeeping in Malaysia involve?
- daily recording of financial transactions in the firm,
- tracking all cash & expenses movements,
- maintaining the general ledger in the firm,
- daily financial data entries, and many more.
What does payroll entail for a firm in Malaysia?
- Payroll tax calculation,
- Wage tax payment,
- Salary distribution in the firm,
- Keeping employee records,
- Payroll reporting, etc.
What are the payroll taxes in Malaysia?
Employer contribution:
- 12% flat rate for incomes of no more than RM 5,000/month,
- 13% flat rate for salaries above RM 5,000/month,
- 2% tax contribution to foreign workers with employment permits in Malaysia,
- 0.2% for social contributions.
Employee contribution:
- 11% to the Employee Provident Fund,
- 0.2% for the employment insurance system/month,
- 0.75% for non-employment injury scheme, etc.
What types of audits are imposed in Malaysia?
- Statutory financial audits,
- Tax audits,
- Transfer pricing audits,
- Shariah audits for Islamic financial institutions,
- Forensic audits,
- Public sector audits, etc.
What documents are solicited for the preparation of annual statements?
- Balance sheet,
- Cash flow statements,
- Income statement,
- Notes,
- Specific reports, etc.
Can your accountants make payments in the firm?
Absolutely, considering the daily business tasks.
Do you offer accounting services for more than just one company in Malaysia?
Yes, once you give us details about your business portfolio.
What is forensic accounting in Malaysia?
- forensic accounting in Malaysia is a type of accounting often encountered in cases of fraud or financial crimes in a company.
- the expert in forensic accounting in Malaysia goes beyond the numbers, conducting detailed analyses to determine the appropriate legal proceedings.
Are accounting services expensive in Malaysia?
The costs for the accounting services for companies in Malaysia depend on:
- Type of the company,
- Activities,
- Size of the company, etc.
Are outsourced accounting services in Malaysia advantageous?
Yes, we have a team of specialists who know the legislation, field updates, and the business climate.
What is the financial year in Malaysia?
- the tax year is the same as the calendar year – 1 January – 31 December,
- companies can also choose 31 December or 31 March as the tax/financial year in Malaysia.
If you need further information on the accounting services in Malaysia, please get in touch with our specialists. You can rely on the services offered by our accounting firm in KL. Contact us today!