An information technology (IT) company can refer to a wide area of business domains. In Malaysia, investors are welcomed to open a company, following specific regulations. However, since the IT domain is rather vast, the investors will have to obtain specific licenses which will allow the right to perform a designated business activity on the Malaysian territory. Our team of company incorporation agents in Malaysia can offer support in registering a company here and can also advise investors on the applicable legislation.
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Regardless of the specific domain in which the company will activate, it will most likely be represented in the online environment. In Malaysia, there are specific laws which regulate various types of activities and investors are advised to study such regulations before opening a company here. Our team of company formation consultants in Malaysia can offer more details on each regulation.
Thus, businessmen should be aware of the following rules of law:
• Digital Signature Act, referring to the safeguarding of the persons’ identities;
• Computer Crime Act, referring to the illegal access on both natural persons and legal entities’ computers;
• Telemedicine Act, which regulates the way in which healthcare givers can provide medical consultations in the online environment;
• The Copyright Act, representing a regulatory framework for the protection of copyright material;
• The Telecommunications and Multimedia Act, referring to the regulations of the IT industry.
The last mentioned Act is very important to those operating in the field of IT, as it gives a comprehensive perspective on the licenses required for such businesses, but also on the roles of the main regulatory institution, which is in this case the Communications and Multimedia Commission.
Those interested in company formation in Malaysia should first start the registration procedure at the Companies Commission of Malaysia, the main institution which provides licenses to open a business here.
As a general rule, the most common business form registered in Malaysia is the limited liability company and as a foreign investor registering this type of entity, he/she is required to provide only the identity card and the passport, and then the registration procedure may start.
Our CPA in Malaysia can offer you a series of services for the company you own, to be able to align with accountability requirements. We mention that in this country the Malaysian Financial Reporting Standards are respected, as well as the International Financial Reporting Standards. Charities, tax credit planning, stock options, and retirement plans may be tax minimization options recommended for you, at a given time. Outsourced accounting services are more advantageous in terms of costs, compared to opening an entire department in the company.
Businessmen who need further information on the registration of an IT company may contact our specialists in company formation in Malaysia.
