|Complete SSM Form||Conduct Name Search||Pay Annual Fee||Your Company Is Ready|
|You need to visit nearest SSM with your photocopy IC and fill in the business registration form. It can be obtained at SSM counter||SSM officer will check on availability of your proposed business name||
Once everything confirmed, you need to pay your annual fee as follow:
a) Trade name – RM60 per year
b) Personal name – RM30 per year
c) Branch (s) – RM5 per year each
|The business registration certificate can be obtained at SSM counter within 1 hour after payment made|
|You are the Boss||No Corporate Tax Payments||Lowest Annual Cost|
|A Sole Proprietor has complete control and decision-making power over the business. All profit will go to business owner pocket directly.||Sole Proprietorship is not a legal entity, all its chargeable income will be taxed at business owner personal income tax.||Compare to Private Limited Company (Sdn. Bhd.),Limited Liability Partnership or Partnership, Sole proprietorship has the lowest annual maintenance cost.|
|Less Formal Business Requirements||Winding Up Easily||Minimum Entry Requirements|
|Most of the Sole Proprietorship are micro or small business owners, there are lesser rules & regulations need to be complied by Sole Proprietorship (e.g. Exempt from preparing audited report).||You can visit SSM to close your Sole Proprietorship immediately or your Sole Proprietorship will be closed automatically if you did not pay your annual fee on time.||Sole Proprietorship is the most common and simplest business vehicle in Malaysia, any Malaysian citizen or Permanent Resident can register it themselves easily.|
Factors to Consider in Sole Proprietorship Name Selection
The name of your company is very important. It is the first impression to your buyers, suppliers and stakeholders. It should, therefore, be relevant, suggestive and attractive. There are various factors that you should keep in mind while naming for your company
Short & Simple
The name should be concise and not be too long. People should be able to pronounce it easily and they should be able to remember your company’s name the first time they hear or read it.
The name of your company should be related to your business. It should fit the company’s branding and corporate identity.
Name of your company should not be same or identical to an existing company or trademark. You can go to www.ssm-einfo.my to check if your company name is identical to others. You should ideally avoid plural or changing just letter Case, spacing or punctuation marks in an existing company name.
Should not be illegal / offensive
The name of your company should not be against law. It should not be abusive or against the customs and beliefs of any religion.
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