News MM2H in News Malaysia Second Home Program Provides Passage into the Country with Bonuses
| Malaysia Second Home Program Provides Passage into the Country with Bonuses |
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| Wednesday, 23 September 2009 17:03 | |||
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KUALA LUMPUR, MALAYSIA — Starting a new business can be a costly, demanding task with blindside expenses and mountains of paperwork. But, with the help of Malaysian relocation consultation firm Cabana Worldwide, starting a business can be as easy as picking one of two company relocation options and letting Cabana put together the application. And, with benefits such as tax exemptions for applicants, there is much to benefit from starting a business in Malaysia.
There are two paths to choose from when starting a business in Malaysia. These options determine what type of business the company can conduct in Malaysia; how to apply; and the bonuses available.
Representative (Regional) OfficeThe regional office option allows a company to have legal entities (employees) in Malaysia who receive work permits without paying penalties or corporate tax from the Malaysian government. However, the company must keep its original clientele and cannot conduct business or invoice for products or services to Malaysian citizens.Applying for regional status requires approval by the Malaysian Industrial Development Authority (MIDA), and can take three to six weeks. Approval is granted for two years, and permits can be renewed for eight year extensions. Often, the Malaysian government will renew applications when a company shows the potential to establish private-limited status, which allows companies to offer services in Malaysia notes Najafizadeh. “The process of applying for a regional permit is not complicated,” said Amin Najafizadeh, a representative of Cabana Worldwide, “but communications can often be difficult. This is where a company like Cabana Worldwide can be a crucial third-party member and get companies off on the right track.”
Private Limited (Sdn. Bhd.)This is the second option, where companies establish full-services status in Malaysia. With a private limited permit, companies can offer services from Malaysia and to Malaysian customers.Approval commonly takes up to one week by the Company Commission of Malaysia (CCM). After approval, the prospective company will need at least two directors. Also, companies must meet certain criteria as deemed by the Malaysian government. These requirements vary depending on the type of company applying. Also, in certain circumstances companies may be asked to bring in local Bumiputera partners. “It is imperative for companies to know exactly what types of services they are applying to provide, and even more importantly, the company has to file its application accordingly,” said Najafizadeh. “We save companies hundreds-of-thousands of dollars just by guiding them through the process of properly applying for their permits.”
OffshoreOffshore accounts can benefit companies and individuals looking for offshore banking and investing, insurance, captives, trust business, fund management, investment holding, company management, or Islamic financing.The benefit of holding an offshore account is that when a company holds its funds under non-trading status, the capital is not qualified to be taxed. Non-trading accounts can be monies held in securities, stock, shares, loans, deposits, and immovable properties.
MM2HIn addition to company formation and offshore accounts, Cabana Worldwide assists its clients in obtaining long-term visas. Through the government’s Malaysia My Second Home (MM2H) program, individuals can obtain a 10-year visa that also grants family members passage into Malaysia and provides tax benefits.“My second home Malaysia program is a wonderful government initiative that opens the doors to this beautiful country to foreigners,” said Najafizadeh. “From entrepreneurs to retirees, Cabana Worldwide provides services to help anyone and everyone enter Malaysia with a readiness to succeed and enjoy the country.” Source: http://www.fastpitchnetworking.com/pr/pressrelease.cfm?PRID=33551
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