Process of Starting a New Business

People in the world are heading towards business for the profit it can bring. For this reason, entrepreneurs are targeting foreign countries for company registration. Process of starting a new business registration anywhere in the world is the same. The steps and procedure may be different, but the main steps are same wherever you go to register your new business. We will be covering the basic steps of some countries in this article. However, if you read this article, you will have the basic requirements for company registration anywhere in the world.

How to Register Company in Malaysia?

Registering business in Malaysia requires some rules to be followed by the SSM. SSM is the statutory body which regulated companies and businesses in Malaysia. The registration process in Malaysia is simple. Just follow some simple steps for company registration in Malaysia.

SSM Registration Process

SSM guidelines provide some steps to register company in Malaysia. The steps are provided below:

  • Prepare 3 company names
  • Check company name availability
  • Complete ‘BORANG PNA 42’ form to register a Company Trade Name
  • Complete ‘BORANG A’ form to register your company
  • Submit both forms to SSM head Office

Business Entities available for Registration in Malaysia

There are 8 business entities available in Malaysia. But only 2 entities are available for foreigner who want to register their business in Malaysia. All the business entities are provided below with the 2 entities available for foreigners at the beginning:

  1. Sendirian Berhad (Sdn Bhd) / Private Limited Company
  2. Foreign Company
  3. Sole Proprietorship
  4. Partnership
  5. Company Limited by Guarantee (CLG)
  6. Sendirian (Sdn) / Unlimited Company
  7. Berhad (Bhd) / Public Limited Company
  8. Perkongsian Liabiliti Terhad (PLT) / Limited Liability Partnership (LLP)

How to Register Company in Bangladesh?

Bangladesh has a growing economy. Registering your new business in Bangladesh will have its benefits. The registration in Bangladesh is somewhat same as in Malaysia we discussed earlier in this article. RJSC provided guidelines for company registration in Bangladesh.

Business Entities Available in Bangladesh

  • Private Limited Company (LLC) can be a subsidiary or 100%, local shareholder\
  • Branch of a foreign company or a liaison office
  • Public Limited Company (PLC)

Documents Required for Company Registration in Bangladesh

As the guideline from RJSC suggests you will need the following documents:

  • General Information of the shareholders as in passport
  • Pre-board meeting resolution which must contain share allocation, position, bank signatory, objective clauses.
  • Inward remittance letter from the bank
  • Shareholder’s photo
  • Signed form of share allocation
  • Signature of the director as the proof of address and shareholding
  • Bank solvency for import export company formation

Estimated Fees of Company Registration in Bangladesh

  • Company Incorporation – 9800 taka least
  • Trade License – 4500 taka least
  • Income Tax Certificate for Corporate – 1500 taka
  • VAT – 4000 taka
  • Membership from Chamber of Commerce – 11000 taka least
  • ERC – 7000 taka least
  • Fire License – 15000 taka least
  • Manpower – 5000 taka least
  • BIDA – 4000 taka least
  • Environment Certificate – 4000 taka least

Company Registration Provider and Licenses

Different types of permits and licenses are required for company registration in Bangladesh. Your business nature will determine the licenses you will need. Different licenses must be collected from different governing bodies. Export-Import and manufacturing companies require more licenses.

  • Documents must be prepared by a lawyer or expert to begin registration in Bangladesh
  • Encashment Inward Remittance Letter collect from bank
  • A signature, shareholding position, share percentage, personal details, and photographs

Time Required for Company Registration in Bangladesh

The required time for company registration is provided in the table below:

License / Approval Particulars Duration
Incorporation Certificate MoA, AoA, and Forms 7 Days
Trade License Trade License Copy with photo 2 – 3 Days
TAX Identification Number (TIN) TIN is must for all companies 1 Days
VAT VAT is a must for all companies 7 – 10 Days
Membership from the chamber of commerce All Export and Import Company 5 – 30 Days
Import and Export License (IRC, ERC) Only for Export and Import Company 7 – 15 Days
Fire License For all factory and corporate 7 – 15 Days
Factory License Manpower Approval 3 – 10 Days
Bostro For cloth factory business 7 – 10 Days
Branch Office Branch permission for 2 – 5 years 30 Days
BEPZA / BIDA Branch open permission for 3 – 5 years 30 Days

 

How to Register Company in Thailand?

Thailand Company Registration in increasing day by day. This country is known to have a good growth in economy. This is one of the main reasons for the demand for company registration in Thailand. The steps of company registration in Thailand will be provided below.

Business Entity available for Registration in Thailand

  • Thai Limited Company
  • Thai Partnership / Limited Thai Partnership
  • Thai Representative Office or Branch Office

Thai Limited Company Registration Process

The Thai Limited Company is one of the best forms of company in Thailand. The requirement is that only 3 shareholders are in place. This type of company must hold at least 51% share to register their company in Thailand. The requirements are provided below:

  • Minimum three Thai nominee
  • At least one director
  • An auditor
  • A Memorandum of Association
  • Statutory meeting
  • Registration of the incorporation papers
  • Obtain an Income Tax Registration ID number

Companies that are registered must hire auditors who will audit their financial statements once a year. The auditor must submit audit reports to the Revenue Department.

Registration Process in Thailand

When you want to register your company then the process of company registration is somewhat same for every country in the world. The process is provided below:

  • Company name search
  • Registration of the company name
  • Prepare and submission of Memorandum of Association
  • Prepare and submission of Article of Association
  • Fixing a Statutory Meeting
  • Submission of necessary documents for company registration
  • Registering for VAT or Tax

Conclusion

Doing business internationally has its benefits. You can take advantage of the currency conversion system. The government support for a specific country can be more than your host country. Taking the benefits, you can register your company in a foreign country. Registration process is somewhat same for every country. Some steps need to be followed to register your company. Doing business legally requires licenses for every nature of business.

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