Author: boardroomsuperadmin

SG-MY-Lumi Meeting Services : Optimising Hybrid AGMs

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SG-MY-Lumi Meeting Services : Optimising Hybrid AGMs

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In our recent webinar, ‘2023 AGMs and EGMS – What Have We Learned’, more than 50% of respondents identified cost as a major concern when considering hybrid meetings. Many believe that hosting hybrid meetings costs twice as much due to the need for physical venues and remote setup. While rising costs and logistical expenses pose challenges, they also create opportunities for creative solutions.

One strategy is downsizing venues, prioritising quality over quantity. The key is to strike a balance between limited physical attendance and remote participation.

Here are our tips on how you can maximise cost efficiency and engagement in your hybrid meetings.

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Connect with our Meeting Services team today to discuss on how you can promote a dynamic and inclusive meeting environment that serves all stakeholders.

Contact BoardRoom for more information:

Richard Lee

Share Registry Services, Sales Director, BoardRoom Malaysia

E: [email protected]

T: +60 3 7890 4700

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A guide to the entities available for business registration in Malaysia successfully

A guide to the entities available for business registration in Malaysia successfully

A guide to the entities available for business registration in Malaysia successfully

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With its dynamic business environment, strategic location and excellent digital connectivity, Malaysia is an attractive destination for businesses looking to establish their presence in the Asia-Pacific region (APAC). Indeed, roughly 3,600 companies are formed in Malaysia every month.

Malaysia’s supportive government policies are particularly attractive for foreign investors, with the Malaysia Budget 2023 offering several business incentives to drive sustainable economic growth.

Whether you wish to learn about registering a private limited company in Malaysia or explore the other entity options available, this article provides guidance for successful set-up. Read on as BoardRoom Director of Corporate Secretarial Malaysia Tan Ai Ning unpacks the process of business registration in Malaysia and offers expert advice for getting your venture off to a strong start.

Entity options for business registration in Malaysia

Businesses expanding or starting in Malaysia have a variety of structures available to them.

Common entities formed are:

  • Sole proprietorship or partnership – Only available to Malaysian citizens (or permanent residents), this entity type is ideal for small business owners with either a sole proprietorship or up to 20 partners.
  • Limited liability partnership (LLP) – A hybrid between a company and a conventional partnership, an LLP provides the merits of the private limited companies (eg. limited liability) minus their cumbersome reporting requirements.
  • Company – Private limited or public limited companies are separate legal entities that can bind contracts, purchase assets and act as their own legal entity in court.
  • Private limited company – Many investors choose to register a Sendirian Berhad company (a private limited company) so they are able to conduct commercial activities, pursue long-term expansion, enjoy local tax benefits and obtain necessary grants and licences.
  • Foreign branch office – Ideal for short-term business expansion, this entity may only conduct business activities that align with the parent company.
  • Representative office – Valid for two years, and can be renewed, this entity type cannot generate revenue but allows foreign expatriates to explore business prospects and undertake product research locally.
  • Foreign LLP – Well suited to professional services, LLPs are a flexible, straightforward business structure investors can have full control over.

Foreign investors can set up a sole proprietorship or partnership in Malaysia on the condition that they have permanent residency in Malaysia.

Private versus public companies

The registration process for private and public limited companies is similar, but some key differences exist.

Private limited companies can be owned by Malaysian residents and foreign investors, but they can only have up to fifty shareholders and cannot offer shares to the public.

If you wish to access public markets to raise funds, as well as the benefit of liquidity and generate further investment, you may consider registering a public limited company.

Registering as a public limited company also provides the opportunity to apply for listing on the Malaysian stock exchange with the view to enhance your public profile, invite new business opportunities or promote expansion.

Malaysian stock exchange

LLP registration explained

Popular among business partners, family-owned businesses, start-ups and small-to-medium enterprises, LLPs offer more flexibility than private limited companies in their formation, maintenance and termination.

“Additionally, the compliance requirements for LLPs are less strict than they are for companies,” says Ai Ning.

As LLPs are a separate legal entity from the owners, they can provide additional protection for partners’ personal assets and wealth. However, this also means they may incur higher taxes, as partners are individually taxed based on their share of the profits.

“The tax bracket for individuals is higher than corporates in Malaysia,” Ai Ning explains. “When choosing between LLP and a company structure, several factors need to be considered. If the business is small and has a limited number of partners, LLP might be a better choice as it offers simpler compliance requirements. However, if you have a larger business that requires significant investments, a company might be a better choice as it offers greater flexibility in raising funds.”

Registering a company in Malaysia

How to register a company in Malaysia

The process for registering a company can seem complex to foreign investors, given the country’s unique legal and regulatory framework and navigating through unfamiliar administrative procedures. However, with the assistance of experienced local consultants and a clear understanding of the requirements, this process can be streamlined, unlocking the vast potential and opportunities Malaysia offers.

These steps include:

  1. Choose your entity type – Investigate the business structures available to you, and decide which will best suit your needs.
  2. Select a name – Choose a unique trade name that aligns with your marketing strategy and brand identity, then submit it for Companies Commission of Malaysia (CCM) approval.
  3. Organise your structure – You must nominate at least one resident director and a local company secretary. Private companies must also have at least one shareholder, while public companies must have at least two.
  4. Designate a local office address – This must be a physical address for receiving mail, such as legal and tax correspondence. If you do not have a registered office location, BoardRoom can provide one.
  5. Prepare your incorporation documents – You will need to collate a constitution, statutory declaration for directors, Declaration of Compliance, company name approval letter, and the identity card of every director and company secretary. Public limited companies must also supply an abridged prospectus for investors.
  6. Complete the online form – Visit the CCM website to submit your registration application.
  7. Pay the registration fee – The company registration fee is MYR 1,000.

“In the absence of any issues or questions, the CCM will then issue a certificate of registration, and the company will be registered,” Ai Ning says. “All in all, this generally takes about five to seven working days.”

The benefits of professional corporate services

Expanding into a new international market can be equally exciting and nerve-wracking. Consider engaging the support of a reputable corporate services firm who can assist with:

  • applying for government schemes and grants you may be eligible for;
  • opening a secure bank account;
  • meeting your compliance obligations (including obtaining necessary licences and permits);
  • helping your company thrive post-incorporation.

At BoardRoom, our highly credentialed Company Incorporation experts can help you register a business in Malaysia with confidence. Thanks to our deep knowledge and extensive network of trusted professionals, we can guide you on the most advantageous structure for your business, considering the types of activities you wish to conduct in Malaysia and the goals you aim to achieve.

We can then support you through the entire incorporation process so that you can make informed decisions every step of the way.

“When foreign investors want to establish a presence in Malaysia, they usually want to know about the local financing schemes, grants and compliance requirements they should be aware of once the incorporation process is finished,” Ai Ning says. “That is why we’re here – BoardRoom has the technology, international presence and professional advice to assist during incorporation and beyond.”

Our suite of end-to-end corporate services is designed to support you with all aspects of running a successful business, including corporate secretarial, tax, accounting, payroll, share registry, Employee Stock Options Plans and Environmental, Social and Governance.

Benefits of professional corporate services

Comprehensive support for business growth in Malaysia

A leading provider of corporate services in APAC, BoardRoom is ready to support and guide your regional or global business expansion journey. Our personalised, prompt and reliable service delivery helps ensure efficient, stress-free business registration in Malaysia.

“With a 60-year history of delivering outstanding corporate services, we have a strong track record, we anticipate problems, and we inspire action,” Ai Ning says. “Our full suite of services means we can support our clients throughout the entire business lifecycle, from the date of incorporation to the end.”

Contact us today to find out more about setting your new business up for success.

Contact BoardRoom for more information:

Tan Ai Ning

Corporate Secretarial services Director, BoardRoom Malaysia

E: [email protected]

T: +60 3 7890 4800

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Choosing between a physical or virtual AGM meeting: what works best for you?

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Choosing between a physical or virtual AGM meeting: what works best for you?

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With recent changes in regulatory requirements and shareholder activism, we have observed significant differences in how listed companies conduct their meetings to ensure regulatory compliance and meet shareholders’ expectations. Adoption of technology such as AGM webcasts and ESG factors have also influenced the way companies conduct their meetings. How do you decide on a suitable format for your next AGM?

We have compiled valuable insights reflecting the dynamic shifts that have taken place in the world of Annual General Meetings (AGMs) for the January-June period in Malaysia. Whether you’re an investor or a company executive, our infographic helps you understand the dynamics of virtual and physical AGMs in Malaysia. We help you weigh the pros and cons of each format and show you the contributing factors to a successful meeting.

Download our AGM Trends Infographic today to find out how you can make the right decision for your AGM strategy.

Download AGM Trends Infographic

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Should my company consider outsourcing accounting and bookkeeping services?

Should my company consider outsourcing accounting and bookkeeping services?

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Bookkeeping and accounting are essential functions of any business, but they can be time-consuming and complex as your business expands and you spend more time on revenue-generating activities. Depending on the country and industry that your business operates in, companies are required to comply with the approved accounting standards. In Malaysia, companies are required to prepare financial statements that comply with standards established by the Malaysian Accounting Standards Board (MASB).

Why outsource accounting services?

When selecting an accounting and bookkeeping services provider, one with vast experience, regional presence and network is especially beneficial as it has in-depth knowledge of local business environments throughout the region. It can help you consolidate multinational taxes and manage cross-border accounting to ensure strong financial compliance & reporting, reduce your risk and enhance your efficiency.

In this article, we’ll take a look at the top 5 reasons why companies should outsource your accounting function, and why outsourcing is becoming an increasing trend, according to the Global Finance And Accounting Business Process Outsourcing Market Report, 2023 published by Research and Markets.

1. Reduce cost and saves time

With bookkeeping and accounting done in-house, companies are faced with situations of employee resignations, which results in time and cost required to train new staff. When employees leave a company, they also take with them a wealth of knowledge and insights. This loss can have a significant impact on your business’s operations, productivity and continuity. But by entrusting these services to an outsourcing partner, you can safeguard against such knowledge gaps and ensure undisrupted and seamless operations.

By outsourcing your bookkeeping and accounting at a monthly fee, companies gain access to a team of experienced accountants who can provide services such as monthly bookkeeping, invoicing, accounts payable management, financial statement preparation, and cash flow forecasting. With these operational tasks taken care of by the vendor, companies can then focus on your core competencies and growth.

Reduce cost and saves time

2. Staying compliant with accounting standards

Not staying compliant with local rules and regulations can be costly in terms of financial penalties, not to mention the time spent on dealing with the auditors and regulators. As your company expand its scale across multiple regions and countries, the tediousness and complexity of keeping up with the paperwork for accounting and tax reporting intensifies. In order to avoid any blunders, a proficient accounting firm that is well versed in both local and international accounting frameworks and financial reporting standards like GAAP and IFRS can be the perfect companion to give you the assurance of legal compliance.

3. Fosters International business growth

Companies exist for a reason – to grow. An accounting services provider can be an invaluable business partner on your growth journey. They can provide detailed advice and accurate data at any time so you can make timely strategic business decisions.

For large businesses, an accounting partner can also help to establish internal accounting controls at your headquarters and roll these out within other branches. Having consistent internal controls in place across your regional locations means you can easily generate accurate group-wide data at any time of the year.

Fosters International business growth

4. Maximise tax benefits and tax deduction

Companies may be unaware of tax exemptions that you can benefit from, especially with the many changes and incentives announced during Malaysia’s annual budget each year. There are many types of taxes that MNCs and small business owners should be aware of, such as Malaysia Corporate Tax, Digital Tax, Stamp Duty, Service Tax (SST) and Withholding Tax.

Eligibility for deductions for the different taxes can be difficult to grasp due to the complexity of the requirements. The intricacies of numerous tax treaties may also be difficult to comprehend, resulting in unnecessary double taxation. An experienced accounting service provider can help you prevent such occurrences and take advantage of the appropriate tax benefits. This enables your company to maximize profits, at the same time ensuring tax compliance with accurate tax filing and advisory services. This also reduces the risk of an audit by tax authorities.

5. Move to digitalisation – Cloud accounting software solutions

The emergence of digital transformation has unlocked endless opportunities to turn data into actionable insights, but it has also left businesses struggling to maintain the skills necessary to achieve success in this new era.

An accounting services vendor with expertise in cloud accounting software like Xero, can help free up finance professionals’ time so they can pursue strategic business goals. Besides the convenience of accessing data real-time anytime and anywhere, cloud accounting has gained popularity due to its low cost as it eliminates the need for expensive on-premises software installations. Instead, with a SaaS model, companies only pay for the resources they use, allowing for scalability as their needs evolve.

Cloud accounting providers also have in place robust security measures to protect sensitive financial information from unauthorized access, loss, or hardware failure. This ensures a higher level of security protection compared to traditional on-premises solutions.

Move to digitalisation – Cloud accounting software solutions

Choosing the right accounting and bookkeeping services provider for your business

A full-service accounting and bookkeeping firm goes beyond transactional processing. It should be able to take over all aspects of your accounting and bookkeeping, from your accounts receivable and payable to your general ledger and financial reporting. An experienced vendor will be able to quickly and easily identify effective solutions for any accountancy challenges and ensure that your company has followed all the correct protocols for audit. They will also be able to provide business support in other additional areas such as cash flow management to help your company reach its goals.

No matter where your business is on the growth journey, by partnering with an expert accounting service provider, you can save time and money, access immediate expertise, ensure compliance and ultimately improve your business performance.

BoardRoom’s world-class accounting and tax services can support you in reaching your business objectives and maintaining a competitive edge. And don’t just take our word for it – see what our clients say about our service!

Contact us for a complimentary consultation now.

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Understanding ESOS and tax implications in Malaysia

Understanding ESOS and tax implications in Malaysia

Understanding ESOS and tax implications in Malaysia

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Employee share option schemes (ESOS) have become increasingly popular among companies in Malaysia as a way to retain top talent and boost productivity. They offer employees the option to purchase company shares at a discounted price, which can result in a significant financial gain if the company performs well.

In this article, we will discuss the fundamentals of ESOS and why they are a valuable tool for employers. We will also examine the tax implications of ESOS in Malaysia; the regulatory bodies and laws governing ESOS taxation; and best practices for companies and C-suite leaders to achieve compliance and minimise tax liabilities.

What are ESOS?

ESOS are a form of employee compensation that allows employees to purchase company shares at a discounted price. These schemes are designed to incentivise employees to work productively and contribute meaningfully to the company’s success, as their financial gain is tied to the company share price movement. The higher the increase in share price, the larger the financial gain to the employees.

ESOS typically have a vesting period, meaning that employees must wait a certain amount of time before they can purchase shares. This period is intended to encourage employees to remain with the company longer and to align their interests with those of the company.

ESOS versus Employee Stock Ownership Plan (ESOP)

An ESOS (Employee Stock Option Scheme) and an ESOP (Employee Stock Ownership Plan) are both employee benefit programs that involve providing employees with a stake or ownership in the company.

However, there are some differences between the two:

  • Nature of ownership
  • Purpose
  • Structure and funding
  • Control and governance

Plan types such as restricted share plans and performance share plans all have different objectives but can all be categorised under long-term incentive plans.

Employee Benefits

Tax implications of ESOS in Malaysia

One of the most critical factors companies must consider when implementing ESOS is the tax implications for the business and their employees.

Failure to comply with tax regulations can result in significant financial penalties and reputational damage. Therefore, it is crucial that companies fully understand the tax requirements of ESOS in Malaysia and take steps to ensure compliance.

ESOS tax implications for employers and employees

ESOS can have different tax implications for both employers and employees.

For Malaysian employers, ESOS are usually considered a non-deductible expense for a company. Employers are required to report the value of the options granted to employees as an expense on their financial statements under Malaysian Financial Reporting Standard (MFRS) 2. The employer would also be required to deduct income tax from the amount of gain realised by the employee on the exercise of the option.

Employees who exercise their options to purchase shares are subject to income tax on the difference between the market value of the shares at the time of exercise and the option exercise price paid. The individual income tax rate in Malaysia varies depending on the chargeable income of the individual, with rates ranging from 0–30%.

Calculating ESOS tax liabilities

Companies must accurately calculate the tax liability associated with share options for both the employer and employee to ensure compliance.

Under MFRS 102, companies are required to recognise the fair value of the share-based payment as an expense in their financial statements. The fair value of the share-based payment is determined at the grant date, taking into account the exercise price, the term of the option, the current price of the underlying share and the expected volatility of the share price.

Once the fair value of the share-based payment has been calculated, it is recognised as an expense over the vesting period.

Tax Liabilities

How to ensure ESOS compliance

In Malaysia, the regulation of ESOS is overseen by several government bodies, including the Securities Commission Malaysia and the Inland Revenue Board of Malaysia (IRBM).

Under Malaysian law, ESOS tax treatment varies depending on whether the option is granted to a local or foreign employee. Local employees are subject to Malaysian tax on the gain from exercising the option. In contrast, foreign employees are taxed only on the portion of the gain attributable to work done in Malaysia.

Penalties for non-compliance with ESOS taxation regulations can be severe. Companies that fail to comply with ESOS regulations may face fines, penalties and legal action from the authorities.

Best practices for C-suite leaders

C-suite executives can support ESOS compliance while minimising tax liabilities by implementing the following best practices in their organisation:

  • Engage with tax experts who can provide guidance on the tax implications of ESOS and assist in accurately calculating tax liabilities for your business and your employees.
  • Ensure compliance with all regulations and laws governing ESOS taxation in Malaysia.
  • Develop a comprehensive understanding of the accounting for share options under MFRS 102. This accounting involves measuring the fair value of the options, recognising an expense in the income statement and recognising a liability in the balance sheet.
  • Keep accurate records of all ESOS transactions and ensure that all employees are adequately informed and educated about the tax implications of their share options.
Best Practices

Common pitfalls to avoid

Despite the importance of compliance and accurate tax calculation, there are some common pitfalls that companies and C-suite leaders can encounter when it comes to ESOS taxation, including:

  • failure to accurately calculate the tax liability associated with share options, which can result in underpayment or overpayment of taxes;
  • incorrectly accounting for share options under FRS 102, which can lead to misstated financial statements and regulatory compliance issues; and
  • failure to meet ESOS reporting obligations.

Woon Chee says it is not enough to ensure your company pays its ESOS taxes on time; it is also important to be aware of and fulfil the reporting requirements that follow. For example, she notes that “upon launching the ESOS, the employer has to notify the IRBM within 30 days after the expiry date of the period of acceptance of the offer.”

How to avoid pitfalls

To avoid these mistakes, it is crucial for companies to engage with an expert ESOS provider who:

Offers a comprehensive platform for ESOS management that gives your employees and HR professionals full visibility of the details and status of each scheme
Possesses a deep knowledge of local tax laws within the jurisdictions your organisation operates, a wealth of ESOS management and relevant professional qualifications
Specialises in an integrated suite of corporate services alongside ESOS management, including taxation, accounting and payroll (so that all the expertise you need is easily, quickly accessible via one point of contact)

Woon Chee urges businesses not to underestimate the power of an innovative ESOS management platform.

“A good ESOS platform shows you all the details of every ESOS, so it’s easy for you to keep track of them and will largely reduce your tax liability,” she says.

It also takes the guesswork out of tax calculations so you can have confidence in your regulatory compliance.

Unlock the power of ESOS

ESOS is a powerful tool for retaining talent and boosting productivity, but C-suite leaders need to have a comprehensive understanding of the tax implications and regulatory requirements for ESOS in Malaysia.

By engaging with tax experts, staying up to date with regulatory requirements and following best practices for compliance and accurate tax calculation, companies can minimise tax liabilities and ensure that their ESOS programs successfully achieve their intended goals.

At BoardRoom, we offer expert accounting and tax advisory services across the Asia-Pacific region. By engaging our tax professionals, you receive access to specialist guidance and support to ensure compliance with all regulatory requirements and minimise tax liabilities related to ESOS.

Additionally, we can connect you with trusted consultants to support you with plan design, prior to implementing, so that your schemes are tailored to your needs.

Please contact us to find out how our world-class ESOS services can benefit your business.

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Streamline business growth by transitioning to outsourced accounting services in Malaysia

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Streamline business growth by transitioning to outsourced accounting services in Malaysia

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If you have ambitions to expand throughout the Asia-Pacific region (APAC), outsourced accounting services can help your firm grow smoothly in a challenging economic climate.

Business owners sometimes feel intimidated by the thought of working with an outside team because of the complexity of the accounting function. So, can accounting be outsourced? This article covers how outsourcing supports an intelligent business model and what you can do to make the transition go smoothly.

Why outsource accounting?

APAC firms are increasingly choosing to outsource accounting services because of the many benefits they offer. According to a 2020 global study, over half of finance and accounting professionals are considering outsourcing additional tasks.

There are three primary reasons for this trend.

1. Access to knowledge and expertise

Firstly, outsourcing makes it possible to hire experts with high levels of specialised knowledge and experience – professionals that are sometimes difficult to find through traditional hiring processes.

According to Yang Shuzhen, Accounting Director at BoardRoom, “Often, companies outsource because they’re looking for specialists who can improve their processes.”

The typical daily responsibilities of operational teams and supervisors are intensive and leave little time to objectively analyse procedures and spot improvement areas. An external team can help in many areas, and this is one such area.

Shuzhen notes that many people returned to their home countries after the COVID pandemic. As such, many organisations need help finding the essential skills and experience required to fill positions due to the tight labour market this has caused.

2. Fast and trustworthy service

Secondly, accounting outsourcing offers immediate, effective assistance when the turnover rate for financial personnel is significant.

“A lot of financial professionals want to take a break or try a totally new industry,” says Shuzhen. “So people are leaving, and in many cases, businesses are not able to replace them quickly enough.”

Worker shortages and poor handovers can lead to transactions and procedures going awry. Thus, businesses encountering these difficulties will seek the assistance of an external firm with a pool of qualified, experienced accountants available to evaluate the problem and swiftly support with processing.

“They require experts who have the knowledge to guide them in the future in addition to taking over their accounting duties,” says Shuzhen. “Standard operating procedures and internal controls, which are essential for success, can be established with the aid of an external team.”

Fast and trustworthy service

3. Digital transformation support

The accounting sector is going through a period of significant change due to increased digital transformation, creating opportunities to turn data into valuable business insights. In addition to executing transactional activities, the finance department is now expected to advance strategic company goals. As a result, the required skill set for finance professionals is changing.

To fulfil finance’s new position as a strategic business partner, organisations must mix human and machine-based skills while also exhibiting the four characteristics of future-ready companies: analytical, adaptable, agile and anticipatory. This is according to a 2020 Deloitte study.

The technical know-how and data analytics capabilities necessary to accomplish this can be challenging to maintain internally. This is why many organisations turn to premium accounting firms as a solution.

The effects of the COVID-19 pandemic have pushed outsourcing demand even further. By 2026, it is predicted that the worldwide finance and accounting outsourcing market will be worth USD 53.4 billion by 2026. This is primarily because corporate services companies can meet the industry’s demand for efficient solutions and stability during difficult times.

Challenges associated with in-house accounting

Businesses in the APAC region are turning away from in-house accounting for two main reasons.

It can be labour-intensive

It takes time to find, train and manage a financial team, and it also takes time to expand the team as your company grows.

“A company that is fast growing will see a lot of resources going toward educating the staff, maintaining morale and ensuring the team is performing properly,” says Shuzhen. “This is crucial because timely reporting and accurate financial information help the company when stakeholders are making decisions.”

But resignations can be demanding on a team. Businesses may invest time in providing the new team with adequate handoff and training, but because there will be a learning curve, it is doubtful they will have the same immediate impact as the last team. Additionally, there is no assurance that the employees will be around for a long time.

Shuzhen says that “Deliverables may be impacted by frequent transitions and short handover times.”

It can be challenging to adapt to technological change

Internal teams are under pressure to embrace new accounting systems that are more complicated than conventional ones due to the digital advancements occurring throughout APAC.

Although this adaptability is crucial for sustained productivity, the Great Resignation’s workforce shortages mean that there is often not enough time to guarantee that new processes are properly implemented. As a result, the new software can become more of a burden than a benefit, adding to the delays and costs.

A skilled accounting partner can connect with software providers to guarantee that new systems are customised to suit your company. Thanks to their ability to plan a systematic and trouble-free implementation of the latest software, they can ensure that the most crucial fixes are performed first, saving you time and reducing costs.

Accounting outsourcing: here are the steps

We recommend taking the following actions for an easy transition to outsourced accounting services in Malaysia:

  1. Consider the challenges you are faced with and the problems you are hoping outsourcing can help you with.
  2. Analyse the available funding for accounting outsourcing.
  3. Make contact with a premium accounting services company. They will converse with you to understand your current situation, assist you in compiling all the relevant data and provide guidance on what to do next.
  4. Ask about the accounting software options the company offers to get the best solution for your company.

A capable provider will focus on the most important jobs first. Whether this means creating solutions for immediate problems or troubleshooting existing issues, your primary concerns will be addressed before moving on to the next steps. Once these issues are under control, they will collaborate with you to develop a comprehensive end-to-end accounting system that works for your company and offers you individualised support.

It is also important to think about who within your organisation would be the best to communicate with your supplier on a one-on-one basis to facilitate effective and seamless communication.

The essential factor is that the appointed person has excellent financial knowledge and can discuss financial topics in detail. The chosen individual might be a finance manager, CEO, firm owner or director. Additionally, it will guarantee that the merging solutions are specific to your needs.

Accounting outsourcing

Choosing the best provider for your company

Just as an in-house team would, your accounting services provider should seamlessly integrate with your company. Once we have gained a deep understanding of your issues, we can provide all of the benefits of an in-house team while removing all the disadvantages.

From your accounts receivable and payable to your general ledger and financial reporting, a full-service business can handle all facets of your accounting and bookkeeping. To assist your organisation in achieving its objectives, they will also be able to offer business support in other areas, such as cash flow management.

“At BoardRoom, our accounting service extends beyond transactional processing,” says Shuzhen. “Financial data can be valuable, and we utilise this data to the fullest extent when advising our customers.”

It is important to choose an experienced provider because they will be able to quickly and easily pinpoint workable solutions to any accounting problems you may be experiencing. Also, you will be able to trust that your business has adhered to all regulations the next time it is audited.

Accounting outsourcing pitfalls you need to avoid

Avoid postponing your decision if you are thinking about switching to accounting outsourcing. Businesses frequently waste resources trying to address accounting difficulties on their own when an external services provider could have stepped in much sooner and implemented solutions much faster.

Even a small organisation can have a build-up of financial problems and commitments. For this reason, involving an outside provider from the beginning is vital if you are establishing a new business or branch in a neighbouring country. They will ensure that the proper accounting procedures are in place from the start.

The more you wait to outsource, the more difficult and time-consuming it can be to manage your funds, potentially exposing your business to unnecessary risks.

What to avoid when outsourcing your accounting

The ways outsourcing can accelerate business growth

An accounting services provider can be a crucial business partner on your growth journey if your firm has expansion goals.

They will be able to help you by:

Giving you thorough guidance and reliable data at any time (so you can make timely decisions)
Creating reports for possible investors
Creating financial ratios so you can have timely conversations with banks

An accounting partner can assist with setting up internal accounting controls at your corporate headquarters and implementing them within the finance departments of other countries. You can quickly provide reliable group-wide statistics at any time of the year if you have similar internal controls in place throughout your regional sites.

Maintain compliance across multiple countries

Accounting partners also help businesses thrive by guaranteeing complete regulatory compliance, including creating and filing statutory reports.

Concerning your Malaysian requirements, they will ensure that all Malaysia Financial Reporting Standards are satisfied and SST returns are submitted on time. Different regulatory frameworks, some highly onerous and complicated, may also be present in other APAC areas. Therefore, having a provider that supports multiple regions is essential.

Begin your transition to outsourced accounting

No matter where you are in your expansion process, setting up your accounts is essential for guaranteeing a straightforward and successful course.

Please contact us to learn more about the premium accounting and bookkeeping services that BoardRoom offers, and our complementary payroll outsourcing and tax advisory services.

Contact BoardRoom for more information:

Yang Shu Zhen

Yang Shuzhen

Director, Accounting

E: [email protected]

T: +60-3-7890 4800

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Malaysia Budget 2023

Malaysia 2023 Budget Key Tax Highlights Membangun Malaysia MADANI (Re-tabled on 24 February 2023)

Malaysia Budget 2023

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Malaysia’s 2023 Budget, which was re-tabled on 24 February under the new Unity Government, totaled RM388 billion. Almost 75% of its budget has been allocated to Operating Expenditure, signaling the Government’s commitment to drive its reform agenda and revitalise Malaysia’s economy.

Several tax incentives were announced as part of the Government’s strategy to drive an inclusive and sustainable economy. To find out how the tax measures announced will implicate your tax planning, download our Malaysia 2023 Budget Report today.

If you have any questions relating to the information contained in this report or require tax advisory services, please email our tax advisors at [email protected].

DOWNLOAD THE FULL MALAYSIA BUDGET 2023 REPORT
Malaysia Budget 2023 Main Highlights Preview Updated

Should you have any questions regarding the information provided in the report, please do not hesitate to reach out to your respective BoardRoom client managers or email us at [email protected].

Best regards,

BoardRoom Team

DOWNLOAD THE FULL MALAYSIA BUDGET 2023 REPORT

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What is SST? Your guide to sales and service tax in Malaysia

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What is SST? Your guide to sales and service tax in Malaysia

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If you are planning to expand your business into Malaysia, you are likely asking the question, What is SST?

SST refers to the Malaysian sales and service tax, where a sales tax is imposed at the manufacturer level, and a service tax is paid by consumers who are using taxable services.

Tax regulations are relatively fluid in Malaysia compared to neighbouring regions, which can make compliance challenging to maintain. This is why many growing businesses partner with a corporate services team who can help them navigate multi-country taxes as they evolve.

Read on as BoardRoom’s Tax Director for Malaysia, Cheong Woon Chee, provides an overview of how SST works, and what you can do as a taxable person to ensure compliance.

Did SST replace GST?

In 2018, the Malaysian Government reintroduced sales and service tax to replace the goods and services tax (GST), which reformed the local tax system.

“Many people actually believed that GST had increased the living cost since it was implemented,” Woon Chee says. “Therefore, the main objective of this abolishment was to put more purchasing power in the hands of the Malaysian people – especially the lower- to middle-income earners – which would result in a much higher disposable income.”

How SST works in Malaysia: definition and rates

SST is an indirect tax made up of the following components.

Sales tax

The sales tax component of SST is imposed on products manufactured and produced locally and on taxable goods imported into Malaysia. It is charged to consumers based on the purchase price of certain goods and services.

The sales tax is only imposed at one stage of the supply chain (at the time of the goods’ sale or disposal).

The sales tax rate in Malaysia ranges from 5%, 10% or another specified rate, depending on the type of goods.

Your business is required to pay SST if your total sales value of taxable goods has exceeded RM 500,000 in the past 12 months.

Service tax

The service tax is a consumption tax imposed on taxable services provided in Malaysia by a registered business.

The rate for service tax is 6% in Malaysia.

Your business is required to pay SST if your total value of taxable services within 12 months exceeds the prescribed threshold, which is usually RM 500,000. Some services have a different threshold (for example, the threshold for operators of restaurants and cafes is RM 1.5 million).

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How to register for SST

If your business’s annual income has exceeded the respective thresholds for sales or service tax, you need to register for SST on the MySST website. A tax professional can assist you with this process.

Is there anything or anyone exempt from SST in Malaysia?

In Malaysia, services that are imported or exported are exempt from service tax, as are goods manufactured for export.

Other exempted goods include:

Bicycles, including certain parts, and accessories
Books, newspapers, magazines, and journals
Live animals, meat, seafood, and eggs
Insecticides and disinfectant
Cereals
Coffee and tea
Fertilisers
Pharmaceutical products
Spices
Wood pulp

Manufacturers of non-taxable goods are exempt from SST, as are certain government bodies and educational institutions.

You can view complete lists of exempted goods, services and persons on the MySST website.

Exemption rules can be complicated, and the ramifications for tax evasion are severe. This is why it is a good idea to consult a tax professional who can help determine whether SST applies to your business.

Is SST different from company tax?

Another common question among businesses branching into Malaysia is, What is the company tax rate?

When it comes to understanding how to pay tax in Malaysia, business leaders should first learn the difference between SST and company tax.

While SST is imposed by the Royal Malaysian Customs Department, corporate tax is imposed by the Inland Revenue Board.

“Corporate tax is governed under the Income Tax Act 1967, which applies to all companies registered in Malaysia for chargeable income derived from Malaysia, including profits, dividends, interest, rentals, royalties, premiums, and other income,” Woon Chee explains.

Currently, the general rate for corporate income tax in Malaysia is 24%.

SST different

What is required of businesses to comply with SST?

All companies doing business in Malaysia – no matter their size – should do the following to ensure compliance with SST:

Find out if you are liable for SST by checking the prescribed thresholds for goods and/or services
Determine if your business is eligible for exemption from SST (and apply for an exemption if eligible)

If your business is liable for SST, ensure that you:

Register for SST on the MySST website (check first whether you are already registered)
Charge service tax on your taxable service (if applicable)
Issue invoices in the national language or in English
File returns every two months
Make payments on time
Keep accurate records

Ensuring SST compliance can be an arduous process, which is why many businesses in Malaysia choose to engage a skilled corporate services provider for ongoing support.

What you may not know about Malaysian taxation

As a business leader, it is important that you stay aware of local taxation developments and discourse. With this knowledge, you will be able to make smarter decisions when it comes to company strategy and forward planning.

Some of the latest tax facts you should know include:

  • In its first year of implementation, Malaysia’s digital services tax brought in more than RM 400 million for the government. With the uptake of digital tools and streaming services on the rise, this indirect tax is likely to provide a significant revenue stream for the government in the years to come.
  • A tax exemption for SST on cars ended on 30 June 2022 after an extension was provided as part of the Malaysia Budget 2022. The exemption was introduced in 2020 to help automotive companies survive the impacts of the COVID-19 pandemic and also stimulate local economic growth.
  • Malaysia’s tax regulations are in a near-constant state of flux. Malaysia’s 2023 budget is set to be retabled, meaning businesses must be ready to adapt to potential new tax requirements in the near future.
  • Many companies find outsourced accounting and tax services benefit their business by ensuring they meet regulatory requirements, particularly as they grow and evolve.

Maintain SST compliance in Malaysia with the help of a tax professional

Navigating Malaysia’s tax landscape can be a complex and time-consuming exercise, especially for new businesses. In contrast to neighbouring countries, tax regulations and rates in Malaysia change so often that the tax research you performed at the start of your expansion journey may no longer be relevant just six months later, such as with the reintroduction of SST.

To ensure smooth and successful business growth, and to answer any of your questions about sales and service tax or otherwise, contact a local tax professional who can help ensure your Malaysian venture is fully compliant from the start.

Contact us to find out more.

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The impact of a great company secretary in modern Malaysia

The impact of a great company secretary in modern Malaysia

The impact of a great company secretary in modern Malaysia

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How company secretary responsibilities are evolving in Malaysia

Historically, the responsibilities of a company secretary were limited to basic administrative tasks such as minute taking, annual return filing, editing company constitutions and other internal office duties. But the role is evolving as business management and corporate governance grow increasingly complex and gain greater importance.

In modern-day Malaysia, the company secretary is an executive-level role tasked with a wide range of important responsibilities across multiple business functions. As such, the company secretary plays a critical role in helping a business reach its maximum potential.

In this article, we explore the evolving role of a company secretary, and how a skilled company secretary can help your business gain a competitive advantage.

Why is a company secretary important?

Company secretaries carry out various duties to support the running of a business: importantly, they ensure full compliance with the Companies Act and related regulations.

If your goal is to succeed in business, particularly in competitive markets, do not underestimate the value of an experienced company secretary. They will be able to help elevate your governance practices in a way that maximises both benefits and performance.

Company secretarial services can include:

  • establishing the best structure for your business;
  • lobbying for the development of a strong environmental, social and governance strategy, known as ESG in Malaysia;
  • ensuring regulatory compliance; and
  • implementing contemporary corporate governance practices.

The company secretary acts as a voice of reason, ensuring your business pursues its goals with equal determination and integrity.

Corporate Secretary

The role of a company secretary in Malaysia

The rules and regulations for company secretarial services vary across the Asia-Pacific (APAC) region. In Malaysia, businesses are required by law to appoint a company secretary after incorporation.

Common duties for company secretaries in Malaysia include:

Participating in board meetings
Coordinating annual general meetings
Liaising with shareholders and directors
Keeping secretarial records of the company
Preparing and lodging annual returns
Obtaining certification of documents by local authorities
Handling the consolidation, division and transfer of shares
Performing ad hoc tasks on behalf of the board (e.g. signing bank or statutory statements).

Company secretaries can help at every stage of business, from registering a company to closing a company.

How has the company secretary role evolved?

While company secretaries used to have very little authority, today they are well-versed in local laws and regulations. This means the role has taken on a key business advisory function: directors and shareholders can seek the company secretary’s advice on the best way to handle compliance matters.

New focus areas for company secretaries include guiding the board on ESG and matters of legal compliance.

Environmental, social and governance

Rising expectations from regulators, investors and customers for strong ESG in Malaysia means businesses are under mounting pressure to demonstrate good governance. According to a 2020 KPMG survey, sustainability reporting in APAC has grown from 78–84% since 2017.

The company secretary’s broad involvement in both business operations and board activities means they have a crucial role to play in ESG advancement.

Company secretaries can support ESG performance by:

  • helping devise contemporary ESG measures (e.g. introduction of a whistleblower protection policy);
  • working collaboratively with the sustainability team to manage and control ESG risks and opportunities;
  • arranging regular ESG auditing; and
  • assisting with transparent ESG reporting in the company’s annual report.

 

    Legal compliance

    Keeping up with statutory requirements and advising updates to the legal team is a core responsibility of the company secretary. While the company secretary is not held accountable for legal decisions, directors and management teams must be able to trust that the company secretary’s compliance advice is reliable and up to date.

    On top of this, company secretaries must help the company prepare for all types of legislative uncertainty.

    Company secretaries support legal compliance in many ways, including:

    • planning and coordinating shareholder and board meetings and taking attendance;
    • preparing shareholder and board resolutions;
    • ensuring timely filing of all necessary ​​returns with the Companies Commission of Malaysia;
    • updating the Companies Commission on changes to statutory information;
    • ensuring compliance with Securities Commission legislation;
    • reviewing and preparing corporate governance reports for inclusion in annual reports; and
    • helping the company meet the requirements of Bursa Malaysia.

    The best company secretaries can develop tailored compliance solutions that satisfy requirements without costing unnecessary resources.

    Top challenges in company secretarial services

    Key qualities to look for in a company secretary include adaptability and strong communication skills. These attributes are crucial for overcoming common challenges in the compliance space.

    Here are the three main challenges company secretarial services may face.

    1. Keeping up with changing regulations

    The biggest obstacle for company secretaries is keeping their organisations compliant amid rapidly evolving regulatory landscapes. One way they support ongoing compliance is by working hand-in-hand with regulators.

    Company secretaries act as a vital link between organisations and authorities. They are able to access information about regulatory changes before they are made and can therefore help their organisation prepare in advance.

    This way, there is no big rush to adjust processes or take action once the changes come into effect.

      2. Developing tailored compliance solutions

      A successful compliance framework will look different for every business depending on its location, size, industry and listing status. This means company secretaries must have the skills to devise tailored business solutions for their organisation in line with the company’s constitution and within the framework of the Companies Act.

      When properly customised, a compliance framework supports a business to operate with integrity while also performing well in its industry.

      3. Obtaining buy-in from stakeholders

      Sometimes, companies fail to see the value of investing in a skilled company secretary. This is usually due to a poor compliance culture, where compliance is viewed as a burdensome box-ticking exercise rather than an opportunity to advance company goals.

      It is the responsibility of the company secretary to oversee compliance activities across the organisation.

      They should help the directors, shareholders and all staff to understand:

      • why statutory, regulatory and corporate requirements exist;
      • why the organisation must comply with these requirements; and
      • how the organisation and its people benefit from strong compliance.

      To ensure your business remains in strict compliance with all relevant requirements, make sure to appoint a company secretary that takes compliance very seriously.

      Corporate Secretary

      Partner with a company secretary you can trust

      If your company secretary lacks the right qualifications, skills or attitude to support good corporate governance, your business will be at risk of penalisation for failing to fulfil its compliance obligations. You may also miss out on valuable opportunities to improve your efficiency, productivity and profitability.

      Many organisations choose to streamline their operations by engaging in a reputable third-party corporate services provider. With this approach, executive staff can worry less about compliance obligations and focus more on business growth.

      Additionally, you can:

      Ensure your company incorporation is handled seamlessly
      Streamline your cross-border business administration
      Achieve multi-country compliance via one point of contact
      Receive vital business advisory services to support success in new regions
      Save time and money through a reduced administrative load
      Put more resources into achieving your primary objectives

      If your organisation has plans to expand across APAC, it is important to consider and prepare for the new set of regulations and cultural nuances each region will bring. You will also need to adhere to legislative requirements for any international partnerships you establish.

      The complexity of your operations can increase however if you engage corporate service providers in each region to meet relevant requirements.

      Corporate Secretary

      Gain a competitive advantage

      If your aim is to achieve successful business growth across APAC, BoardRoom provides a full suite of corporate services to suit your needs. Our Malaysian company secretary team stays up to date on regulatory developments and industry best practices to provide you with insightful advice every step of the way.

      To find out more about partnering with a skilled corporate secretarial team, chat with our specialists today.

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      Great corporate governance in Malaysia starts with a qualified company secretary

      Great corporate governance in Malaysia starts with a qualified company secretary

      Great corporate governance in Malaysia starts with a qualified company secretary

      boardroomsuperadmin

      The COVID-19 pandemic reshaped the corporate landscape of markets all over the world. Survival has meant adapting to ongoing uncertainty and change. But as we enter a new era of economic promise, Asia-Pacific businesses are proactively pursuing corporate governance to secure a prosperous future for themselves and the broader economy.

      In this article, CEO of BoardRoom Malaysia, Samantha Tai, explains the importance of corporate governance in Malaysia and how leaders can establish values-based governance practices for the best outcomes. We will also explore the pivotal role of the company secretary in advising and implementing best-practice corporate governance initiatives effectively.

      What is corporate governance?

      At an organisational level, the meaning of corporate governance lies in achieving higher performance, acting with integrity and maximising value to stakeholders. Businesses that meet corporate governance standards are more likely to achieve corporate objectives, attract investment and outperform competitors.

      Importantly, Group-wide corporate governance also helps reduce the risk of malpractice and subsequent penalisation.

      “Under Section 17A of Malaysia’s Anti-Corruption Commission Act, organisations can now be held liable for the corruption act of an individual officer,” Samantha says. “So companies need to make sure they have adequate procedures in place.”

      Corporate governance itself is not a legal requirement for all businesses in Malaysia, but Samantha says its alignment with fiduciary duty makes it an important investment for any leader.

      “In BoardRoom training sessions, we start by explaining a director’s fiduciary duty to the Commonwealth to always prioritise the best interests of the company, minimise conflicts of interest and act in good faith,” she says.

      “In Malaysia, fiduciary duty is taken very seriously, with regulators taking action against directors who neglect their duty — including independent directors.”

      Successful corporate governance frameworks involve:

      • the development of customised policies; and
      • the subsequent implementation of those policies.

      Stewardship of this function usually resides with the company secretary.

      CorporateGovernance

      How company secretaries drive good governance

      Historically, the company secretary performed a purely administrative role and had very little authority. Today, the company secretary performs a wide range of vital responsibilities for the company, as both a senior business manager and a statutory officer.

      Alongside their key role in the administration of important undertakings such as company incorporation, company secretaries serve as the link between the board of directors, senior management and the company’s stakeholders (including regulatory bodies). This includes leveraging digital technologies, such as board management and ESG software, to strengthen board and shareholder processes and improve corporate governance. In addition, their thorough knowledge of local regulations means they can ensure corporate governance standards are implemented, followed and regularly reviewed.

      Samantha says the current role of the company secretary is clearly set out in the Malaysian Code on Corporate Governance.

      “In Malaysia, the views of the company secretary on corporate governance are sought because they attend all board meetings, know the relevant policies and understand compliance requirements,” she says. “They advise the board on corporate governance processes that need to be put in place. This may relate to the board composition or the company’s policies and code of ethics, for example.”

      They also help publicly listed companies demonstrate corporate governance in their annual report, including mention of any alternative methods used to achieve the same objective.

      Company secretarial duties have become so synonymous with corporate governance that the UK’s Institute of Company Secretaries and Australia’s Institute of Chartered Secretaries and Administrators have both rebranded to the ‘Chartered Governance Institute’, with other regions expected to follow suit.

      Corporate Secretarial

      How to improve your corporate governance

      Good corporate governance will become increasingly important in the years to come, with regulators expected to introduce new recommendations for both public and private businesses. Organisations that continue to meet best-practice standards as they evolve will be in a strong position to grasp new opportunities and meet market demands.

      By taking the following steps, you can lead your organisation towards stronger corporate governance.

      1. Appoint a qualified company secretary in Malaysia

      The first step to improving your corporate governance is ensuring your business complies with current rules and applies best practices, particularly those prescribed in the Malaysian Code on Corporate Governance. This also means adapting to new standards as they come into effect.

      For example, the Securities Commission Malaysia recently rolled out group-wide governance requirements for listed corporations.

      “Publicly listed companies already need corporate governance because they must report to the stock exchange,” Samantha explains. “But now, on top of that, they must ensure corporate governance is practised in all their subsidiaries too — regardless of whether the subsidiaries are themselves listed entities or located in Malaysia or overseas.”

      To satisfy this requirement, an experienced company secretary would assist with the establishment of a group-wide framework for corporate governance. The framework would include a code of conduct, as well as policies and procedures for corporate governance issues such as whistleblowing, anti-corruption, board diversity and sustainability.

      Company secretaries help uphold corporate governance by:

        • Staying across changing standards
        • Checking compliance levels
        • Conducting gap analyses

        Company secretarial services providers are a popular choice for leaders who want peace of mind about receiving specialist advice that’s tailored to their organisation.

        2. Develop detailed, customised policies

        Despite Malaysia’s relatively strong corporate governance performance, the country still experiences corporate irregularities month to month. Failure to meet expectations tends to come down to internal perceptions of corporate governance as a mere box-ticking exercise, with the resulting policies lacking sufficient length and detail.

        Demanding workloads at a senior level can lead to quick copy-paste solutions.

        “But corporate governance is not just copywriting,” Samantha warns. “For corporate governance frameworks to work, you have to bring your relevant management team together to discuss their development, as there are many tools available.”

        The most effective corporate governance policies:

        • are comprehensive;
        • reflect the values of the organisation;
        • suit the organisation’s industry and size; and
        • detail how good governance is actively applied.

        3. Adopt integrated reporting

        While it is important to ensure your corporate governance policies and annual reports are up to standard, good governance can’t be achieved through documentation alone. Samantha says that integrated reporting is likely to become mandatory in the coming years.

        “Integrated reporting is a process founded on integrated thinking for communicating how an organisation’s strategy, governance, performance and prospects lead to value creation,” Samantha says. “It makes your annual report more meaningful.” Embarking on an integrated reporting journey allows for better employee engagement and value creation, rather than looking at reporting as a compliance exercise alone.

        All members of an organisation have a role to play in pursuing good governance, so it is also important to spend time demonstrating the value of corporate governance to board members and staff. You can do this by explaining how corporate governance practices are important tools for enhanced company performance, rather than arbitrary obligations that must be met.

        “Successful corporate governance is integrated into the day-to-day operations of the company,” Samantha says. “It’s not just a policy for compliance.”

        CSReporting

        4. Incorporate and prioritise ESG in your company culture

        Aligning your company culture with your Environmental, Social and Governance (ESG) initiatives, will help employees better understand corporate governance and the role they play in it. Investing in an ESG professional can help you communicate important messages, maintain up-to-date ESG reporting and ultimately drive a positive company culture.

        According to Samantha, many leaders are so focused on navigating a challenging economy that they deprioritise ESG issues. “But remember, the ‘social’ part of ESG is about your employees,” she says. “At the end of the day, taking care of your employees will impact your bottom line.”

        In the interests of top-down corporate governance, regulators are also encouraging greater board involvement in ESG initiatives, with country-specific compliance requirements changing regularly. Board directors are in the best position to account for ESG risks and make decisions to lift shareholder value. Because of this, greater responsibility is placed on securing a comprehensive ESG strategy that benefits the company, its shareholders, employees and the environment.

        ESG

        Start practising good governance today

        The effectiveness of your corporate governance efforts in the years to come will determine your business success in the short and long term.

        It is important that your company board and executive staff champion your governance framework, but it is equally important that your company secretary drives its success. For the best results, choose a company secretary that offers varied expertise, strong ethics and outstanding communication skills.

        Having a reliable company secretary handling your corporate governance also allows your executive team to focus on key business objectives, such as taking your company digital.

        Contact BoardRoom’s corporate secretarial experts to discuss how we can help your business reach its corporate governance goals.

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