If a business is in your mind and you are harvesting thoughts of becoming an entrepreneur, then you might be thinking about setting up a company to fulfill your dream. This way, you can give employment to the people and thus shoulder your social responsibility. Just setting up a company is not enough in Malaysia; you will also want to get it registered to do the full-fledged business operations. One should register a company in Labuan to get all the benefits of a fully operational business organization. An individual should always be aware about the pros and cons of setting up a company in a particular area.
The Initial Phase
A licensed Labuan trust company can only do the registration of a company in Labuan as an agent. It is important to understand the client’s objectives, business strategies and share capital requirements in order to recommend the right plans and the license. The choice of a company name is required for the registration of the Labuan Company. It is one of the essential steps to answer the question of how to set up a company in Labuan? Certain factors need to be in order for the inception of the company.
The Naming Process
No company can come in existence without a proper name, because it is the name that gives a unique identity to any business company. Reservation of the name is a must for every company in Labuan, and the selected name has to be finalized by Labuan International Business and Finance Centre (Labuan IBFC). If a name that is submitted by the entrepreneur is available, then it can be reserved for a particular company and the company will be registered will that name only, i.e., the name will be associated with the company for its entire lifespan.
After a company has come into being, after being named, it is mandatory to get it registered with the Inland Revenue Board for tax filing purposes. One needs to submit all the documents, which are essential for tax registration. Every business in Labuan is liable to pay taxes to the government and this is done through the tax-filing process. A company gets a tax registration number, once it is registered with the tax authority of the nation. This is a vital cog in the process of registration because; every company has to pay the stipulated tax to the government, if all is not well with the tax aspect, a company cannot get the final go-ahead.
The Final Approval
When all the processes are well-taken care-off, and all the documents are in order, it is the time to get the final approval. When the Labuan FSA has given it all green after the submission of the documents and the deposition of fees, it will take approximately 24 hours to get it registered. A company has to go through this lengthy procedure, before it finally gets through the registration process, and makes an identity of its own.
The Final Words
If you have set-up a company and want to play big on the chess-board of business, registration is the first and foremost step. To get through all the incorporation and registration processes, a competent management company is always sought after.
Signature Trust Ltd. Is a company, which specializes in all the registration and all the other incorporation procedures. We have a dedicated team of professionals who can guide and assist every client through the incorporation process.