Accounting Services in Malaysia
Updated on Monday 22nd August 2016
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Foreign investors who want to open a company in Malaysia are advised to receive assistance for the accounting activities carried out in their firm. As a general rule, companies incorporated in Malaysia can carry out their own accounting services, but it is recommended to ask for the professional services of accounting experts, who are familiar with the local legislation. If the accounting services are outsourced or carried out by accounting professionals, the company will reduce its general costs. Our team of company formation specialists in Malaysia can provide assistance on the various types of accounting services, available under the local legislation.
Types of accounting services in Malaysia
Any new incorporated company in Malaysia is required to perform several accounting activities, as prescribed by the local legislation. Our specialists can provide assistance in this sense on a wide area of services, such as:
• payroll administration;
• monthly or quarterly submission for Goods and Service Tax (GST);
• statutory audit;
• corporate taxation and submission to the local tax authorities.
According to the Malaysian legislation, all companies established here are required to keep the book of accounts in accordance with the provisions of the Companies Act. Bookkeeping, which refers to the registration of the company’s transactions, is one of the most important accounting activities and a good management of this process can facilitate the audit procedure. Our specialists can assist companies in Malaysia to administer payroll activities, performed in accordance with specific procedures.
GST accounting services in Malaysia
All companies in Malaysia have to comply with the legislation for the GST in accordance with the provisions of the Goods and Services Tax Act 2014. For example, businesses with a turnover established at a value above RM 500,000 in the last year of activity and with a projected turnover above the mentioned sum for the following financial year must register as a taxable person at the Royal Malaysian Customs. The rule also mentions that the entity has to file for periodic GST returns; our team of specialists can assist managers in this process, from the registration phase to regular payments of GST.
If you need further information on the accounting services available in Malaysia, please address to our team of company incorporation specialists in Malaysia, who can offer you assistance in this matter.