Published: 29 Oct 2008 09:23:57 PST
Malaysia
Operating a business
Setting up a company
Legal business entities
| Different types of companies | Number of partners/shareholders | Maximum and/or minimum capital | Liabilities | Registration fees |
| Private Berhad is a Private Limited Company. | Maximum 2 to 50 shareholders. | No minimum capital. | Liability is limited to the nominal value of the subscribed shares. | The amount depends on the amount of the capital and the nature of shares. |
| Public Berhad is a Public Limited Company. | Minimum 2. | MYR 2 million | Liability is limited to the nominal value of subscribed shares. | The amount depends on the amount of the capital and the nature of shares. |
| General Partnership | Maximum 2 to 50 partners. | No minimum | Partners' liability is joint and several. | The amount depends on the amount of the capital and the nature of shares. |
- Business setup procedures
- Status consist of the Memorandum of association (name, sector of activity and company's capital) and the company's by-laws. These documents must be submitted to approval by the Ministry of Domestic Trade.
Working conditions
- Legal weekly duration
- 48 hours
- Retirement age
- 55
- Working contracts
- Employment contracts are regulated by legal clauses. Within major companies and within certain sectors, collective agreements can complement them.
The terms of employment contracts cannot be changed. The conditions for hiring are rather rigid while the limits for dismissal are flexible.
Cost of labor
- Minimum wage
- No legally mandated national minimum wage
- Social contributions
-
Social security contributions paid by employers: 1.5 %.
Social security contributions paid by employees: 0.5 %.
Social partners
- Bargaining power
- There is only one official trade union, " Malaysian Trade Union Corporation " ( MTUC).
- Unionization rate
- 10 %.
- Labor regulation bodies
-
Ministry of Human Resources
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