Thanks very much for your input, Strong Eagle.Strong Eagle wrote:You should not have an issue. Neither Malaysia nor Singapore has any rules concerning the number of times you may visit. I did the same thing in reverse for nearly 18 months. Consider the boatloads of people that fly back and forth everyday.
You will, however, need to have an "ordinarily resident" director in Singapore for your business and you should check out the tax laws applicable to non resident directors.
It's an interesting solution, but you're aware that you'll need at least one Malaysian Director to open a Sdn Bhd in Malaysia?StamfordBridge wrote:Thanks very much for your input, Strong Eagle.Strong Eagle wrote:You should not have an issue. Neither Malaysia nor Singapore has any rules concerning the number of times you may visit. I did the same thing in reverse for nearly 18 months. Consider the boatloads of people that fly back and forth everyday.
You will, however, need to have an "ordinarily resident" director in Singapore for your business and you should check out the tax laws applicable to non resident directors.
Max Headroom wrote:It's an interesting solution, but you're aware that you'll need at least one Malaysian Director to open a Sdn Bhd in Malaysia?StamfordBridge wrote:Thanks very much for your input, Strong Eagle.Strong Eagle wrote:You should not have an issue. Neither Malaysia nor Singapore has any rules concerning the number of times you may visit. I did the same thing in reverse for nearly 18 months. Consider the boatloads of people that fly back and forth everyday.
You will, however, need to have an "ordinarily resident" director in Singapore for your business and you should check out the tax laws applicable to non resident directors.
Plus you'll have 2 sets of secretarial services to contend with. And your tax submissions will double, since you now have 2 companies generating revenues in 2 countries.
Not that I'm dissing your construction; on the contrary, I'm quite curious to its ins and outs, because I've been toying with a similar idea as you. Perhaps you can keep us posted?
.He can set up a company in the Malaysian MSC. There are 30 MSC locations across Malaysia. Details at http://www.mscmalaysia.my/node/193. In Johor its only in Johore Baru. Iskandar is not MSC certified yet.
He needs two directors with local Malaysian addresses. If MSC, it can be a RM 2 company. He needs submit a business plan to show that he is doing ICT business. Cannot be trading business. Attached some details.
Thanks for all the inputs. I was just replying to the earlier post when your latest one suddenly came through. I will read it after this, but I have looked into the options for operating from Malaysia, and it seems that going down the route of a 'Labuan' company is ideal, as it looks to be a lot less demanding in terms of requirements than the other solutions.Strong Eagle wrote:I talked to a friend of mine knowledgeable in the Malaysian end of things. Here is what he said.
.He can set up a company in the Malaysian MSC. There are 30 MSC locations across Malaysia. Details at http://www.mscmalaysia.my/node/193. In Johor its only in Johore Baru. Iskandar is not MSC certified yet.
He needs two directors with local Malaysian addresses. If MSC, it can be a RM 2 company. He needs submit a business plan to show that he is doing ICT business. Cannot be trading business. Attached some details.
I've uploaded the brochure he sent me and it is available here: http://www.herberts.org/miscdocs/MDEC%2 ... ERVICE.pdf and here: http://www.herberts.org/miscdocs/MDeC%2 ... 0Sheet.pdf
He also made the point that you should attempt to get a work pass as the director of the Singapore company to eliminate any issues with traveling back and forth.
This is great stuff, SE! I was totally unaware of this. Will certainly explore it. Thanks for going the extra distance.Strong Eagle wrote:I talked to a friend of mine knowledgeable in the Malaysian end of things. Here is what he said.
.He can set up a company in the Malaysian MSC. There are 30 MSC locations across Malaysia. Details at http://www.mscmalaysia.my/node/193. In Johor its only in Johore Baru. Iskandar is not MSC certified yet.
He needs two directors with local Malaysian addresses. If MSC, it can be a RM 2 company. He needs submit a business plan to show that he is doing ICT business. Cannot be trading business. Attached some details.
I've uploaded the brochure he sent me and it is available here: http://www.herberts.org/miscdocs/MDEC%2 ... ERVICE.pdf and here: http://www.herberts.org/miscdocs/MDeC%2 ... 0Sheet.pdf
He also made the point that you should attempt to get a work pass as the director of the Singapore company to eliminate any issues with traveling back and forth.
Nope. The currency restrictions are a fact. During the financial meltdown of 96/97, Malaysia basically made it impossible for banks to pull their cash out of Malaysia, as they did everywhere else, causing the crash. The currency restrictions remain.Max Headroom wrote:Never heard of that Labuan option and, frankly, it seems a little restrictive, particularly since, generally, the Sdn Bhd draw-backs mentioned here aren't really a major issue in practical terms.
By the way, one thing we found out the hard way, Malaysia government regulations, evidently, do not permit banks to receive USD as-is from overseas. All USD sums received in our bank account are automatically converted to RM before we can get our hands on it. The worst part about this is the rotten exchange rate the bank gives you.
Perhaps your Malaysia lobang has a suggestion for this too, Strong Eagle?
About the only option you have is to take the money in Singapore, convert it to cash and head to a money changer. Then, take the money over to JB and deposit in HSBC or whatever.Max Headroom wrote:Well, that obviously worked back then. But it seems to me that it's time they ease that a bit. Or at least put some pressure on the banks to give punters a fair exchange rate, because we're getting clobbered now.
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