If you decide to serve alcohol on the premise, you will need to apply for the Public House Liquor License from your Local Authorities. There are specific conditions that must be followed; for example,owner has to take part in a police interview to avoid the process of selling alcohol illegally. In addition to that, your premises need to be positioned at a certain distance from mosques, schools or Residential areas predominantly inhabited by Muslims.
If most of your target consumers are Muslims, then it means that obtaining a Halal certification can give you an added advantage over other firms. It should be mentioned that Malaysia has strict Halal rules and any premises with the Halal certification cannot serve alcohol on site.Upon submission, officials will undertake an inspection of your premises and may also collect samples for laboratory analysis (cost borne by the applicant) from the nearest JAKIM. For restaurants, the certification fee is RM200 per premise and such Halal certification remains effective for two years.
If you are all the time playing K-pop hits and Taylor Swift songs in your restaurant to attract customers, it means that you earn money with the help of their work. However, to stay within copyright laws, you need to get a license from MACP (Music Authors’ Copyright Protection). In terms of restaurant pricing, the license cost falls between RM 847 and RM1,376 for a one year validation period.
It is crucial to mention that the fees for songs and performances, recorded or live, DJs or patrons during a karaoke night are billed independently are mandated by different rates.
For live performance containing licensed songs, you must obtain another Public Performance License. The price for this license can be as low as RM1,200 or up to RM27,000 depending on the number of patrons and whether the performance serves as a primary cast pull in apparatus. Similar to the prior Permit, this license remains valid for a period of one year.
If you are a foreigner with the intentions of setting up a restaurant owned by more than 50% foreigners, then you have to apply for a WRT License from the Ministry of Domestic Trade (KPDN). This license is specially meant for the regulation of foreign participation in distributive trade within Malaysia. The admitting fee is RM3, 000 and the procedure of approval usually lasts for 1 to 3 months. The WRT License becomes valid for a period of two years upon approval.
Instead, provide more simple process of obtaining this license; you may enter into a partnership with a local shareholder or director. This way, you will also avoid applying for the WRT License and have an opportunity to benefit from being considered a local business that complies with the law.
For example, if your restaurant is near a busy street without much parking facilities, but there’s vacant land nearby that could be turned into a parking lot you would have to design the parking facility very carefully. As you do with the restaurant interior, All these plans be submitted to your Local Authorities. Just like the previous restaurant inspection that will be carried out by such officials, it is apparent that they will inspect the parking lot as well to determine whether it meets all sufficient conditions.
FastLane Group provides exceptional company incorporation services to both foreign enterprises and local firms in the beautiful country of Malaysia. With our expertise and comprehensive knowledge of the local business landscape, we ensure a smooth and hassle-free process for establishing your business presence in this vibrant economy.
According to the regulations by MASB, a company is categorized as a Dormant Company for a particular financial year if not involved in any business activities or set no account transactions during the same period.
We shall start by defining the term ‘dormant’. According to the Cambridge dictionary, dormant means that something is currently inactive and does not grow or sleep but it might be active later on.
How do people choose to leave a dormant company, and why does anyone bother leaving it dormant if he or she is aware of its condition? To begin with, a dormant company does not experience any significant change but it remains inactive. In terms of the question on why people do not shut down such firms, it is the potential costs involved in closing company. For a company to be closed down, some costs may have to be incurred. Alternatively, it is also costly to remain in a dormant status that demands shareholder audits purposes of application for audit exemptions and annual return submissions.
Since keeping a dormant company open has monetary consequences similar to those of shutting down it, an individual might wonder why entrepreneurs choose to maintain their companies active. The basis for this decision is the fact that some of the entrepreneurs open businesses with a view to sell them as shelf companies.
A shelf company, also known as a shell or aged company, is a legal body created which has not been conducting business operations and transactions. Basically, the company is in a dormant state waiting on the shelf for either disposal or future use.
Usually, these firms are formed by business formation agencies and sold to entrepreneurs or investors who want to begin a new project or enlarge their already operating businesses. The entrepreneur or investor is able to save both costs and time that would have been incurred in starting a new company from scratch when he acquires the shelf company. In addition, they are able to start working immediately with the name and registration of the already existing company.
From the perspective of material value, there are three main benefits from purchasing a shelf company these advantages include credibility and credit score as well as time saving.
A shelf company normally has an adequate standing within its own industry or marketplace which help create a new organization look plausible and valid. This reputation is often complemented by a stronger credit history, which makes it easier to borrow money from banks. Moreover, entrepreneurs who choose to buy shelf companies can save much time and cost especially if compared with the process of setting a new company.
Nevertheless, it is important to note that buying a shelf company comes with some risks. The company may be secretly burdened with bad reputation or legal debts that the young entrepreneur could as well inherit. Therefore, it is highly advisable that businessmen should make thorough due diligence before buying such an entity. This due diligence could include the scrutiny of the company’s financial and legal track record, background checks on its main personnel, consulting with legal and financial experts.
Dormant companies and shelf companies are similar in that they are both legally registered companies that are not currently conducting any business. However, there are some key differences between the two:
Employer of Record Hong KongShelf companies are specifically formed with the intention of being sold to someone who wants to start a new business. They are typically pre-registered with a generic name and standard articles of association. This means that the buyer can quickly and easily get started with their new business without having to go through the entire incorporation process.
Dormant companies, on the other hand, are companies that have been formed but have never actually traded. This could be because the business idea never got off the ground, or because the company is simply not active at the moment. Dormant companies can still be used for a variety of purposes, such as holding assets or intellectual property.
Dormant companies are not always shelf companies, but shelf companies are always dormant companies. In other words, all shelf companies are dormant, but not all dormant companies are shelf companies.
According to the regulations by MASB, a company is categorized as a Dormant Company for a particular financial year if not involved in any business activities or set no account transactions during the same period.
We shall start by defining the term ‘dormant’. According to the Cambridge dictionary, dormant means that something is currently inactive and does not grow or sleep but it might be active later on.
How do people choose to leave a dormant company, and why does anyone bother leaving it dormant if he or she is aware of its condition? To begin with, a dormant company does not experience any significant change but it remains inactive. In terms of the question on why people do not shut down such firms, it is the potential costs involved in closing company. For a company to be closed down, some costs may have to be incurred. Alternatively, it is also costly to remain in a dormant status that demands shareholder audits purposes of application for audit exemptions and annual return submissions.
Since keeping a dormant company open has monetary consequences similar to those of shutting down it, an individual might wonder why entrepreneurs choose to maintain their companies active. The basis for this decision is the fact that some of the entrepreneurs open businesses with a view to sell them as shelf companies.
Since keeping a dormant company open has monetary consequences similar to those of shutting down it, an individual might wonder why entrepreneurs choose to maintain their companies active. The basis for this decision is the fact that some of the entrepreneurs open businesses with a view to sell them as shelf companies.
A shelf company, also known as a shell or aged company, is a legal body created which has not been conducting business operations and transactions. Basically, the company is in a dormant state waiting on the shelf for either disposal or future use.
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