The Propertizer

From left: Cheah, Mike (Myself) and Rocky

Hi Dear Friends!!

Heres an update on our latest property expo at Dewan Sri Pinang!
The expo was set up due to KMPP's (Koorprasi Melayu Pulau Pinang) Annual General Meeting.

That day, we had both the model house of

on display!

Mike attending to a client

Wow, there were so many people there, there was no time to actually take a 5 minute break from a total of a 5 hour function.

Ryan's explaining the location to the site

Daniel's attending to 3 clients at a time

Clients registering to be in the priority booking list

We really had a great time there!
Oh by the way, if you were wondering where Luffy was, he was the one taking all the pictures despite attending to all our dear clients. (Thanks Luffy for the pictures!)
Thanks to those who had come due to the notice put out on apartment-penang.com

We would keep updating you on our progress on both projects, so stay tune!
Thanks for all your support and confidence on us :)

Car Purchase and Import
Car Purchase
Each participant is allowed to bring in his/her own personal car OR to purchase a locally assembled car without the need to pay import duty, excise duty and sales tax

Car Import
Application to IMPORT a motorcar from the participant’s country of citizenship/last domicile must be forwarded to the Ministry of Finance within a period of six months from the endorsement date of Malaysia My Second Home (MM2H) social visit pass. The condition for such importation is that the MM2H participant should be the owner of the motorcar prior to obtaining the MM2H visa, as evidenced in the motorcar registration document.

Locally-Assembled Car
An Application to purchase a new motorcar made or assembled in Malaysia must be must be forwarded to the Ministry of Finance within a period of one year from the endorsement date of Malaysia My Second Home (MM2H) social visit pass.
Note
1. Completed application forms with relevant documents, which are submitted to Ministry of Finance, will be processed within 10 working days.
2. Do not make an outright purchase of the motorcar before obtaining approval for tax/duty exemption from the Ministry of Finance. However, a booking for a motorcar may be made prior to obtaining approval from the Treasury.
3. Importation or purchase of motorcar must be for personal use only and not for commercial use.
4. 'Personal Car' is referred to a car, which was purchased by participant before joining the MM2H programme.
5. Participants are only allowed to sell their imported/locally purchased car after 2 years' stay on the programme.

Documents
1. Bringing in Personal Car With Duty / Tax Exemption
2. Bringing in Second Car
3. Selling Car that has been given Tax Exemptions
4. Conversion of Foreign Driving License to Malaysian Driving License
5. Application Form for Tax Exemption (Personal Car)

Domestic Helper
Each applicant is allowed to apply for one maid subject to the prevailing guidelines of the Immigration Department of Malaysia.

Documents

1. Bringing Foreign Maid

Education
Applicants are allowed to bring their children who under 21 years old and not married as their dependants under this programme.
Children who intend to continue their schooling in Malaysia are required to apply for a Student Pass and should be insured throughout their stay under this programme.

Documents
1. Registering Children in Private Colleges and Universities

Tax
Participants are bound by the policies, systems and regulations of taxes of this country and they do not have exemption qualifications as granted to Diplomatic Missions in Malaysia.
However, tax exemption is given to pension remitted into Malaysia. Participants are required to obtain the endorsement from the Authorities in their country of origin as to the total amount of yearly pension received. A copy of this letter has to be submitted in their application.

Documents

1. Informing Inland Revenue Board (IRB) on Income Earned in Malaysia

Business and Investment

Registering Your Business
You are required to register your business with the Companies Commission of Malaysia (CCM) under the Companies Act 1965. You are only eligible to register limited company in Malaysia.
Company Structure
The Companies Act 1965 governs all companies in Malaysia. The Act stipulates that a person must register a company with the SSM in order to engage in any business activity.

It provides for three types of companies:
• A company limited by shares where the personal liability of its members is limited to the par value of their shares and the number of shares taken or agreed to be taken by them
• A company limited by guarantee where the members guarantee to meet liability up to an amount nominated in the Memorandum and Articles of Association in the event of the company being wound up
• An unlimited company, where there is no limit to the members' liability.
Company Limited by Share
The most common company structure in Malaysia is a company limited by shares. Such limited companies may be either private (Sendirian Berhad or Sdn. Bhd.) or public (Berhad or Bhd.) companies.
A company having a share capital may be incorporated as a private company if its Memorandum and Articles of Association:
• Restricts the right to transfer its shares
• Limits the number of its members to 50, excluding employees in the employment of the company or its subsidiary and some former employees of the company or its subsidiary.
• Prohibits any invitation to the public to subscribe for its shares and debentures
• Prohibits any invitation to the public to deposit money with the company.
A public company can be formed or, alternatively, a private company can be converted into a public company subject to Section 26 of the Companies Act 1965. Such a company can offer shares to the public provided:

i. It has registered a prospectus with the Securities Commission
ii. It has lodged a copy of the prospectus with the SSM on or before the date of its issue.
A public company can apply to have its shares quoted on the Kuala Lumpur Stock Exchange (KLSE) subject to compliance with the requirements laid down by the exchange. Any subsequent issue of securities (e.g. issue by way of rights or bonus, or issue arising from an acquisition, etc.) requires the approval of the Securities Commission.

Capital Requirement
Minimum capital investment in terms of a company’s shareholders funds, which include paid up capital and reserves is at least RM 250,000 , subject to existing Government policies, regulations and guidelines which are in force for the relevant sectors.

Registration of Local Company:-
Anyone who wishes to register a local company is to submit the required registration documents and fees payable to the Commission.
A company shall have:
• At least two directors (the director and promoter can be the same person); and
• A company secretary who is a member of a professional body prescribed by the Minister or is licensed by the Commission.
Both the director and company secretary must have their principal or only place of residence within Malaysia.
Registration Procedure:-

Before proposing a name for incorporation of a company, a name search has to be done to determine whether the name can be used to register the company. The steps are:

• Complete Form 13A

• Pay a RM30 fee for each name applied. The name reserved for three months from the date of approval.

• Within the three months, submit the documents below:

a) Memorandum and Articles of Association:

i) Original copy stamped at any stamp office with a RM 100.00 stamp in the Memorandum and another RM100 stamp in the Articles.

ii) The first directors and secretaries are named in the Memorandum and Articles of Association.

iii) At least two or more promoters shall sign the Memorandum and Articles of Association in front of a witness.

A Company having a share capital may be registered as a private
company if the Memorandum and Articles:

i) restricts the right to transfer its shares;
ii) limits the number of its members to not more than fifty;
iii) prohibits any invitation to the public to subscribe any shares or debentures of the company; and
iv) prohibits any invitation to the public to deposit money with the company or fixed periods.

b) Form 48A - Statutory Declaration by a director or promoter before appointment. The director or promoter declares under oath that he/she is not a bankrupt and he/she has not been convicted of an offence and sentenced by the Court. This declaration should be signed in front of anyone of the following persons of authority

• Commissioner of Oaths;
• President of the Sessions Court;
• Magistrate; or
• Those empowered under the Statutory Declaration Act 1960.

c) Form 6 - Declaration of Compliance. This declaration states that all the requirements of the Companies Act 1965 have been complied with. The company secretary who handles the registration and is named in the Memorandum and Articles of Association must sign it.

d) Original copy of Form 13A.

e) A copy of the letter approving the name.

f) A copy of the identity card of each director and company secretary.

g) Registration fees for Share Capital:

Authorised Share Capital (RM) Fees (RM)
Up to 100,000 1,000
100,001 – 500,000 3,000
500,001 – 1 million 5,000
1,000,001 – 5 million 8,000
5,000,001 – 10 million 10,000
10,000,001 – 25 million 20,000
25,000,001 – 50 million 40,000
50,000,001 – 100 million 50,000
100,000,001 and above 70,000

The following certificate will be issued when all documents for registration are in order:
Form 8 - Certificate of Incorporation for a public company.
Form 9 - Certificate of Incorporation for a private company
Notes

A company is required to have two directors and a secretary.

Directors

Every limited company must have at least two directors who must be ordinary residents of Malaysia. A director of a company may also act as the company's secretary except in some situations.

Secretary

Every limited company must have at least a secretary. The board of directors may appoint one of its directors as the company secretary. He or she must be a member of a professional body prescribed by the Minister or licensed by the CCM. Application for a company license should be made to the CCM using Form 48B/ 48C. Every license granted or renewed is valid for three years.

Participants may hold executive positions with ownership to the company.

Tuesday, June 29, 2010

Video: TK Residence Location

Video: Casa Perdana Location

Roadshow: Dewan Sri Pinang

Friday, June 25, 2010

MM2H - Incentives

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