country guide my march 2013
TRANSCRIPT
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This publication isa joint project with
Doing business in Malaysia
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Executive summary 4
Foreword 6
Introduction Doing business in Malaysia 8
Conducting business in Malaysia 12
Taxation in Malaysia 16
Audit and accountancy 25
Human Resources and Employment Law 28
Trade 30
HSBC in Malaysia 33
Banking in Malaysia 34
Country overview 36
Contacts 38
Disclaimer
This document is issued by HSBC
Bank Malaysia Berhad (the Bank)
in Malaysia in partnership with
PricewaterhouseCoopers (PwC).
It is not intended as an oer or
solicitation or business to anyone in
any jurisdiction. It is not intended or
distribution to anyone located in or
resident in jurisdictions which restrict
the distribution o this document.
It shall not be copied, reproduced,
transmitted or urther distributed by
any recipient.
The inormation contained in this
document is o a general nature only.
It is not meant to be comprehensive
and does not constitute nancial,
legal, tax or other proessional
advice. You should not act upon
the inormation contained in this
publication without obtaining specic
proessional advice. This document
is produced by the Bank together
with PricewaterhouseCoopers
(PwC). Whilst every care has been
taken in preparing this document,
neither the Bank nor PwC makes
any guarantee, representation or
warranty (express or implied) as to
its accuracy or completeness, andunder no circumstances will the
Bank or PwC be liable or any loss
caused by reliance on any opinion or
statement made in this document.
Except as specically indicated, the
expressions o opinion are those o
the Bank and/or PwC only and are
subject to change without notice.
This document is not a Financial
Promotion.
The materials contained in this
publication were assembled on
21 August 2012 and were based
on the law enorceable and
inormation available at that time.
Contents
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Malaysia is a multi-ethnic,
multicultural and multilingual
society. It is a relatively open,
state-oriented and newly-
industrialised market economy.
Although the economy has
traditionally been commodity-
based, services have become
the single largest component
o economic activity.
Multinational corporations
rom more than 40 countries
have invested in over 5,000companies in Malaysias
manuacturing and related
services sectors, encouraged
by the countrys pro-business
environment. Malaysia today
is one o the worlds top
locations or oshore
manuacturing and service-
based operations. Many o
the existing oreign companies
have also continued to
show their condence
in the countrys potential as
an investment location through
their numerous expansions
and diversications over the
years, particularly in high-
technology projects.
Malaysias political and
economic stability, prudent
and pragmatic investor-
riendly business policies,
cost-productive workorce,
a developed inrastructure
comparable to that o any
western country and a host
o other amenities makes
this country an enticing
place or investors.
Foreign investments are
welcomed especially inareas like manuacturing,
and particularly in high-
technology, biotechnology
industries and in the
development o inormation
technology through the
establishment o the
Multimedia Super Corridor.
Key points or oreign investors
to consider when looking
at Malaysia as a potential
place or investment include:
Growthpotentialintheindustrial
and services sector, especially
shared services activities;
Easyaccessibilitythrough
air and sea;
Youthfulworkforce;
Attractiveincentivesfor
oreign investors;
Liberalgovernmentpolicies;
Variousformsofbusinessesset
up (e.g. representative oce,
branch oce, companies, etc);
Tax-freezonesand
growth corridors; and
LabuanInternationalBusiness
and Financial Centre.
All o the above points are
urther explained in the guide.
Executive summary
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Located in the heart o South
East Asia, Malaysia has long
played an important role in
international trade and has
gained commercial importance
because o its strategic position
linking seaborne trade routes
between the Indian Ocean and
East Asia.
Today, the country continues
to play a major role in
international trade and business.
The market-oriented economyandpro-businessGovernment
policies in Malaysia have
made it one o the worlds
top investment destinations
or oshore manuacturing
operations. To date, the country
has attracted more than 5,000
oreign companies rom more
than 40 countries to establish
their operations in the country.
With a population o 28 million
people, Malaysia is on the right
track towards achieving its
goal o becoming a developed
country by 2020. A country
that depended primarily
on agriculture and primary
commodities, Malaysia has
evolved to become an export-
driven economy spurred by
high technology, knowledge-
based and capital-intensive
industries. Last year, the
countryrecordedaGDPgrowth
o 7% one o the strongest
showings in the region and
amongst emerging economies
globally.
Malaysia with its key strengths
as a business destination, has
well-developed inrastructure,
a productive workorce and
is politically stable with a well-
developed legal system. It also
has a diversied economy
with50%ofGDPcoming
rom the services sector and
oers attractive incentives or
oreign investors.
HSBC has been in Malaysia
or more than 127 yearsand we have grown in tandem
with the development
o the country. With our
vast experience and global
connectivity, we are
well-positioned to assist
in making the most o market
opportunities here. HSBC
Malaysia oers a wide range
o conventional and Islamic
nancial propositions
through a growing network
o 50 branches nationwide
that can help businesses tap
into this ast-growing market.
This guidebook, Doing Business
in Malaysia, will oer you
insightul inormation on doing
business here. We look orward
to helping you unlock potential
opportunities in Malaysia.
Mr. Mukhtar HussainDeputy Chairman & CEO
HSBC Bank Malaysia Berhad
Foreword
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Malaysia is a country on
the move. From a country
dependent on agriculture and
primary commodities in the
sixties, Malaysia has today
become an export-driven
economy spurred on by high-
technology, knowledge-based
and capital-intensive industries.
Economic environment
The structural transormation
o Malaysias economy overthe last 50 years has been
spectacular. Oten dubbed the
lucky country because o
its wealth o mineral resources
and ertile soils, Malaysia
did not rest on its laurels but
progressed rom an economy
dependent on agriculture
and primary commodities
to a manuacturing-based
and export-driven economy.
Malaysia is one o the
worlds leading exporters
o semiconductor devices,
computer hard disks, audio
and video products and air-
conditioners and the country
hopes to move-up the value
chain and is currently ocusing
on attracting high-technology,
high value-added, knowledge-
based and skills intensive
industries, incorporating
activities such as design and
development and research
and development.
The last decade has seen a
deepening and widening o
Malaysias industrial base,
as well as the urther
development o its services
sector. As such, a strong
oundation has been laid
or the economy to move
orward into the new
globalised environment.
Accessibility
Malaysia is situated in Southeast
Asia, bordered by Thailand in the
north, Indonesia in the south and
west, the Philippines in the eastand Singapore in the south.
The Malaysian government had
made considerable eorts and
large investments in expanding
its highways, railroads, seaports
and airports. More recently,
the government played an
active role in encouraging
development o modern modes
o communications, such as
satellite telecommunications,
and the internet.
The major seaports in West
Malaysia are Port Klang,
Penang Port, Johor Port, Port
o Tanjung Pelepas, Kuantan
Port and Kemaman Port. The
major seaport in East Malaysia
is the Bintulu Port in Sarawak
and Sepangar Bay Container
Port in Sabah. During the last
ew decades, these ports were
expanded to serve rapidly-
growing Malaysian exports
and imports.
Malaysia has also promoted
development o aviation in
order to serve growing tourism
and business needs. The
country has 32 airports with
paved runways and 83 airports
with unpaved runways.
The largest o them is the
US$3.2 billion state-o-the-art
Kuala Lumpur International
Airport, which is capable o
handling 25 million passengers
and 1.2 million tons o cargo
annually*. Neighbouring the
main terminal is the Low Cost
Carrier Terminal opened in
2005, which oers extensiveno-rill travel destinations at
lower cost.
Telecommunication services in
Malaysia are up to international
standards, thanks to an infow
o private investments and
the governments initiatives
in developing this sector.
Malaysia as a placeto do business
The adverse circumstances
arising rom the nancial
crisis in the U.S. had a
contagion eect in Europe
and Asia. Despite the adverse
circumstances, the Malaysian
grossdomesticproduct(GDP)
grew 5.1% in 2011, supported
by domestic demand and
continued expansion in private
and public consumption.
The economy is expected
to remain in steady growth
mode in 2013.1
*www.nationsencyclopedia.comIntroductionDoing business in Malaysia
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In 2013, Malaysias ranking
in the World Banks Ease o
Doing Business is 12th out
o 185 territories. In 2012, it
was ranked 14th out o 183
territories.2
Malaysia is a natural choice
or shared services in view
o its low costs, particularly
or inrastructure, conducive
business environment,
and high levels o global
integration.
The labour market conditions in
Malaysia are avourable. Labour
costs in Malaysia are relatively
low while productivity levels
remain high in comparison with
industrialised countries.
Basic literacy among the
labour workorce is high,
and the workorce is youthul
and trainable and the
environment is generally
strike-ree. Employers and
employees contribute to the
Employees Provident Fund.
Bahasa Malaysia, is the
ocial language. It is the
language o administration
or the ederal and state
governments. Correspondence
rom the government is in
Bahasa Malaysia, although
certain government
departments will accept
correspondence in English.
English, taught as a second
language in schools, is widely
used in business.
Incentives or oreigninvestors
Despite prevailing global
economic uncertainties,
oreign direct investment (FDI)
infows into Malaysia in 2011increased by 12.3 per cent
to RM32.9 billion compared
with RM29.3 billion in 2010.
The manuacturing sector
accounted or the largest share
o FDI infows, accounting or
50.1% o total FDI infows,
ollowed by the services sector
(27.3%), mining and quarrying
(22.2%) and agriculture,
orestry and shing (0.4%).
Total investments approved in
the manuacturing, services
and primary sectors surged by
40.7% rom RM105.6 billion
(4,368 projects) in 2010 to reach
RM148.6 billion (4,964 projects)
in 2011. This is a testament to
investors condence in the
local business environment.
The FDI infow into Malaysia is
expected to remain strong this
year and beyond.3
In its attempt to draw more
FDI into the country, the
Governmenthas,sinceApril
2009, announced a series
o bold and signicant
liberalisation measures or
the services sector including
nancial services, inormation
and communications technology
(ICT) and logistics sectors.
Companies rom various
sectors including but not limited
to the manuacturing, services,
tourism, construction, trading,agriculture and education may
be eligible to apply or the types
o tax scal and non-scal
incentives available or the
respective sector.
It may be useul to note that
theMalaysianGovernment,
in trying to attract oreign
direct investment, is amiable
to also consider pre-package
incentives, i.e. a oreign
investors wish list or tax
scal and non-scal incentives.
Factorssuchasthesizeof
investment, level o spin-o,
employment opportunities,
and technology transer,
whether o national and
strategic importance will play
a role or granting o incentive.
1. Source: www.mida.gov.my
2. For more inormation, reer to
www.doingbusiness.org
3. Source: Malaysian Investment
Development Authority and Ministry
o International Trade and Industry
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Conducting business in MalaysiaForms o businessIn Malaysia, the most
common orm o businesses
or oreign investors are
limited liability companies,
joint ventures, branches
or representative/regional
oces. Unincorporated
joint ventures between
two or more incorporated
entities are common in civil
construction and in large
inrastructure projects.
Besides the above, other typeso entities include oreign
branch, Limited Liability
Partnership and representative/
regional oces.
LLP is a new business vehicle
introduced by The Companies
Commission o Malaysia (CCM)
recently. It provides the public
with more options to choose
their business vehicle.
The ollowing details out the
principal orms o business:
Company
Companies are governed
by the Companies Act,
1965 (Companies Act). The
Companies Act provides or
three types o companies:
a. Company limited by shares;
b.Company limited by guarantee;
c. Unlimited company.
In practical terms, almost
all companies will be
companies limited by shares,
i.e. companies with limited
liability, the maximum liability
being limited to the value o
share capital. Only a public
company may oer shares
or other securities to the
public. Companies may be
ormed as either private or
public companies.
Publiccompany:Thepublic
can subscribe or shares or
debentures in the company
or deposit money with the
company. A public companymust, beore it allots shares
or debentures, le with the
Companies Commission o
Malaysia (CCM) a prospectus
in relation to its aairs, or a
statement in lieu o prospectus
i no public issue is made.
Privatecompany:Thistype
o company limits the number
o shareholders to 50. There are
also restrictions on the right
to transer its shares and
a prohibition on any invitation
to the public to subscribe or
shares or debentures o the
company. A private company is
usually suitable as a subsidiary
o an overseas corporation that
does not wish to raise capital
or borrow unds rom the public.
A private company qualies
as an exempt private company
i it has no more than 20
shareholders, benecial interest
is not held by a corporation
and i it is a solvent company.
A local subsidiary o a oreign
corporation thereore does
not qualiy.
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Forms o business Setting up a business
An exempt private company is
relieved o certain obligations
under the Companies Act, such
as the requirement to le annual
accounts with the CCM, where
they would be available or public
inspection. Also, the prohibition
o loans to directors and to
companies connected with the
directors, does not apply to an
exempt private company.
Joint venture
Joint ventures are structured
either as a partnership or
as a consortium o incorporated
companies; the term joint
venture does not denote
a separate and distinct
business entity.
Branch o oreign company
A oreign company is a
company incorporated outside
Malaysia. A oreign company
that desires to establish a
place o business or to carry
on business within Malaysia,
may establish a branch by ling
the required returns to CCM.
The establishment o a branch
is not encouraged or a oreign
company engaged in wholesale
or retail trade.
Limited Liability Partnership
Limited Liability Partnership
(LLP) is a hybrid between
company and conventional
partnership. LLP is governed
by the Limited Liability
Partnerships Act 2012.
The main ees to be paid to
CCM in respect o registering
a company are as ollows:5
The requirements to orm
a company are:6
i. application to be made to
CCM to ascertain whether
the proposed name o the
company to be incorporated
is acceptable and available;
ii. a minimum o two
subscribers to the shares
o the company (Section
14 Companies Act (CA));
iii.a minimum o two directors
(Section 122 CA); and
iv.a company secretary
who can be either:
a. an individual who is a
member o a proessional
LLP is a separate legal
entity rom its partners.
The liabilities o the partners
o a LLP are limited while the
LLP has unlimited capability
in conducting business and
holding property.
Two or more individuals or
bodies corporate may orm a
LLP or any lawul business in
accordance with the terms o
the LLP Agreement. LLP may
also be ormed or the purposeso carrying on proessional
services o which the partners
must be natural persons o
same proessional practice
and have in orce proessional
indemnity insurance approved
by the Registrar.
LLP has perpetual succession
and any change in the partners
will not aect the existence,
rights or liabilities o a LLP.
Representative/regional ofce
The representative oce/
regional oce does not
undertake any commercial
activities and only represents
its head oce/principal to
undertake designated
unctions. The representative
oces/regional oces
operation is completely unded
rom sources outside Malaysia.
The representative oce/
regional oce is not required
to be incorporated under the
Companies Act. The set-up
body prescribed by the
Minister o Domestic Trade
and Consumer Aairs; or
b. an individual licensed
by the CCM.
Yearly Compliance
Companies must hold an
annual general meeting
in each calendar year, not
more than 15 months ater
the previous annual general
meeting. A newly-incorporated
company must hold its rst
annual general meeting within
18 months o its date o
incorporation. Companies
must lodge an annual return
with CCM within one month
o the date o the annual
general meeting. Unless
the company is an exempt
private company, the audited
accounts and directors
report must be lodged
with the annual return.
o a representative/regional
oce requires the approval
oftheMalaysianGovernment.
Representativeofce:An
oce o a oreign company/
organisation approved to
collect relevant inormation
on investment opportunities
in the country, especially in
the manuacturing and services
sector, enhance bilateral trade
relations, promote the export
o Malaysian goods andservices and carry out research
and development (R&D).
Regionalofce:Anofce
o a oreign company/
organisation that serves as
the coordination centre or
the company/organisations
aliates, subsidiaries and
agents in Southeast Asia
and the Asia Pacic. The
regional oce established
is responsible or the
designated activities o the
company/organisation within
the region it operates.
So ar, the most common
type o entity to conduct
business in Malaysia is the
private limited company
(Sendirian Berhad Sdn Bhd).
Such a company can be wholly
owned or set up with local
participation. In most instances,
oreign ownership o up to
100% is permissible, with the
exception o certain areas in
regulated industries such as
oil and gas and logistics.
The annual return contains
the list o shareholders;
a summary o the issued
share capital; particulars
o the directors, managers,
secretary, and auditors;
and certain other statutory
inormation. This return must
include a copy o the latest
audited inancial statements.
The requirements to orma LLP are:6
to have the proposed name
o the LLP;
to have at least two or more
partners
to have a registered oce
within Malaysia
to have a compliance ocer,
who is either one o the partners
or persons qualied to act as a
company secretary under CA who:
(a)isacitizenorpermanent
resident o Malaysia; and
(b) ordinarily resides in Malaysia.
a LLP must also indicate its
nature o business during
Its application or registration.
Yearly compliance
Accounts must be prepared,
which shall give a true and air
view o the state o aairs o a LLP.
Subject to LLP Agreement, the
accounts are not required to be
audited.
Submit to CCM an annual
declaration on the solvency o
the LLP by at least two partners
within 90 days rom nancial
year end o the LLP.
RM
Reservation o a name 30
Fees to be paid or registration o a company whose
authorised share capital
Does not RM100,000 1,000
Exceeds RM100,000 but does not exceed RM500,000 3,000
Exceeds RM500,000 but does not exceed RM1 million 5,000
Exceeds RM1 million but does n ot exceed RM5 million 8,000
Exceeds RM5 million but does not exceed RM10 million 10,000
Exceeds RM10 million but does not exceed RM25 million 20,000
Exceeds RM25 million but does not exceed RM50 million 40,000
Exceeds RM50 million but does not exceed RM100 million 50,000
Exceeding RM100 million 70,000
5. Source: www.mida.gov.my6. Source: www.ssm.com.my14
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Concepts o income taxation
Malaysia operates under
a Sel-Assessment System
(SAS) and income is taxed
on a territorial basis. Income
tax in Malaysia is imposed on
income accruing in, or derived
rom, Malaysia except or
income o resident companies
carrying on a business o air
or sea transport, banking or
insurance, which are taxed
on a worldwide basis. Foreign-source income received in
Malaysia is not taxable.
Corporations are taxed ata rate o 25%. A reduced rate
o 20% on the rst RM500,000
o chargeable income applies
to resident companies with
a paid-up share capital o
RM2.5 million or below and
is not controlled directly or
indirectly by a related company
which has a paid up capital
exceeding RM2.5 million in
respect o ordinary shares.
The tax assessment period
coincides with the actualnancial year and is assessed
on a current-year basis.
For example, or the nancial
year ended 31 December 2011,
the tax assessment period
is rom 1 January 2011 to
31 December 2011.
Every company subject
to tax is required to le an
annual return o income
with the Malaysian Inland
Revenue Board (MIRB ).
Failure to le a return or
to give notice o the liability
to tax is a punishable oence.
The time limit or ling o the
tax return is 7 months rom
the end o the nancial year
unless extended by the MIRB.
Under the SAS, taxpayers
are required to le a tax return
and also to compute their own
tax liabilities. It is not necessaryto le audited statements
o accounts together with
the return.
Tax audits will be the key
enorcement tool used by
the MIRB to ensure that
the SAS is strictly complied
with to prevent any loss o
revenuetotheGovernment
and to promote and increase
awareness and voluntary
compliance by taxpayers.
Proft distribution
From year o assessment (YA)
2008, the imputation systemo taxation was replaced by a
single-tier system o taxation
which came into eect rom
1 January 2008.
Under this system, tax on a
companys prots is a nal
tax and dividends are exempt
in the hands o shareholders.
Companies are no longer
required to deduct tax at source
rom dividends distributed
to shareholders. A transition
period o 6 years is provided
or implementation o the
single-tier system. All companies
will move to the single-tier
system on 1 January 2014,
even though they may still have
unutilised ranking-credits as
at 31 December 2013.
Taxable income and gains
The sources o income
subject to tax include thoselisted below:
Gainsorprotsfromany
trade, business, proession,
or vocation;
Dividends,interestand
discounts;
Rents,royaltiesandpremiums;
Pensions,annuitiesandother
periodic payments;
Amountsreceivedbya
non-resident person or
provision o technical advice,
assistance or services, or the
provision o services relating
to the installation or operation
o any apparatus or plant.
(Such income is only taxable
i the services are perormedin Malaysia.); and
Rentorotherpaymentsfor
the use o movable property
received by a non-resident.
Realpropertygainstax(RPGT)
is a orm o capital gains tax.
RPGTischargedongains
arising rom the disposal o real
property which is dened as:
Taxation in MalaysiaCorporation Income Tax
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AnylandsituatedinMalaysia
and any interest, option or other
right in or over such land; or
Sharesinarealproperty
company (RPC).
Eective 1 January 2013,
disposal o chargeable assets
made within 2 years o their
acquisitionissubjecttoRPGT
o 15% on gains arising rom
the disposal o the chargeable
assets. Disposal o chargeable
assets made ater 2 years butbeore 5 years o acquisition
issubjecttoRPGTof10%.
Disposal ater 5 years o
acquisition are not subject
toanyRPGT.
Losses
Business losses as adjusted
or tax purposes can be
utilised against income rom
all sources liable to income
tax in the same basis period.
Any excess business losses
not utilised may be carried
orward or set-o against
uture income rom all
business sources indenitely.
Group relie
From YA 2006, group relie
is available or all locally-
incorporated resident
companies provided that the
conditions or eligibility are met.
A company that qualies may
surrender a maximum o 50%
o its adjusted loss or a YA to
one or more related companies.
once while annual allowances
are given every year using the
straight-line method.
Tax incentives ororeign investors
There are a suite o tax
incentives available in Malaysia
including but not limited to
the ollowing:
Pioneerstatus;
Investmenttaxallowance;
Reinvestmentallowance;Infrastructureallowance;
Allowanceforincreased
exports;
OperationalHeadquarters;
TreasuryManagementCentres;
Greenincentives;
Doubledeductions/Special
deductions;
Pre-packageincentivesfor
approved business; and
Importdutyandsalestax
exemption.
The extent o exemption
under each type o tax
incentive varies. For example,
Companies that are granted
with Pioneer status enjoy taxexemption up to 100% o their
statutory income or a period
o up to 10 years. ITA on
the other hand, allows tax
exemption up to 100% o their
statutory income based on
certain percentage o qualiying
capital expenditure incurred
by the companies. Certain
companies which incurred
qualiying expenditure can
also avail or double deduction
With eect rom YA 2009,
the maximum percentage o
loss that can be surrendered is
increased to 70%.
To be eligible or group relie,
the claimant and surrendering
companies must meet the
ollowing conditions:
Mustberesidentand
incorporated in Malaysia;
Eachhasapaid-upcapital
o ordinary shares exceeding
RM2.5 million at the beginningo the assessment period;
Bothcompaniesmusthave
the same (twelve-month)
accounting period;
Theyarerelatedcompanies
as dened in the law, and must
or special deduction as the
case may be, to reduce their
taxable income.
Companies rom various
sectors including but not limited
to the manuacturing, services,
tourism, construction, trading,
agriculture and education may
be eligible to apply or the
types o incentives available
or the respective sector.
It may be useul to note thattheMalaysianGovernment,
in trying to attract oreign
direct investment, is amiable
to consider pre-packaged
incentives, i.e. oreign investors
wish list or tax, scal and
non-scal incentives. Factors
suchasthesizeofinvestment,
level o spin-o, employment
opportunities, technology
transer, whether o national
and strategic importance
will play a role or granting
o the incentive.
Special investment zonesand economic growth
corridors
TheGovernmenthasalso
introduced various measures
to acilitate economic growth,
spur investments and bridge
the rural-urban divide in the
country. The measures include
the implementation o:
GrowthcorridorsSeveral
growth corridors have
been conceptualised and
be related throughout the
relevant basis period as well
as the 12 months preceding
that basis period; and
Companiescurrentlyenjoying
certain incentives such as
pioneer status, Investment Tax
Allowance (ITA), reinvestment
allowance etc. are not eligible.
Capital allowances
Capital allowances (some rates
o which are shown below)are given on qualiying capital
expenditure. Capital allowances
can only be claimed against
each business source based
on the rates set by MIRB.
Initial allowances are given only
implemented to promote
investments and development
in certain promoted areas
and activities/industries.
Major corridors include:
1.Multimedia Super Corridor
(MSC): Designated cybercities
and cybercentres;
2. Iskandar Malaysia:
Southern Johor;
3.Northern Corridor Economic
Region (NCER): Perlis, Kedah,
Penang and Northern Perak;
4.East Coast Economic Region(ECER): Kelantan, Terengganu,
Pahang and Mersing district
o Johor;
5.Sabah Development Corridor
(SDC): Sabah; and
6.Sarawak Corridor o Renewable
Energy (SCORE): Sarawak.
Apart rom the incentives which
are oered to various industries
and approved activities under
the Promotion o Investments
Act 1986 and the Income Tax
Act 1967, customised or special
incentives have been modied
or the purpose o each corridor.
These incentives are over and
above the existing set oincentives oered by the
MalaysianGovernment.
IndustrialparkIndustriesin
Malaysia are mainly located
in over 200 industrial estates
or parks. State governments
and private developers are
continuously developing new
sites which are ully equipped
with inrastructure acilities
such as roads, electricity
Initial Allowance Rate
Industrial building 10%
Computer and IT equipment 20%
Plant and machinery used or conservation o energy 40%
Heavy machinery and motor vehicles 20%
Generalplantandmachinery 20%
Others 20%
Annual Allowance
Industrial building 3%
Computer and IT equipment 80%/10%*
Plant and machinery used or conservation o energy 20%
Heavy machinery and motor vehicles 20%
Plant and machinery 14%
Others 10%
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and water supplies, and
telecommunications.
Specialised parks have also
been developed in Malaysia to
cater or the needs o specic
industries. Examples o these
parks are:
1.Technology Park Malaysia
(TPM) in Bukit Jalil, Kuala
Lumpur: Among the
worlds most advanced and
comprehensive centres or
research and developmentby knowledge-based industries;
2.Kulim Hi-Tech Park in the
northern state o Kedah:
Caters to technology-intensive
industries and research and
development activities; and
3.Halal Parks: Communities
o Halal-oriented businesses
built on common property
where they are provided
with inrastructure and
service support.
FreeIndustrialZones(FIZ)
Thereare18FIZsthroughout
thecountry.FIZsareexport
processingzoneswhichhave
been developed to cater orthe needs o export-oriented
industries. Companies in
FIZsareallowedtoduty-free
imports o raw materials,
components, parts, machinery
and equipment directly required
in the manuacturing process.
FIZmanufacturersarealso
exempted rom the payment
o sales tax, excise duty and
service tax.
The payments and the related
withholding tax rates are
as below:
There is no withholding tax
on dividends.
Note: Where the recipient is
resident in a country which
has a double tax treaty with
Malaysia, the tax rates or
specic sources o income
may be reduced.
Tax treaty networks
Malaysia has an extensive
network o tax treaties
including:
Albania, Australia, Austria,
Bangladesh, Bahrain, Belgium,
Brunei, Canada, Chile, China
(P.R.C.),Croatia,Czech
Republic, Denmark, Egypt,
Fiji,Finland,France,Germany,
Hungary, India, Indonesia, Iran,
Ireland, Italy, Japan, Jordan,
Kazakhstan,Korea(R.O.K.),
Kuwait,Kyrgyz,Lebanon,
LicensedManufacturing
Warehouse (LMW) In areas
whereFIZsarenotavailable,
companies can set up LMWs
which are accorded acilities
similar to those enjoyed
byestablishmentsinFIZs.
Transer pricing guidelines
The MIRB released transer
pricing guidelines which are
meant to provide multinational
corporations and othercompanies involved in related-
party transactions with
guidance on matters relating
to transer pricing such as
inormation on methodologies
or determining arms length
prices that are acceptable to
the MIRB, and the type o
records and documentation
that are expected to be kept
or transactions involving
related parties.
The Malaysian Transer Pricing
Guidelinesarelargelybased
on the governing standard or
transer pricing which is the
arms length principle as setout under the Organisation
or Economic Co-operation
and Development (OECD)
transer pricing guidelines.
In addition to the Malaysian
TransferPricingGuidelines,
Income Tax (Transer
Pricing) Rules 2012 and
Income Tax (Advance Pricing
Arrangement) Rules 2012
weregazettedon11May
2012, and are deemed to
be eective rom 1 January
2009 onwards.
Prior to 2009, MIRB relied
on the general anti-avoidance
legislation under Section 140
o the Income Tax Act, 1967,
to disregard any transaction
between related parties
which was not conducted
on an arms length basis.
In January 2009, Section
140A was introduced to
provide specic legislative
direction on transer pricing
in Malaysia. Unlike the general
anti-avoidance provisions in
Section 140 which covers all
transactions, Section 140A
specically deals with related-
party transactions rom a
transer pricing perspective
including thin capitalisation
legislation. Although thin
capitalisation legislation was
introduced as part o section
140A, the implementation o
these rules have been deerredto a later date.
Withholding taxes
Withholding tax is imposed
on income derived in
Malaysia by non-residents
and is restricted to certain
specic payments.
Types o payments Tax rate (Note)
Interest 15%
Royalty 10%
Technical ees 10%
Rental o moveable properties 10%
Contrac t pay ment (rom 21 September 20 02 ) 10 % + 3%
Services perormed by public entertainer 15%
Other income 10%
Luxembourg, Laos, Malta,
Mauritius, Mongolia,
Morocco, Myanmar, Namibia,
Netherlands,NewZealand,
Norway, Pakistan, Papua New
Guinea,Philippines,Poland,
Qatar, Romania, Russia, Saudi
Arabia, San Marino, Seychelles,
Singapore, South Arica, Spain,
Sri Lanka, Sudan, Sweden,
Switzerland,Syria,Thailand,
Turkey, Turkmenistan, United
Arab Emirates, United Kingdom,
Uzbekistan,Venezuela,
Vietnam,Zimbabwe.
Malaysia also has limited tax
treaties with Argentina (shipping
and air transport), United
States o America (shipping
and air transport) and Taiwan
(exemption orders). Malaysia
has also signed a tax treaty
with Hong Kong but it has
not yet been ratied.
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Basis o taxationin Malaysia
The tax year or an individual
is the calendar year. Income
is assessed on a current
year basis. This means that
income earned in 2011 will
be assessed in the YA 2011.
The SAS also applies to
individuals.
Income is taxed in Malaysia
on a territorial basis, i.e. incometax is chargeable on income
accruing in or derived rom
Malaysia. With eect rom
YA 2004, income received
in Malaysia rom a source
outside Malaysia by an individual,
whether tax resident or non-tax
resident, is exempt rom tax.
The manner in which an
individual is taxed is dependent
on his tax residency status
which is determined by the
number o days that he is
physically present in Malaysia
Taxation o residents
and non-residents
A tax resident individual
is subject to income tax at
graduated rates between
0% and 26% ater deducting
personaltaxreliefs.Various
tax relies are available.
A non-resident individual or
tax purposes is not entitled
to personal tax relies and is
taxed at a fat rate o 26%.
Tax residence statuso individuals
An individual is generally
regarded as tax resident
i he is:
inMalaysiaforatleast182
days in a calendar year;
inMalaysiaforaperiodof
less than 182 days during
the year (shorter period)
but that period is linked toa period o physical presence
o 182 or more consecutive
days in the ollowing or
preceding year (longer period).
Temporary absence rom
Malaysia or certain specied
reasons during the shorter or
longer period are counted as
part o the consecutive days,
provided that the individual is
in Malaysia beore and ater
each temporary absence;
inMalaysiafor90daysor
more during the year end,
in any 3 o the 4 immediately
preceding years, he was in
Malaysia or at least 90 daysor was resident in Malaysia; or
residentfortheyear
immediately ollowing that
year end and or each o the 3
immediately preceding years.
Exemption (Short-term employees)
Income o a non-resident
rom an employment in
Malaysia is exempt:
iftheaggregateoftheperiod
or periods o employment
in Malaysia does not exceed
60 days in a calendar year;
foracontinuousperiod(not
exceeding 60 days) whichoverlaps two calendar years; or
foracontinuousperiod(not
exceeding 60 days) which
overlaps two successive
years and or a period or
periods which together with
the continuous period do not
exceed 60 days.
Sel-assessmentor individuals
Sel-assessment or individuals
was implemented rom YA
2004. Under the SAS, the
responsibility or correctly
assessing a persons tax liability
is transerred rom the MIRB
to the taxpayer.
The prescribed Form B/BE/M
will be issued to individual
taxpayers in the month oJanuary or earlier and will be
due or submission not later
than 30 April (no business
source) or 30 June (with
business source) ollowing
the assessment year. The
submission o the Form B/BE/M
is deemed to be a notice o
assessment or which tax is
due and payable in the same
date as the ling deadline.
Under the SAS, the
MIRB monitors taxpayers
compliance with the law
through tax audits.
Employers tax obligations
Where an individual exercises
a Malaysian employment,
his/her employer or deemed
employer would be required
to comply with the ollowing
tax and reporting obligations:
submitanannualreturnof
remuneration by the employer
(i.e. Form E) which provides a
summary o the salary paid and
tax deducted in respect o theiremployees no later than 31
March in the year immediately
ollowing the relevant year o
assesment;
theincomecerticate(i.eForm
EA) must be prepared and
rendered to the employee
on or beore the last day o
February o the ollowing year;
remitmonthlytaxdeductions
(MTD) to the MIRB by the 10th
o the ollowing month, or each
new employee, to submit the
notication o commencement
o employment (i.e. Form CP
22) and the tax questionnaire(i.e. Form KL/R/173) not
later than one month rom
the date o commencement
o employment; and
whenanemployeeisceasing
employment and leaving the
country, the employer has the
obligation to notiy the MIRB
in order to acilitate the tax
clearance procedure or the
employee. In addition, the
employer is required to retain
whatever amount o monies
due to the employee, i.e.
salary, allowances etc. until
90 days ater the receipt o
the notication or cessation
o employment by theMalaysian tax authorities or
when the employee obtains
his tax clearance, whichever
is earlier.
Personal Income Tax
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Audit andaccountancy
A multi-stage, broad-based
GoodsandServicetax(GST)
has been announced by the
MalaysianGovernmentto
replace the existing single
stage sales tax and service
tax. The implementation
date remains unannounced
at this juncture.
Statutory requirements orcompanies incorporatedunder the Companies Act 1965
Accounting and
other records
Accounting and other records
are the responsibility o the
companys directors. The
company and directors
must keep such accounting
and other records so as
to suciently explain the
transactions and nancialposition o the company and
enable preparation o nancial
statements showing a true
and air view to be conveniently
and properly audited.
All transactions must be
recorded within 60 days o
completion. These accounting
and other records must be kept
at the companys registered
oce (which must be in
Malaysia) or such other place in
Malaysia as the directors think
t. Accounting records relating
to operations outside Malaysia
may be kept at a place outside
Malaysia, provided statementsand returns are sent to a place
in Malaysia and are in sucient
detail to enable preparation o
nancial statements showing
a true and air view.
Accounting and other records
are to be retained or seven
years ater the completion o
the transactions or operations
to which they relate.
Sales tax
Sales tax is governed by
the Sales Tax Act 1972, which
came into orce on 29 February
1972. Sales tax is a single-stage
tax charged and levied on all
taxable goods that are:
manufacturedinMalaysiaand
sold by a licensed manuacturer
to a person other than a
licensed manuacturer
authorised by Customs toacquire such goods without
payment o tax;
usedordisposedofbythe
licensed manuacturer; or
importedintoMalaysiafor
home consumption.
Taxable goods means goods o
a class or kind not or the time
being exempted rom sales tax.
Broadly, sales tax rates are
as per the table below.
All exports by licensed
manuacturers are exemptedrom sales tax.
Service tax
Service tax is a consumption
tax levied and charged on any
taxable service provided by
any taxable person.
Taxable services include the
provision o rooms or lodging/
sleeping accommodation,
health services, certain
proessional services, certain
telecommunication services
including bandwidth servicesand certain value added
services, management services,
security services, provision
o parking space, provision o
gol course, gol driving range
or services related to gol or
gol driving range, courier
delivery services (other than
to destinations outside Malaysia),
provision and issuance o charge
card or credit card whether
or not annual subscription or
ee is imposed and the sale
or provision o ood, drinks and
tobacco products. The rate
o service tax is generally 6%.
However or charge or credit
cards, the service tax is MYR50or the principal card and MYR25
or a supplementary card.
Rate (%)
Fruit s, certain oodstu, timber and bui ld ing mater ia ls 5
Cigarettes and tobacco 5
Liquor and alcoholic drinks 5
All other goods, except petroleum subject to specic
rates and goods not specically exempted
10
Sales and Service Taxes
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Free trade agreements
Malaysia has concluded
several regional and bilateral
ree trade agreements and
several more are still under
negotiation. One o the
key eatures o ree trade
agreements is the preerential
tari treatment accorded
to member countries.
Currently, Malaysia has
signed the ollowing ree
trade agreements:
ASEANFreeTradeAgreement;
ASEANChinaFreeTrade
Agreement;
ASEANKoreaFreeTrade
Agreement;
Malaysia-PakistanCloser
Economic Partnership;
Malaysia-JapanEconomic
Partnering Agreement;
Malaysia-NewZealandFree
Trade Agreement;
ASEAN-Australia-NewZealand
Free Trade Agreement;
ASEAN-JapanComprehensive
Economic Partnership;
ASEAN-IndiaTradein
GoodsAgreement;Malaysia-ChileFreeTrade
Agreement; and
Malaysia-IndiaComprehensive
Economic Cooperation
Agreement
The preerential tari treatment
and the rules o origin may vary
rom one ree trade agreement
to another.
Customs Duty
Customs duty is levied under
the Customs Act 1967 on
dutiable goods imported into
or exported rom Malaysia.
Importduties:Importduties
are levied only on goods
imported into the country
and that are subject to import
duties. The ad valorem rates
o import duty may range rom
2% to 60%. Raw materials,machinery, essential oodstus
and pharmaceutical products
are generally non-dutiable or
subject to duties at lower rates.
However, beer and spirits are
still levied at specic rates
beer at RM5 per litre and
brandy at RM58 per litre.
Exportduties:Exportduties
are generally imposed on the
countrys main commodities
that are exported. The ad
valorem rates o export duty
range rom 2.5% to 20%.
Some o the commodities that
attract export duty are crude
petroleum oil (at 10%), rattanwhole (at RM2,700 per kg),
whilst export duty on crude
palm oil is imposed based on
scale rates.
Excise Duty
Excise duties are imposed
on a selected range o goods
manuactured and imported
intoMalaysia.Goodswhichare
subject to excise duty include
beer/stout, cider and perry, rice
wine, mead, undenatured ethyl
alcohol, brandy, whisky, rum
and taa, gin, cigarettes
containing tobacco, motor
vehicles, motorcycles, playing
cards and mahjong tiles.
The main legislations relatingto excise duty are the Excise
Act 1976 and the Excise
Regulations 1977.
The rates o excise duty vary
rom 10 cents per litre and
15% or certain types o
spirituous beverages, to as
much as 105% or motorcars
(depending on the engine
capacity).
Labuan
Labuan, a Federal Territoryo Malaysia, was established
on 1 October 1990 as an
international nancial business
centre to provide or the
development o oshore
activities in the areas o
banking and insurance, trust
and und management,
investment holding and
other activities carried on
by multinational companies.
In a rebranding exercise, the
name was changed to Labuan
International Business and
Financial Centre (Labuan IBFC)
in January 2008 to refect
the jurisdictions growing
international status. In the
same year, a new entity, the
Labuan IBFC Incorporated
Sdn Bhd (Labuan IBFC Inc.),
wholly owned by the Labuan
Financial Services Authority,
was established as the ocial
agency or the promotion andmarketing o Labuan as
the premier international
business and nancial centre
in Asia Pacic.
The Labuan Financial Services
Authority (LFSA), ormerly
known as Labuan Oshore
Financial Services Authority
(LOFSA) is an agency
established on 15 February
1996 under the Labuan
Financial Services Authority
Act 1996, to be the supervisory
authority in charge o regulating
and supervising the industry
in Labuan. Their role includes
drawing up plans or urthergrowth and greater eciency
o the Labuan IBFC.
The objective o Labuan FSA
is to act as a one-stop agency
to implement the governments
vision to develop Labuan as
apremier IBFC by ensuring
the highest level o integrity,
commitment and
proessionalism.
Trade
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HSBC in MalaysiaOverview
The Labuan Companies Act
1990 (LCA) provides or the
incorporation, registration and
administration o Labuan and
oreign Labuan companies in
Labuan. Such companies will
not come within the provisions
o the principal Companies
Act 1965, which governs
companies operating in
Malaysia domestically.
A Labuan company is one
which is ormed either through
incorporation under the LCA
or through registration under
the LCA o a oreign company
incorporated outside Malaysia
as a oreign Labuan company.
The incorporation o a Labuan
company would involve the
ollowing procedures:
AppointmentofaLabuan
trust company as an agent or
registration o the applicant.
The trust company must
conduct its own due diligence
on the prospective applicant;
Applicationforreservationand approval o name;
Afterreservationandapproval
o name, various documents
must be lodged or registration
including the memorandum
and articles o association; and
Paymentoftheincorporation
ee depending on the value
o nominal capital, as well
as other administrative ees.
A Labuan company may
be limited by shares, limited
by guarantee or an unlimited
company. There is no minimum
capital requirement other than
or Labuan companies ormed
to carry on the business o
Labuan banking or Labuan
insurance.Variousclasses
o shares and dierent rights
may be issued. A Labuan
company has the power to
issue dierent classes o
shares valued in a currency
other than Malaysian Ringgit.
A oreign Labuan company
is not required to maintain its
accounting and other records
in Labuan. It must submit an
annual return in the prescribed
orm once every calendar year,
not later than 30 days prior to
the anniversary o the date
o registration.
With eect rom 1 January
2009, a Labuan Holding
Company is allowed to
establish an operational
and management oce in
Kuala Lumpur (co-location).Approval must be obtained
rom the Labuan FSA beore
setting up the oce, and
is subject to conditions,
including a requirement or
the Labuan company to make
an irrevocable election or it
to be taxed under the Income
Tax Act, 1967 instead o the
Labuan Business Activity
Tax Act, 1990. An annual
ee o RM7,000 is charged
upon approval, and or every
subsequent year during which
the approval is valid.
Generally,Labuanentitiesare
accorded with a preerential tax
treatment under the Labuan
Business Activity Tax Act 1990
(LBATA) and subject to nil or
low income tax (i.e. 3% o net
audited prots or RM20,000)
depending on the type o
activity conducted in Labuan.
The preerential tax treatment
under the LBATA is granted
to Labuan entities conducting
Labuan business activities
in Labuan.
Labuan business activity is
dened as a Labuan trading
or Labuan non-trading activity
carried on, in, rom or through
Labuan in a currency other
than the Malaysian Ringgit
by a Labuan entity with non-
residents or another Labuan
entity. Labuan trading activities
include banking, insurance,
trading, management, licensing,
shipping operations or anyother activities not considered
as a Labuan non-trading
activity. Labuan non-trading
activities reer to the holding
o investments in securities,
stocks, shares, loans, deposits
or any other by a Labuan entity
on its behal.
HSBC Bank Malaysia Berhad
was locally incorporated in
1984 and is a wholly-owned
subsidiaryoftheHSBCGroup.
In 2006, HSBC was the rst
oreign bank to be awarded
a Takaul (Islamic insurance)
licence in Malaysia. HSBC
Amanah Takaul (Malaysia) Sdn
Bhd, a joint venture between
HSBC Insurance (Asia Pacic)
Holdings Limited (49%
shareholding), Jerneh Asia
Berhad (31% shareholding)
and Employees Provident
Fund Board o Malaysia (20%
shareholding), commenced
operations in August 2006.
In 2007, HSBC Bank
Malaysia was the rst locally
incorporated oreign bank to
be awarded an Islamic banking
subsidiary licence in Malaysia,
and HSBC Amanah Malaysia
Berhad, a ully-fedged Islamic
bank wholly-owned by HSBC
Bank Malaysia, commenced
operations in August 2008.
HSBC Bank Malaysias ability
to combine international
expertise with in-depth local
knowledge and experience
place us in a unique position
to serve customers domestic
and international needs. HSBC
Amanah Malaysia and HSBC
Amanah Takaul complement
the Bank by providing a wide
range o Islamic nancial
solutions and Takaul coverage
or both retail and corporate
customers.
As at 31 May 2012, HSBC in
Malaysia has a network o
58 branches nationwide, o
which 16 are Islamic nance
branches.
Corporate Sustainability
For HSBC, being sustainable
means managing our business
or the long term. That means
achieving sustainable prots
or our shareholders, building
long-lasting relationships
with customers, valuing our
highly committed employees
and managing the social and
environmental impact o our
business. HSBC has a long-
standing commitment to
protecting the environment
and believes it is undamental
to a thriving society and
sound economy upon which
business depends.
At HSBC, we are committed to
reduce the impact o climate
change on people, orests,
reshwater and cities, and
accelerate the adoption o
low-carbon policies by working
with local communities,
governments, businesses,
environmentalNGOsandour
employees. In 2005, HSBC
was the rst bank and
FTSE100 company tobecome carbon neutral.
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Banking in Malaysia
Financial institutions that make
up the banking system include
commercial banks, investment
banks and Islamic banks. They
orm the primary sources o
nancing to support economic
activities in Malaysia. Bank
Negara Malaysia (BNM) is the
central bank and is responsible
or supervising the banking
system and the insurance
industry. It also issues the
Malaysian currency, acts as
a banker and nancial advisor
to the government, administers
oreign exchange control
regulations, and is a lender o last
resort to the banking system.
Comprehensive regulations
govern the management and
ownership o banks and nance
institutions. The principal ones
aretheBNMGuidelinesand
the Banking and Financial
Institutions Act 1989 and
the Islamic Banking Act
1983, which cover licensing,
nancial requirements (e.g.
liquidity ratio, statutory reserve),
duties, ownership, control
and management o licensedinstitutions and restrictions
on the business activities.
Subject to other conditions,
the maximum permissible
shareholding o an individual
in a licensed local institution
is 10%; maximum shareholding
o a corporation is 20%. All
acquisition or disposal o
shareholdings o a licensed
institution o 5% and above
require written approval rom
the Minister o Finance.
The Minister o Finance, on
the recommendation o BNM
may approve exceptions on
maximum permissible holdings
in the nancial institutions.
Under the Banking and
Financial Institutions Act 1989,
no licensed institution can
open any oce in or outside
Malaysia (to carry out banking
business) without prior written
consent o BNM. BNM has
set the minimum capital und
requirement o domestic banks
at RM2 billion.
There are also other nancial
intermediaries operating
parallel to conventional banking
institutions, which include
Islamic banks, investment
banks, oshore banks and
specialised nancial institutions.
Commercial banks are the
main players in the banking
system. In 1999, the BNM
initiated a programme or the
consolidation o the domestic
banking sector. The objectiveis to create strong domestic
banking groups that are able
to meet the demands o
adverse economic conditions as
well as uture challenges rom
globalisation and liberalisation.
Since then, the banking
sector has been successully
consolidated to only 9 anchor
banks. The anchor banking
groups provide a wide range
o nancial services covering
retail banking and nancing,
asset management, unit trusts,
investment banking and even
insurance services or some
o the larger ones. In view o
the challenging and competitive
banking environment, the
Governmentcontinuesto
encourage urther consolidation
o the banking sector.
Local fnancing
Sources o local nancing
available to business include
the range o normal banking
loans and acilities, as well as
development nance, export
credit, renancing, Private Debt
Securities (PDS) market and
venture capital. Working capital
nancing is available through
the commercial banking sector,
while more specialised needs
are usually met through the
investment banking sector.
Loan availability tooreign investors
The rules or domestic
borrowing by non-resident
controlled companies are ullyliberalised by removing the
RM50 million limit and the
3:1 gearing ratio requirement.
Previously, borrowings o above
RM50 million and 3:1 gearing
ratio required the approval
o the Bank Negara Malaysia.
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Country overview
Capital city
Area and population
Language
Currency
International dialling code
Major stock exchanges
Political structure
Economic statistics
National Holidays
Kuala Lumpur
Area o 330,000 sq km and population o 28 million
Bahasa Malaysia (ocial language), English, Mandarin, Tamil
Ringgit Malaysia (RM)
Country exit code + 60 + City area code + Number
Kuala Lumpur Stock Exchange (KLSE)
A ederation with 13 states (11 in peninsular Malaysia and 2
in Malaysian Borneo) and 3 ederal territories. As a ederation,
the governance o the country is divided between the ederal
and the state governments
GDPfortheyear2011wasRM588.3billionwithagrowthof5.1%
Scheduled Public Holidays or 2013
Sources: www.statistics.gov.my and
www.data.worldbank.org
New Years Day 1 January
Mawlid al-Nabi (Birth o Prophet Muhammad) 24 January
Chinese New Year 9-11 February
Labour Day 1 May
Wesak Day (Birth o Buddha) 24 May
Malaysian Kings Birthday 1 June
Hari Raya Puasa (End o Ramadan) 8-9 August
Independence Day 31 August
Malaysia Day 16 September
Hari Raya Qurban (Feast o the Sacrifce) 15 October
Deepavali or Diwali (Festival o Lights) 3 November
Awal Muharram (Islamic New Year) 5 November
Christmas Day 25 December
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7/28/2019 Country Guide My March 2013
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Head Ofce
HSBC Bank Malaysia Berhad
Address: No 2 Leboh Ampang,
50100 Kuala Lumpur, Malaysia.
Phone: +603-2075 3000
Facsimile: +603-20701146
Website: www.hsbc.com.my
3rd Edition: August 2012
Copyright
Copyright 2013. All rights reserved.
PwC and PricewaterhouseCoopers
reer to the network o member rmso PricewaterhouseCoopers International
Limited (PwCIL), or, as the context
requires, individual member rms o the
PwC network. Each member rm is a
separate legal entity and does not act
as agent o PwCIL or any other member
rm. PwCIL does not provide any services
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liable or the acts or omissions o any o
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exercise o their proessional judgment
or bind them in any way. No member
rm is responsible or liable or the acts
or omissions o any other member rm
nor can it control the exercise o another
member rms proessional judgment or
bind another member rm or PwCIL in
any way.
Theresa Lim, Senior ExecutiveDirector, PricewaterhouseCoopers
GeneralLine:+603-21731188
Direct Line: +603-2173 1583
Email: [email protected]
http://www.pwc.com/myen
Contacts
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