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The construction or real estate development sector in Malaysia is playing a very important role in the economic growth in terms of generating vast revenue. Mega infrastructure development projects in Malaysia, growing this industry more profitable. The construction sector includes residential construction, non-residential construction, civil engineering and mega govt allowed projects. Malaysia govt welcoming legal investments with a positive Foreign Direct investment, business & tax policy. Construction in Malaysia averaged 12208.37 MYR Million from 2010 until 2020.
Same as other businesses, you will need a construction company to do construction business in Malaysia. Company registration, banking, basic papers all might be the same but to do construction business there are some specific licenses you will need. As usual under company act 2016 you will need to SDN BHD company registration, After getting company registration, you have to bank account & get CIDB (Construction Industry Development Board) license.
Construction Industry Development Board (CIDB)
CIDBis a compulsory requirement for all types of companies operating in the Malaysian construction sector. Effective from 20 July 1995, all local or foreign contractors must register with the Construction Industry Development Board under Section 25 of Act 520 (Amendment 2011) before undertaking and completing any construction work in Malaysia unless they granted an exemption under Section 40 (1) of the Construction Industry Development Board of Malaysia Act 1994 (Act 520). This license is renewable and available for a period of a minimum of one year to three years. Applicant companies will need to pay a certain tax when applying for the construction license according to the grades of CIDB variation. Depending on CIDB grade construction companies can do the full project, development, or sub-construction contracts. With CIDB license what construction services a construction company can provide:
To obtain CIDB license companies must have paid capital (as per category requirement), 1 civil & 1 mechanical engineer (diploma engineer also work) from Malaysia, share distributions if have foreign shareholders in the company, an office address, a registered company secretary office address, etc.
OUR CIDB APPLICATION SERVICES
In this process we help our clients to complete the application process with company documents preparation, CTC, paid up capital documentation, recruit local engineers, legal business advisory according updated authority law.
After CIDB there are few more licenses or papers companies must have to operate construction business in Malaysia, such as; Bumiputera Status Certificate to participate in government projects, etc. Construction companies are always labour related so we also advise interested investors to be aware of & follow MALAYSIAN EMPLOYMENT ACT 1955.
Why Lim & Ani Associates Sdn Bhd
We are providing one of the best business & company setup consultancy services in Malaysia, with experienced & licensed company secretaries, professional accountants, auditors, tax & SST experts, expert business advisors and we are offering a one-stop business service in Malaysia. As one of the best leading corporate advisors, we make sure that your company registration, investment, business management in Malaysia runs smoothly & tensions free, while meeting all the existing compliance laws and regulations.
Our advisory line to discuss more about starting a business & company in Malaysia
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LIM & ANI ASSOCIATES SDN BHD
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