Renew your enterprise License
Enterprise is one type of organization in Malaysia which is the formation bound by the Registration of Business Act 1956 (Act 197). There are two type of enterprise which are Sole Proprietorship and Partnership (Business is owned by two (2) or more persons but not exceeding 20 persons).
There is no legal status for the enterprise as it is one man show business where the owner and the business considered as one entity. The owner will run the business by themselves their fortunes is determined by how good they operate the business. The owner is entitled with all the profits generated by the business as the efforts and finance are from the business owner. However, bear in mind that the enterprise is not liable to pay tax, as all income will be taxed personally to the owner.
Normally startups prefer to establish an enterprise business since maintaining it are much easier and cheaper compared to company since there is no obligation to appoint company secretary and perform audited account. Besides that, the risk of having an enterprise business is much lower therefore suitable for those who is in small or medium business.
how to Register enterprise?
Sole proprietorship and partnership can be registered and start up with fairly easy with minimal capital requirements.
All you need to do is to visit the business registration counter at any SSM offices or register through online at https://ezbiz.ssm.com.my/ & follow the application procedures, within few hours, you can start your business immediately!
Note that only the owner of the business can register new business license with SSM.