Accounting, bookkeeping and auditing activities; tax consultancy
Accounting, bookkeeping and auditing activities; tax consultancy
Professional services (law, accountancy, engineering) require licences from professional boards. Foreign practice via approved international firms or via local citizenship-restricted practice.
- Foreign equity
- 100%
- Capital floor
- None
- Setup timeline
- 8–12 wk
Foreign ownership rules
Foreign ownership rules
- Professional Services (Legal/Accounting/Engineering)conditionalBOARDS
Professional services (law, accountancy, engineering) require licences from professional boards. Foreign practice via approved international firms or via local citizenship-restricted practice.
Source
Sourced from MIDA sector booklets and respective regulators. Verify the latest rules with the regulator before investment decisions.
Activity details
activities involving the recording of commercial transactions from businesses or others, the preparation or auditing of financial accounts, the examination of accounts and the certification of their accuracy and the preparation of personal and business income tax returns. Included are related advisory activities and representation (other than legal representation) on behalf of clients before tax authorities
data-processing and tabulation activities, see item 63112. management consultancy such as design of accounting systems, cost accounting programs, budgetary control procedures, see item 70209. bill collection, see 82910
SST & Withholding Tax
Taxable Service (Group G — Professionals): Likely subject to 8% Service Tax if annual revenue exceeds RM500,000.
WHT Risk: Professional or technical fees paid to non-residents subject to WHT under S109B ITA 1967.
Risk Level
e-Invoicing (MyInvois)
MSIC code 69200 is required when issuing e-invoices via LHDN MyInvois. Use this code in the Classification field of your e-invoice.