How To Register For MOF License In Malaysia

MOF License application is necessary for all businesses, and it is issued by the Ministry of Finance, which is a government agency in Malaysia responsible for managing the country’s financial policies and resources. 

The Ministry of Finance issues licenses for a variety of activities and industries within Malaysia, including moneylending, insurance, financial advising, and more. These licenses are necessary for individuals and businesses to operate legally in their respective industries and ensure compliance with Malaysia’s regulations and laws.

Enterprises must first get the MOF License Treasury Registrations to participate in the government sector and semi-government bids and contracts. This includes offering consulting services and products to government ministries, departments, and organizations. The MOF registration is usually needed by Government Department and Government Companies such as Petronas, Tenaga Nasional Berhad, Felda, and many others that also require the supplier for goods and services to have their Company registered with MOF.

A company must establish a new business in Malaysia before qualifying to apply for a license, refer to Malaysia company formation for more information. 

REQUIREMENTS TO APPLY FOR THE MOF LICENSE IN MALAYSIA

• Organizations like LLPs, private companies, and Enterprise
• The companies need to have paid-up capital of at least RM 2,500. (LLP and Enterprise can refer to their bank statement)
• The business must have a location—a building, an office, or a home—and at least one employee.
• The business must possess the necessary licenses and/or letters of approval for the field for which they have applied.
• The business must have a field code identical to the MOF-issued code.

BENEFITS OF MOF LICENSE REGISTRATION

The benefits of registering for an MoF license in Malaysia include the following:

Access to government procurement opportunities

With an MoF license, businesses can participate in government procurement projects and contracts, which can be a lucrative source of revenue.

Increased credibility and trust

Obtaining an MoF license can enhance a business’s credibility and reputation as it is a sign of compliance with government regulations and requirements.

Eligibility for government financial assistance

Registered businesses may be eligible for financial assistance and incentives from the government, which can help them to grow and expand their operations.

Legal compliance

An MoF license ensures that a business complies with relevant laws and regulations, reducing the risk of penalties, fines, or legal action.

Competitive advantage

Registered businesses may have a competitive advantage over non-registered businesses, as the license is a mark of quality and reliability.

PROCESS TO APPLY FOR AN MOF LICENSE

Creating an account from the MOF website to submit the applications online

Visit the MOF website and create an account to start the application process. The applicant must provide personal information, including name, email address, and contact number. Once the applicant has created an account, fill out the application form with accurate information. Ensure to provide all the necessary details correctly, as incomplete or inaccurate information can delay the processing of the application.

Submitting the supporting documents to MOF via counter-submission or online

After filling out the application form, submit the required supporting documents. The supporting documents may include company registration documents, tax returns, bank statements, and other relevant documents. The applicant can submit the documents via counter submission at the MOF office or online through the MOF website.

MOF will announce the results 

Once the applicant has submitted the application and the supporting documents, they will need to wait for the MOF to process the application. The MOF will notify you of the results of your application through email or letter. For new registrations, obtaining license approval takes 7 working days.

DOCUMENTS REQUIRED FOR MOF LICENSE

The company must provide the following supporting documents for the new registration of the MOF license:

• Declaration Form
• Memorandum and Article of Association /Section 14/ Form 55 (for Limited Companies)
• Form 24/ Section 78 dan Form 24 / Section 58 for companies less than one year or the latest Form of Annual Return (for companies that have been incorporated over 18 months), Form 32A / Section 11 (if applicable)
• Copy of owner’s / directors’ Identity Card
• Current Account Statement

BUMIPUTERA STATUS

Some tenders are available just for Bumiputera. As a result, the tender application needs a Bumiputera license. The MOF license’s validity is correlated with the Bumiputera status’s.

To be eligible for Bumiputera status, the requirements are:

• Businesses registered with the Malaysian Companies Commission (CCM) in accordance with the Companies Act 2016
• The application must be submitted following the registration of the company.
• Companies having at least two-thirds of Bumiputera directors or all directors who are Bumiputera are eligible to apply
• Businesses with a Bumiputera workforce population of 2/3
• Bumiputeras are in charge of the company’s financial management.
• Bumiputera individuals possess the largest proportion of individual equity holdings.

VALIDITY OF THE LICENSE

After the date of registration, the Company Registration Certificate is valid for three years. To prevent the automatic revocation of the MOF license, applicants must submit an application for license renewal beginning three months before the license expires and continuing for one year after the license expires.

Registration Fee

Contact us at Relin Consultants – Leading Global Business Set Up Partners for more information.