EPF (Employees Provident Fund) Provident Fund
The Employees' Provident Fund (EPF) is a social security scheme in Malaysia. It was established in 1951 to provide retirement benefits to employees in the private sector. The EPF is a mandatory scheme for all employees who are employed under a contract of service, aged 16 and above, and earning RM50 and above per month.
The EPF contribution rate is 11% of the employee's monthly salary, with 9% deducted from the employee's salary and 2% paid by the employer. The contributions are invested in a diversified portfolio of assets, such as stocks, bonds, and real estate.
Members can withdraw their EPF savings upon reaching retirement age, which is 55 for men and 50 for women. Members can also make withdrawals for certain purposes, such as housing, education, and medical expenses.
The EPF is a valuable source of retirement income for millions of Malaysians. It is a well-managed and financially sound organization that has a long track record of providing good returns on members' investments.
How Bestar can Help
Bestar, a leading corporate services provider in Malaysia, offers a comprehensive range of services that can help businesses of all sizes in the country thrive and succeed. Whether you're a startup just getting started or an established multinational corporation, Bestar's expertise and experience can be invaluable in navigating the complexities of the Malaysian business landscape.
Here are some specific ways in which Bestar can help businesses in Malaysia:
Company Registration and Setup: Bestar can streamline the process of registering a company in Malaysia, handling all the necessary paperwork and filings with the Companies Commission of Malaysia (SSM). We can also provide guidance on company structures, tax registrations, and other regulatory requirements.
Accounting and Bookkeeping Services: Bestar's team of experienced accountants can handle all your accounting and bookkeeping needs, including preparing financial statements, managing accounts receivable and payable, and ensuring compliance with Malaysian tax laws.
Corporate Secretarial Services: Bestar can act as your company's corporate secretary, taking care of tasks such as maintaining company records, preparing and submitting annual reports, and attending board meetings.
Nominee Director Services: For companies that need a local director, Bestar can provide nominee director services, ensuring compliance with Malaysian regulations and acting as a neutral third party in corporate governance matters.
Payroll and HR Services: Bestar can manage your company's payroll, handling tasks such as calculating salaries, deductions, and taxes, and ensuring timely and accurate payroll processing. We can also provide HR support, including recruitment, employee onboarding, and termination procedures.
Immigration Services: Bestar can assist with obtaining work visas and permits for foreign employees, ensuring compliance with Malaysian immigration laws and regulations.
Tax Advisory Services: Bestar's tax advisors can provide expert guidance on Malaysian tax laws, helping you minimize your tax liabilities and maximize tax benefits.
Business Consulting Services: Bestar's consultants can provide strategic advice on business growth, market expansion, and operational efficiency, helping you achieve your business goals.
By leveraging Bestar's comprehensive range of services, businesses in Malaysia can gain access to valuable expertise, streamline their operations, and focus on their core business activities. Bestar's commitment to providing high-quality, personalized services makes them a trusted partner for businesses of all sizes in Malaysia. Contact Bestar today!
Comments