Why Register a Society
There are many reasons why someone might want to register a society in Malaysia. Here are some of the most common reasons:
To gain legal recognition: Registering a society gives the organization legal status, which can be important for things like opening a bank account, entering into contracts, and applying for grants.
To protect members' assets: A registered society is a separate legal entity from its members, which means that members' personal assets are protected from the society's debts and liabilities.
To access tax benefits: Registered societies may be eligible for tax exemptions or deductions.
To attract members and donations: A registered society is seen as being more credible and trustworthy than an unregistered organization, which can make it easier to attract members and donations.
To make a difference: Societies can play an important role in promoting social change and improving the lives of others.
If you are thinking about registering a society in Malaysia, you should carefully consider the reasons for doing so and make sure that you understand the requirements and obligations involved.
Here are some additional benefits of registering a society in Malaysia:
Increased visibility and credibility: Registration gives a society a legal identity and makes it easier to be recognized by government agencies, other organizations, and the public.
Enhanced management and governance: Registration requires a society to have a clear structure and set of rules, which can help to improve decision-making and accountability.
Access to training and resources: The ROS and other organizations offer training and resources to help registered societies manage their affairs effectively.
If you are interested in registering a society in Malaysia, you can find more information on the ROS website.
Registration of Society
The registration of a society in Malaysia is governed by the Societies Act 1966. To register a society, you must submit an online application to the Registrar of Societies (ROS) at www.eroses.gov.my.
The application must be accompanied by the following documents:
A copy of the society's constitution
A list of the society's office bearers
The names and addresses of at least seven members of the society
A fee of RM50
The ROS will process your application and, if it is approved, you will be issued with a certificate of registration. Your society will then be considered a legal entity and will be able to enjoy the following benefits:
Limited liability
Perpetual succession
The ability to enter into contracts
The ability to sue and be sued
To maintain your society's registration, you must file an annual statement with the ROS. You must also notify the ROS of any changes to your society's constitution, office bearers, or membership.
How Long is the Approval Process for a New Organization Application
Within 5 working days for applications that are complete and do not have any issues / suspicious matters (after the payment received)
If You are Considering Registering a Society in Malaysia, seek Bestar's Advice
Seeking Bestar's advice can be beneficial if you're considering registering a society in Malaysia. Bestar is a reputable accounting firm that can assist you in ensuring compliance with the Societies Act 1966 and other relevant regulations.
Here are some specific ways Bestar can help you with society registration and ongoing financial management:
Registration Guidance: Bestar can guide you through the registration process, ensuring you complete all necessary documentation and procedures correctly. We can also assist in drafting the society's constitution and ensuring it aligns with legal requirements.
Tax Compliance: Bestar can help you understand and comply with Malaysia's tax laws as they pertain to societies. We can assist in preparing and filing annual tax returns and advising on tax-related matters.
Financial Management: Bestar can provide ongoing financial management services to your society. This includes maintaining accurate financial records, preparing financial statements, and providing financial advice to support your society's decision-making.
Compliance Audits: Bestar's partner can conduct regular compliance audits to ensure your society is adhering to all financial and regulatory requirements. This helps identify and address any potential issues early on.
Financial Reporting: Bestar can prepare financial reports for your society's internal use or for external stakeholders. These reports provide insights into the society's financial performance and position.
Training and Support: Bestar can provide training and support to your society's staff or volunteers on financial management practices, record-keeping, and compliance matters.
Seeking Bestar's expertise can help your society maintain financial transparency, ensure compliance with regulations, and make informed financial decisions. Our guidance can contribute to the overall success and sustainability of your organization. Contact Bestar today!
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