Now Foreigner can also become the Director of a Malaysian company. A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organisation.
Minimum 2 natural persons are required to incorporate a company in Malaysia and maximum numbers of the Directors in Malaysian company can be 9.
Appointment of new directors in a Malaysian Company
Any person, who is willing to be accepted or appointed as a director of a company incorporated in Malaysia, needs to declare himself on the following:
- He is not an undischarged bankrupt;
- He has not been convicted whether within or without Malaysia of any offence;
- He has not been imprisoned for any offence within the period of five years immediately preceding the date of his declaration; and
- He consents to act as Director.
The new director has to sign the Form 48A (Statutory Declaration by a person before appointment as Director of the company, Or by a Promoter before incorporation of the Sdn Bhd company) and then this Form 48A needs to be attested by the Commissioner for Oaths / Notary Public before accepted to become a director of a company in Malaysia.
Form 48A is submitted online to Companies Commission of Malaysia for registration purposes and to Insolvency Department for record purposes.