Malaysia Custom Declaration

Got one time when I back from oversea, at the scanner checking point, the custom officer ask me to open my luggage and found "excessive" new cloth in my luggage. The officer then gave me a small booklet and explain to me that I have convicted the Custom Law so they want to impose tax on my clothes.

After discussed with the Officer, finally I have to pay a sum of custom duty and learned the lesson. Therefore, I would like to share this information to those who don't know. If you know you may share your experience here or if you have any ideas how to overcome this issue or you have any suggestions, please share with us.

Lets see what the Malaysia Law said:-

Any person arriving in or leaving Malaysia shall declare all dutiable or prohibited goods in his possession, either on his person or in any baggage or in any vehicle, to the proper officer of customs.

For the purpose of examination, it shall be the duty of such person in charge of such baggage to produce, open, unpack and repack such baggage.


Regulation 17 of the Customs Regulations 1977 requires the declaration of 

(i) goods in excess of the quantity exempted and prohibited goods; and

(ii) cash, bearer negotiable instruments or both exceeding an amount equivalent to USD10,000.


Goods exempted from payment of customs duty per person:

(i) wine, spirit, beer or malt liquor not exceeding 1 litre in all;

(ii) tobacco not exceeding 225 grams (equivalent to 200 cigarettes);

(iii) wearing apparels not exceeding 3 pieces and footwear not exceeding one pair;

(iv) foods preparations to a total value not exceeding RM75.00;

(v) portable electrically or battery operated appliances for personal care and hygiene not exceeding 1 unit each and;

(vi) all other goods (including souvenirs and gifts) other than (i) and (ii) and tyres and tubes, to a total value not exceeding RM500.00).


Conditions for exemption:-

(i) residents must have left the country not less than 72 hours while non-residents must have the intention to visit Malaysia not less than 72 hours;

(ii) in the case of Labuan, the person satisfies the proper officer of customs that he has visited Labuan for a period of not less than 24 hours and in the case of Langkawi or Tioman for a period of not less than 48 hours; and 

(iii) in respect of the items listed above, if the importer imports in excess of the quantity or value of goods exempted, he shall be liable to pay duty on the excess only.


You are required to fill up Form Customs No. 22, below is the sample for your reference.

The completed form must be submitted to the customs officers on duty at the place of arrival in Malaysia or departure from Malaysia.

Iphone Service Centers

Today I went to Machine (Iphone) to ask about my friend's iphone 7 display screen replacement, the staff in Machine gave me a pc of paper containing the Machine service center locations. I guess many of them does not know where to send their iphone for repair, so I copy and paste the information in my blog here.

1. Northpoint office

B-G-2, Ground Floor, Northpoint Office,

Mid Valley City,

Medan Syed Putra Utara,

59200 Kuala Lumpur.

Monday - Saturday 

9am - 6pm

Sunday & Public Holiday

Close

2. Suria KLCC

Lot 316B & 316C,

3rd Floor, Suria KLCC,

50088 Kuala Lumpur.

Monday - Sunday

10am - 10pm

3. The Curve

Lot G17 - G18, Ground Floor, The Curve,

Mutiara Damansara,

47810 Petaling Jaya,

Selangor.

Monday - Sunday

10am - 10pm

4. Machines Support Hotline

+603 9212 2606 (Monday - Friday : 9am - 6pm)

5. Apple Toll Free Help Line

1800 80 3638

Below are some handphone common parts price list:-

Companies Act 2016 - Substantial Value

Section 223(3)
In the case of any company other than a company to which subsection (2) applies, an undertaking or property shall be considered to be of a substantial value and a portion of the company's undertaking or property shall be considered to be a substantial portion if:-

(a) its value exceed twenty-five per centum (25%) of the total assets of the company;

Property cost - RM8,500,000
Total assets - RM350,988,462
Total assets = Non current assets + Current assets
Result is 2.42% of the total assets of the company, which is lower than 25%.

(b) the net profits, after deducting all charges except taxation and excluding extraordinary items, attributed to it amounts to more than twenty-five per centum (25%) of the total net profit of the company; or

Property cost - RM8,500,000
Profit before tax - RM650,000
Result is 1,307.69% of the total assets of the company, which is higher than 25%.

(c) its value exceeds twenty-five per centum (25%) of the issued share capital of the company,

Property cost - RM8,500,000
Issued share capital - RM60,000,000
Result is 14.17% of the total assets of the company, which is lower than 25%.

whichever is the highest

From the calculation above shows that the company doesn't pass the test under subsection (b), therefore the purchase of property of RM8,500,000 is substantial value to the company.



Disclaimer:-

This guide includes information obtained or derived from a variety of publicly available sources. I have not sought to establish the reliability of these sources or verified such information. All such information is provided "as is" and I do not give any representation or warranty of any kind (whether expressed or implied) about the suitability, reliability, timeliness, completeness and accuracy of this publication. This publication is for general guidance only and shot not be construed as professional advice. Accordingly it is not intended to form the basis of any decision and you are advised to seek specific professional advice on any transaction or matter that may be affected by this publication before making any decision or taking an actions.

Companies Act 2016 - Financial Statements and Reports

Duty to lodge financial statements and reports with the Registrar

Section 259(1) - A company shall lodge with the Registrar for each financial year the financial statements and reports required under this Act:-

(a)   in the case of a private company, within thirty (30) days from the financial statements and reports are circulated to its members under Section 258;

(b)   in the case of a public company, within thirty days from its annual general meeting; and


Time allowed for sending out copies of financial statements and reports

Section 258(1) - The circulation of financial statements and reports:-
(a)   for a private company, shall be within six (6) months of its financial year end; and
(b)   for a public company, shall be at least twenty-one (21) days before the date of its annual general meeting.


Offence & Penalty

Section 258(3) - The company and every officer who contravene this section commits an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand (50,000) ringgit and, in the case of a continuing offence, to a further fine not exceeding one thousand (1,000) ringgit for each day during which the offence continues after conviction.

Section 259(3) - Every officer who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand (50,000) ringgit and, in the case of a continuing offence, to a further fine not exceeding five hundred (500) ringgit for each day during which the offence continues after conviction.



Disclaimer:-

This guide includes information obtained or derived from a variety of publicly available sources. I have not sought to establish the reliability of these sources or verified such information. All such information is provided "as is" and I do not give any representation or warranty of any kind (whether expressed or implied) about the suitability, reliability, timeliness, completeness and accuracy of this publication. This publication is for general guidance only and shot not be construed as professional advice. Accordingly it is not intended to form the basis of any decision and you are advised to seek specific professional advice on any transaction or matter that may be affected by this publication before making any decision or taking an actions.

Companies Act 2016 - No Par Value Shares

No Par Value Shares

Section 74 - All shares issued before or upon the commencement of this Act shall have no par or nominal value.

Likely Effects and Implications

Under the new law, companies can issue shares at any value they choose. That also means that there is no more concept of prohibiting the issuance of shares at a discount.

The directors now have the discretion and the duty to determine the appropriate value of the shares when issued.

Transitional provisions relating to abolition of nominal value

Section 618(2) - Upon the commencement of Section 74, any amount standing to the credit of a company's share premium account and capital redemption reserve shall become part of the company's share capital.

Likely Effects and Implications

No more share premium and capital redemption reserve account, only left share capital account.

What can we do the the share premium account?

Section 618(3) - Notwithstanding subsection (2), a company may, within twenty-four (24) months upon the commencement of Section 74, use the amount standing to the credit of its share premium account to -

(a) Provide for the premium payable on redemption of debentures or redeemable preference shares issued before the commencement of Section 74;

(b) Write off - 

(i) the preliminary expenses of the company incurred before the commencement of Section 74; or

(ii) expenses incurred, or commissions or brokerages paid or discounts allowed, before or upon the commencement of Section 74, for any duty, fee or tax payable on or in connection with any issue of shares of the company;

(c) pay up, under an agreement made before the commencement of Section 74, shares which were unissued before that date and which are to be issued upon that date to members of the company as fully paid bonus shares;

(d) pay up in whole or in part the balance unpaid on shares issued before the commencement of Section 74 to members of the company;  or 

(e) pay dividends declared before the commencement of Section 74, if such dividends are satisfied by the issue of shares to members of the company.

What can we do the the capital redemption reserve account?

Section 618(4) - Notwithstanding subsection (2), a company may, within twenty-four (24) months upon the commencement of Section 74, use the amount standing to the credit of its capital redemption reserve account to pay up shares which were unissued before that date and which are to be issued to members of the company as fully paid bonus shares.

What happens to unpaid shares issued?

Section 618 (6) - Notwithstanding subsection (1), the liability of a shareholder for calls in respect of money unpaid on shares issued before the commencement of Section 74, whether on account of the par value of the shares or by way of premium, shall not be affected by the 
shares ceasing to have a par value.

Disclaimer:-

This guide includes information obtained or derived from a variety of publicly available sources. I have not sought to establish the reliability of these sources or verified such information. All such information is provided "as is" and I do not give any representation or warranty of any kind (whether expressed or implied) about the suitability, reliability, timeliness, completeness and accuracy of this publication. This publication is for general guidance only and shot not be construed as professional advice. Accordingly it is not intended to form the basis of any decision and you are advised to seek specific professional advice on any transaction or matter that may be affected by this publication before making any decision or taking an actions.

English - Nouns

合伙生意

纵观整个世界文明史，所有形态的合伙（黑社会也好、革命同盟也好、古惑仔也好、政治家也好），到最后，基本上没有一个善始善终的，更惨烈的是，合伙打天下成功之后，在分果果、排座座的这个环节，就发生了各种父子反目、夫妻结仇、兄弟残杀的血淋淋的事件。

其实你细看二十四史，里面讲的就是各种合伙失败之后的自相残杀和革命成功之后相互杀戮的故事，这故事如今还在延续。

所以，在您还没决定要合伙前，请参考以下法则以拟定合伙规则：

合伙创业天规第一条——《投名状法则》

1，出钱规则（各出多少？差额如何平衡？股权如何划分？）
2，出力规则（如何分工，谁干什么？什么责任？）
3，赚钱规则（赚谁的钱？用什么去赚？怎么个赚法？）
4，执行规则（谁去执行？怎么执行？什么责任？）
5，领导规则（谁来领导？资本领导？技术领导？销售领导？当赚钱的人和出钱的人不是同一个人时，谁当领导？领导权多大？集体投票权多大？）
6，罢免规则（领导出问题怎么办？战略出问题怎么办？哪些事件发生才可以启动罢免程序？）
7，退出规则（为不把矛盾扩大化，如何退出？原股退出还是议价退出？损耗成本计算标准？）
（以上这段，江湖上称之为《大圈帮合伙作案共事章程》）

合伙创业天规第二条——《翻脸法则》

（提议、动议、附议、反对、弃权、表决的议事规则）
1，战术失误处理规则（是换将还是换方法？）
2，战略失误处理规则（是换帅还是换战略？）
3，观点冲突处理规则（是投票平息还是专家平息？）
4，人格冲突处理规则（是打架解决还是司法仲裁？）
5，发生矛盾处理规则（是控制情绪还是找出问题？）
6，矛盾升级处理规则（是团伙打架还是独立决斗？）
7，撕破脸皮处理规则（是双双驱逐还是集体散伙？）
8，相互动刀处理规则（快报案！）
（以上为《翻脸前的议事规则》详细文件参考《罗伯特议事规则》）

合伙创业天规第三条——《绝不合伙法则》

1，有诈骗经历的人不能与其合伙；
2，说话不靠谱的人不能与其合伙；
3，对父母不孝的人不能与其合伙；
4，言语之间眉飞色舞的人不能与其合伙；
5，参与帮派势力的人不与其合伙；
6，太讲哥们义气的人不与其合伙；
7，经常挑战社会规则和公共道德的人不与其合伙；
8，斤斤计较的人不能与其合伙；
9，喜欢抱怨的人不能与其合伙；
10，喜欢多嘴播弄是非的人不要与其合伙；
11，善于发现问题但从不主动解决问题的人不要与其合伙；
12，推诿、善辩、否认的人不要与其合伙；
13，有严重的极端政治倾向的人，不要与其合伙（玩什么都别玩政治，做生意，没人能玩得起政治）。
（以上为《缘分考察器》，也可以用于相亲找男人环境）

合伙创业天规第四条——《必须有一个法则》

1，最好有个年纪偏大但未必有钱的人；
2，最好有个思维活跃敢于突破的人；
3，最好有个沉稳扎实善于刹车的人；
4，最好有个勤俭节约善计成本的人；
5，最好有个口才不错说话靠谱的人；
6，最好有一个善于玩社会化网络的人；
7，最好有一个有三年销售经验的人；
（这不仅是你创业时需要找到的人，也是你生命里应该找到的人）

合伙创业天规第五条——《分赃法则》

1，以出资优先的分红规则；
2，以技术优先的分红规则；
3，以出力优先的分红规则；
4，以卖命优先的分红规则；
5，以年度利润的百分之五十分红，另五十做发展基金；
6，员工之间的分红规则；
7，员工之间的期权规则；
8，员工之间的奖励规则；
9，不可分资金的公益化处理规则；
（以上文件为《做贼也要学会分赃》）

合伙创业天规第六条——《散伙法则》

1，以兄弟名义合伙的散伙法则（烧掉烂帐，重头来过）；
2，以哥们名义合伙的散伙法则（一顿痛哭，各找各家）；
3，以朋友名义合伙的散伙法则（一杯老酒，各奔东西）；
4，以生意名义合伙的散伙法则（一纸判决，一拍两散）。
（以上参见著名电影《十一罗汉》）

合伙创业天规第七条——《管理法则》

1，别打脸冲胖子，能苦则苦，办公条件先不讲究，节约成本；
2，能自己干掉的活就不要请人，请人更花钱；
3，必须要请的人，就要不惜代价一定请到；
4，先别像傻逼一样地追求品牌，而是要追求市场；
5，不要一上手就做一个系列产品，最后把自己死在系列里面。
6，一定是主打一款产品，单点突破，野蛮生长；
7，大多的时候，所有的领导都是干活的，必须冲到第一线。
8，不要一点小权在手，就摆出个领导的二逼架子，没人屌你。
9，用最快的速度给公司做成一个市场标签，让用户记住。
10，尘埃初定的时候，抽空给自己歇一歇，大家聊聊问题；
11，不差钱的时候，把合伙人中最笨的那个傻逼送去学习；
12，成功了不要志得意满，而是事事警惕，市场随时会让你死去。
13，公司有点样子的时候，快速融资快速做大；
14，融资的时候不要过于纠结股份而错失发展良机；
15，玩资本比玩产品要轻松一点；
16，玩平台比玩资本又更牛逼一点；
17，能做成平台就做成平台而不要迷恋自己的“产品”。
18，每一个资本家能活到最后的都不是傻子。