What is a ministry of finance (MOF) License?
The MOF licence is a Malaysian government-issued licence that allows businesses to apply for and receive government contracts. The MOF licence is required for any company or corporation that wishes to do business with the Malaysian government and is an essential tool for doing business in Malaysia.
Why does a company need to register with MOF?
The benefits of having a MOF license are numerous. Perhaps most importantly, a MOF license allows you to participate in government tender processes in Malaysia. This can be a great way to increase your business’s visibility and improve its bottom line. Furthermore, a MOF license often signifies that your company is a reputable and trustworthy organization. This can go a long way in building meaningful relationships with potential partners and clients—the benefits of having a MOF license depend on how you choose to use it.
How long does it take to process the registration with MOF?
The processing time for the registration with MOF can vary depending on the complexity of the company’s operations and the completeness of the documentation submitted. Generally, getting everything approved and registered should not take more than a few weeks. However, it can take longer if additional documents are required by the authority. In order to ensure a smooth process, it is advisable to submit all the required documents as early as possible.
Who is eligible to apply for MOF License?
To be eligible to apply for a MOF licence, you must first be a Malaysian company or corporation registered with the Companies Commission of Malaysia (CCM). Lastly, your company must have a valid business licence from the relevant Malaysian government agency.
What are the requirements for MOF License registration?
The requirements for MOF licence registration are as follows:
- A valid business licence from the relevant Malaysian government agency
- A copy of the company’s Memorandum and Articles of Association
- A copy of the company’s latest audited financial statements
- A list of the company’s directors and shareholders
- A copy of the director’s passport or Malaysian identity card
- The company’s registered address and contact details
- The company’s business activities and products/services
- The MOF licence application fee
When to renew the CIDB license?
If you’re working in the construction industry in Malaysia, you’ll need to ensure your CIDB licence is up to date. The Construction Industry Development Board (CIDB) is responsible for ensuring that all construction industry workers are properly licensed. In order to work in the construction industry in Malaysia, you must have a valid CIDB licence. CIDB licences are valid for a maximum of three years, after which they must be renewed.