Shelf company is a company that was incorporated and waited to be sold to those who need the company to start the business immediately (24 hours) without going through the whole company registration process (12 days).
Shelf company is sometimes also referred to as Ready Made Shelf Company. All shelf companies are incorporated with Suruhanjaya Syarikat Malaysia (SSM) under the Companies Act 1965 in Malaysia.
Paid-up capital of Shelf company is RM2 only
Shelf company is normally registered with an Authorised Capital of RM100,000 and minimum paid-up capital of RM2 (2 ordinary shares at par value RM1 each).
Main business objectives of the Shelf Company are General Trading, Construction & Investment. Details of these objectives can be found in the Object Clauses of the Memorandum & Articles (M&A).
No bank account in shelf company
There will be NO bank account in shelf company since it was registered for resale purposes and not for conducting business.
Please be cautious if the shelf company you intend to buy owns a valid bank account, it may be the possibilities that the company has been used to conduct some businesses but failed. Even though it is guaranteed or promised that it is dormant now, but you will never be sure if there is any possible hidden liabilities.
Every shelf company will have 2 directors and 2 shareholders, each of shareholder holds one (1) share only.
To conclude the above, the Ready Made Shelf Company is:
- Own it & start your business immediately (24 hours)
- Dormant (inactive)
- No bank account
- No liability
- Can do businesses as General Trading, Construction & Investment
- 2 directors
- 2 shareholders
- Authorised capital = RM100,000
- Issued & Paid-Up Capital = RM2 (2 ordinary shares)