Accounting and Administration service
Bona Trust Corporation provides accounting and Administration support services.
The essence of this service is “Using Money and Buying Time“. Our clients can save time and consequently focus on profitable operations.
By using our services, you can outsource your non-revenue department and expect to be able to streamline and economic rationalise your business portfolio.
Overview : Accounting and Administration support services | |
Outsource non-revenue departments to external experts | ・Your company’s non-revenue department can be separated and the business portfolio can be streamlined ・Surplus personnel can be allocated to the profitable department to optimise the organisational structure ・Maintaining and improving business quality by outsourcing to external specialists |
Alternative use of external experts | ・Can significantly reduce fixed costs |
[Ex: Accounting bookkeeping and Administration support services]
Taking a trading company as an example, sales activities aimed at expanding sales channels, approach to large clients etc. should be the core business.
However, in order to maintain and operate the company, at least a back office department such as accounting and administration is allocated, and monthly accounting and administration department operations are required. Especially at the end of the month, the back office department is busy with input (typing) work, and there are many companies that work overtime until late at night.
Such back office work is essentially a non-core business for a trading company and is not directly linked to revenue.
◇ Traditional staffing | |||
Non – Revenue department | Revenue department |
◇ Relocation staffing by utilising external experts | |||
Non – Revenue department | Revenue department |
Therefore, if you shift your human resources to the core department as much as possible and concentrate on higher-value-added work (Work that lead to profit), you will be able to have a more ideal workforce.
Arrangement of surplus personnel by entrusting non-core departments to experts, trouble of input work, time required for input work, reduce wasted time costs, by concentrating management resources on core departments, you can optimise your business portfolio.
This concept is very important as a corporate staffing strategy.
In this way, by using our services, the business portfolio is optimised, so you can expect the effect of simultaneously realising “Cost Minimise” and “Profit Maximise”.
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1. About Accounting Service
Service target: Clients of Labuan entities with Bona Trust Corporation as company secretary
An effective tax rate of 3% is applied to all entities operating in Labuan, and an accounting audit is required by the end of March each year.
In preparation for your company’s accounting audit, we will provide a bookkeeping agency support service.
Labuan Taxation system | ||
Attribute | Tax Rate | Audit |
Trading Activities | 3% of net audit profits | YES |
Non Trading Activities | 0% (Nil) | NO (However, account history information and Management account must be submitted to trust company) |
Trading and Non Trading Activities | 3% of net audit profits | YES |
1. Scope of service provision
Our service cover the scope of works as following:-
[Accounting support service] Scope of service provision |
・Connection through Dropbox or Email for scan documents. (Monthly sales invoice, expenses billing & receipts) |
・Prepare journal vouchers, coding and bank reconciliation. |
・Prepare Profit & Loss, Balance Sheet, General Ledger & Trial Balance (Full sets management account) |
・Review management report and general accounting advisory. |
・Financial analyst to provide valuable insight into company’s financial health. |
When using the above services, kindly pay the support fee for 6 months in advance. Please refer to the following for support fees.
2. Estimated number of invoices and slips related to charges
Monthly transaction | |
Status | Transaction |
Dormant Status | 0 (Including cases there is no sales and only payment) |
Active Status | 0-15 transactions per month |
Active Status | 16-50 transactions per month |
Active Status | 51-150 transactions per month) |
Active Status | 150 & above transactions per month) |
*Remarks : Please take notes that the fees may be adjusted accordingly for additional business transactions and services.
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2. About Administration Substitution Work by Labuan Working Permit
Service target: Client of Labuan working Permit subsidiary company with Bona Trust as company secretary
All Labuan Work Permit holders are required to pay the following 2 points as a monthly installment plan:-
We offer the following 2 payment support.
Monthly Administration work performed by Labuan Working Permit |
1. To contribute monthly social securities organisation (Socso) of RM49.40 for each person |
2. To pay monthly tax deduction on the salary receive (ie RM10,000) from the Labuan Company |
1. To contribute monthly social securities organisation (Socso) of RM49.40 for each person;
The SOCSO has introduce Employment Injury Scheme (EIS) which all foreigners whom had obtained working permit from Labuan or Sdn. Bhd. to pay a monthly contribution of RM49.40 for each person before 15th of the following, as an insurance covers employee in the event of injury during the working hours and may submit claims to the SOCSO.
- Circular on implementation of EIS
https://www.perkeso.gov.my/images/imej/pekerja_asing/Employers_Circular_No._3_Year_2018.pdf
- Explanation on Employment Injury Scheme (EIS)
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2. To pay monthly tax deduction on the salary receive (ie RM10,000) from the Labuan Company;
The Inland revenue Board Malaysia have extend the requirement to all Labuan incorporated Company to submit monthly tax return for all foreigner whom had draw salary from the Labuan Company (ie working permit holder) to IRB before 15th of the following month.
This monthly tax deduction is an advance tax to be paid to IRB and subsequently to refund to the individual if there is any surplus (overpaid tax) during the personal tax filing before 30th April of the following year. which means to say, if the total sum of monthly tax deduction was paid up to IRB at RM25,000 (for example) then by 30th April upon your submission of actual tax return to the IRB and if there is any surplus, the IRB shall return the extra to your personal bank account maintained in Malaysia.
The personal tax rate in Malaysia is depend on the tax residency status (ie tax resident – stay more than 182 days or non-tax resident – stay lesser than 182 days) and the tax rate is scale rate (for tax resident) and 28% tax rate (for non-tax resident)
- Frequent ask questioned prepared by Inland Revenue Board Malaysia
http://lampiran2.hasil.gov.my/pdf/pdfam/FAQ_MTD_Final_Tax_2.pdf
- Tax rate for Tax Resident
http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=1&bt_posi=2&bt_unit=5000&bt_sequ=11
- Tax rate for Non Tax Resident
http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=1&bt_posi=2&bt_unit=1&bt_sequ=1
http://lampiran2.hasil.gov.my/pdf/pdfam/FAQ_MTD_Final_Tax_2.pdf
As the above administration, we will provide services as an agency support for up to 2 people.
3. Scope of our service provision
Our service cover the scope of works as following:-
[Administration Agency Support Service] Scope of service provision |
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If you want to use our service as described above, kindly pay the support fee for 3 months in advance, then receive the monthly fee (notified after the calculation), and we will pay to the government on behalf of you. Kindly contact us for support fees.
Should you have any queries, please do not hesitate to contact us.
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