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However, there is still a risk of work visa which may or may not approved by Immigration Department. The approval is very subjective, company is new, no profile to justify.
Under the CCM (Companies Commission Malaysia) Company Act, all directors are required to sign company documents and resolutions. A company status is deemed a "local resident" company where minimum 51% shares of the Company is owned by local Malaysians. But the real risk you may face is at any one time in near future, where the nominees may not turn up for any company meetings, signing company resolutions, financial reports, etc for company compliance or the nominees’ names may be possibly blacklisted in the central bank system if they do not take care of their personal finance. Any of these happen will jeopardize your day to day company operations and onward renewal of your working visa.
Also, the expansion can be limited. As a start when the company is new, the investment is small, it is pretty alright. However, when the capital or sales size ballooned up to few millions, you may have sleepless nights thinking how to safe guard your interest in the company all the time! For those who has assigned nominee as the cheque signatories, the issues are even more serious if the nominees refuses to further co-operate to sign cheques and assist in the banking!!
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