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Uncooperative Malaysian business partner at a company. What can I do?

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asked on Jan 13, 2019 at 23:27
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edited on Jan 14, 2019 at 01:07
 
I'm a foreigner who started a business with a local partner here in Malaysia. We in-cooperated the company together and he has 51% and company has been categorized as local owned but we both are directors.

Nature of the business is restaurant and we have rented the shop and did the necessary renovation. The loss so far is the renovation cost and the items for the kitchen.

In reality, he owns nothing and I'm the one who bought everything and paid for renovation from my personal saving as there is no company bank account yet. He is staling regarding the procedures and to obtain the necessary permit to start operating and we will have to start paying the rent and no business yet! 

What can I do in this case? Can I have new company with different partner because he will not leave the current company according to him and I honestly want this partnership to end.

The shop rental agreement is under the company and not under my name.

Thank you.
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7 Answers

answered on Jan 13, 2019 at 23:43
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edited Jan 13, 2019 at 23:50
by   jeff005
 in-cooperated the company together and he has 51% and company 

How much was the  Paidup Share Capital and I mean paid inside the Banking Accounts.
Your share?
His share?
In Malaysian Ringgit?
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answered on Jan 14, 2019 at 00:58
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edited Jan 14, 2019 at 01:17
 
There is no business bank account yet and all the expenses paid from my savings account.

My actual share is 100% but in Suruhanjaya Syarikat Malaysia (SSM), he has 51% and I have 49%. In SSM, the company has 100 ordinary shares valued at 1RM/share. 
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answered on Jan 14, 2019 at 02:26
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edited Jan 14, 2019 at 19:36
 
How come you can have a savings account inside Malaysia?

What do you want now? Your money back or the incorporated company?

Your new partner is putting in capital or acting as dormant Director? How much have been spent on renovations and for kitchen equipment?
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answered on Jan 14, 2019 at 10:44
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edited Jan 14, 2019 at 19:37
 
I'm working here and have bank account since before this business.

I spent over RM50k so far and what I want is how can I resign without his approval so I can have new company. I can't force him to resign from the current company so it looks like I need to resign instead!
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answered on Jan 14, 2019 at 11:22
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edited Jan 14, 2019 at 19:38
 
Is your company a Sdn Bhd company?

how can I resign without his approval...
Since you are not an employee, you can stop working anytime.
You don't need anybody's approval to stop working.
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answered on Jan 15, 2019 at 00:45
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edited Jan 19, 2019 at 06:35
 
The cheater has been cheated....

1.  The cheating started by trying to cheat the Malaysia Immigration. Foreign Migrants Workers are NOT allowed to do business inside Malaysia.

2.  The company is not incorporated as a new one in Suruhanjaya Syarikat Malaysia (SSM). It was actually a dormant company used by rogue company secretary. When a foreigner invest in Malaysia, a minimum amount of moneys have to be properly documented in SSM. It is almost inappropriate to have RM100 Paid Up Share Capital. This is a Sdn Bhd company which accounts for the RM49/51 shareholding.

3.  There are obvious elements of cheat in SSM too.

4.  People are cheating themselves when in restaurant, permits are not given to Sdn Bhd with foreign owners. This explains the  "stalling"  of getting the 5 essential operating permits to start the Restaurant business. RM50k is just enough to start a 20ft x 60ft kedai mamak only.

5.  The current serious Blitz on legal and illegals foreign workers is partly because of illegal business conducted by illegals which have taken over the micro businesses of local Malaysians. This is a very serious issue which contributed to massive outflow of funds overseas while not contributing to the rebuilding of our Malaysian Economy.

I posted this out to create awareness that there is cheating on both sides of the divide. Our Malaysia Immigration and SSM have been cheated by gray areas in their operational systems and policies. The "lending" of names leads to the proliferation of illegal businesses.
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answered on Jan 15, 2019 at 10:31
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edited Jan 19, 2019 at 06:38
 
People must know how scams and frauds are carried out.

The recent spades of murders & "killings" were carried out by foreigners who were scammed by both locals working in hand with foreigner scammers. These are nothing but  "revenge killings". It is already spiraling out its tentacles. We, ordinary Malaysians, should be free from such upheavals in our peaceful society!!

Personally, I do not like locals carry out scams on foreigners, neither do I condone cheating our Malaysia Immigration, breaking Immigration laws and policies. It just give a bad name of Malaysia Internationally.
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