Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the activity mapping, including banking and payment rails.
Get an investment license in Malaysia.
One licence, eight regulated activities. The Securities Commission issues a single Capital Markets Services Licence covering whichever of the eight Schedule 2 activities the firm actually carries on - fund management from RM2 million paid-up, a boutique portfolio manager from RM500,000, and a published six-week service standard for a complete application.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Malaysia in brief
One licence for the whole capital markets business.
Malaysia runs a single-licence regime, and it is the feature that defines the jurisdiction. Under the Capital Markets and Services Act 2007 there are eight regulated activities - dealing in securities, dealing in derivatives, clearing for securities or derivatives, fund management, dealing in private retirement schemes, advising on corporate finance, investment advice and financial planning, and the Securities Commission's own position is that a capital market intermediary needs only one licence to carry on business in any one or more of them. The Capital Markets Services Licence is the corporate authorisation; the Capital Markets Services Representative's Licence is what the individuals carrying on the activity hold.
What varies is the capital, and it varies by an order of magnitude. The Licensing Handbook sets fund management for portfolio management at RM2 million paid-up capital and RM2 million shareholders' funds, a boutique portfolio manager at RM500,000 on both measures, and a REIT manager at RM1 million shareholders' funds. Advising on corporate finance sits at RM500,000 paid-up; financial planning at RM50,000. Dealing in securities is the heavy end - RM20 million for a stockbroking company, RM5 million where the licence is restricted to listed securities, unit trust products or OTC bonds. Choosing the narrowest activity that covers the actual business is the single biggest lever on cost.
One licence, eight regulated activities. The SC grants a single Capital Markets Services Licence covering whichever Schedule 2 activities the firm carries on - dealing, clearing, fund management, PRS dealing, corporate finance advice, investment advice and financial planning.
Capital follows the activity: RM2m paid-up and funds for portfolio management, RM500,000 for a boutique manager, RM500,000 for corporate finance advice, RM50,000 for financial planning, and RM5m-RM20m for dealing in securities.
The two instruments
The corporate licence - and the people who hold it up.
Malaysia licenses the firm and the individuals separately, and both are conditions of operating. The activity mix decides the capital; the people decide whether the file survives review.
The corporate licence, and the people who hold it up.
01 - CMSL · THE FIRM
Capital Markets Services Licence
The corporate licence under the CMSA 2007, granted for one or more of the eight regulated activities. Capital set by the activity, from RM50,000 for financial planning to RM20 million for stockbroking.
The corporate licence under the CMSA 2007, granted for one or more of the eight regulated activities. Capital set by the activity, from RM50,000 for financial planning to RM20 million for stockbroking.
- ✓Fund management - RM2m paid-up and funds
- ✓Boutique portfolio manager - RM500,000
- ✓REIT manager - RM1m shareholders' funds
- ✓Advising on corporate finance - RM500,000
- ✓Financial planning - RM50,000 paid-up
- ✓Dealing in securities - RM5m to RM20m
02 - CMSRL · THE PEOPLE
Representative's Licence
The individual licence held by those carrying on the regulated activity. With at least two holders per activity at all times and one licensed director carrying ten years of relevant experience.
Two CMSRL holders per regulated activity at all times, one licensed director with ten years' experience, and a chief executive and compliance officer approved by the SC.
- ✓At least two CMSRL holders per activity
- ✓One director with CMSRL, 10 years' experience
- ✓Boutique PM under RM300m AUM - one holder
- ✓Chief executive approved by the SC
- ✓Compliance officer approved by the SC
- ✓SC service standard - 2 weeks per CMSRL
Capital figures are from the SC Licensing Handbook (SC-GL/LH-2007, revised 1 October 2024). Figures are read against the edition in force at filing, and the applicable tier is confirmed for the specific activity mix.
Why Malaysia
Six reasons firms license in Malaysia.
✓
One licence, many activities
The SC's single-licence architecture means a firm that deals, advises and manages does not stack three authorisations.Many activities.
✓
A published capital table
The Licensing Handbook prints the figure for each activity. The budget is known before a single form is opened.Capital known upfront.
✓
A boutique tier that exists
RM500,000 for a boutique portfolio manager, with a single representative permitted below RM300 million AUM.RM500,000, real.
✓
A stated service standard
Six weeks for a new CMSL and two for a CMSRL, published by the SC in its own client charter.Six weeks, published.
✓
Islamic finance depth
The largest Shariah-compliant capital market infrastructure in the region sits alongside the conventional one.Largest in the region.
✓
Labuan next door
The same country offers a separate offshore regime under Labuan FSA when the mainland tier is heavier than the model needs.A second regime.
How it compares
How Malaysia differs from other Asian routes.
Numbers next to numbers: mid-weight capital, a genuinely consolidated licence, and a regulator that publishes its own timetable.
Malaysia vs other jurisdictions
| Feature |  Malaysia | Other jurisdictions |
|---|---|---|
| Licence structure | One CMSL, many activities | One licence per activity |
| Fund management capital | RM2m · boutique RM500k | S$250k-S$5m equivalent |
| Representatives | Two per activity | Two to four |
| Stated timetable | 6 weeks, published | Rarely published |
Licence structure
MalaysiaOne CMSL, many activities
Other jurisdictionsOne licence per activity
Fund management capital
MalaysiaRM2m · boutique RM500k
Other jurisdictionsS$250k-S$5m equivalent
Representatives
MalaysiaTwo per activity
Other jurisdictionsTwo to four
Stated timetable
Malaysia6 weeks, published
Other jurisdictionsRarely published
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Malaysia | CMSL - Securities Commission | 24% · SME 15/17% | RM2m fund management |
 Singapore | MAS CMS licence | 17% + incentives | S$250k-S$1m base capital |
 Hong Kong | SFC Type 9 | 16.5% two-tier | HK$5m liquid capital |
| Labuan | Labuan FSA securities licensee | 3% or RM20,000 | Substance in Labuan |
MalaysiaLicense typeCMSL - Securities Commission
Taxation24% · SME 15/17%
RequirementsRM2m fund management
SingaporeLicense typeMAS CMS licence
Taxation17% + incentives
RequirementsS$250k-S$1m base capital
Hong KongLicense typeSFC Type 9
Taxation16.5% two-tier
RequirementsHK$5m liquid capital
LabuanLicense typeLabuan FSA securities licensee
Taxation3% or RM20,000
RequirementsSubstance in Labuan
Before you apply
Requirements for a Malaysian CMSL.Requirements for a CMSL.
The SC assesses probity, financial standing, reputation and the ability to carry on the activity efficiently, honestly and fairly. The list below is what that becomes on paper.
01
Malaysian company. A locally incorporated corporation applying for the activities it will actually carry on.
02
Activity mapping. The narrowest set of the eight regulated activities that covers the real business model.
03
Paid-up capital. Met at the tier the chosen activity carries, from RM50,000 to RM20 million.
04
Shareholders' funds. Unimpaired by losses, held at the level the activity requires and maintained afterwards.
05
Licensed director. At least one director holding a CMSRL with a minimum of ten years of relevant experience.
06
Two representatives. At least two CMSRL holders for each regulated activity at all times.
07
Chief executive. Appointed with prior SC approval; a vacancy filled within six months.
08
Compliance officer. Approved by the SC in advance, and barred from dealing in securities or derivatives or managing funds.
09
Validation report. Third-party independent validation by an auditor registered with the Audit Oversight Board.
10
EASy submission. Form 1 or Form 2 with supporting documents through the SC's Electronic Application System.
11
Fit and proper. Probity, financial status and reputation evidenced for the corporation and every key individual.
01
Malaysian company.
02
Narrowest activity set.
03
Paid-up at the tier.
04
Shareholders' funds unimpaired.
05
Director with CMSRL, 10 years.
06
Two representatives per activity.
07
CEO approved by the SC.
08
Compliance officer approved.
09
AOB validation report.
10
EASy Form 1 or Form 2.
11
Fit and proper, all parties.
Reflects the Capital Markets and Services Act 2007 and the SC Licensing Handbook (SC-GL/LH-2007, revised 1 October 2024). The validation report is submitted with the application or within five months of approval, depending on the intermediary.CMSA 2007 and the Licensing Handbook, revised 1 October 2024.
How it works
From first call to the SC register.
01
Activity and tier
Which regulated activities the business carries on, and the capital tier that follows from them.The capital follows.
02
Company and capital
Malaysian corporation incorporated, paid-up capital and shareholders' funds funded to the tier.Funded to the tier.
03
People
Licensed director with ten years' experience, two representatives per activity, chief executive and compliance officer.Director and reps.
04
Submission
Form 1 or Form 2 with supporting documents through EASy, with the independent validation report sequenced.EASy, with validation.
05
Licence and conduct
CMSL granted, CMSRLs issued, and the ongoing conduct and capital obligations calendared from day one.Conduct calendared.
Quick facts
RegulatorSecurities Commission Malaysia
LawCMSA 2007 (Act 671)
Regulated activitiesEight under Schedule 2
Fund managementRM2m paid-up + funds
Boutique portfolio managerRM500,000
Financial planningRM50,000 paid-up
RepresentativesTwo per activity
SC service standardCMSL 6 weeks · CMSRL 2 weeks
The SC's six-week and two-week standards apply where the submission is complete, valid and accurate and meets all licensing requirements at the point of submission.
On the ground in Malaysia
Run from our Kuala Lumpur office.
Prifinance - Malaysia
Kuala Lumpur · Malaysia
Kuala Lumpur, Malaysia
01
Activity mapping first
Which of the eight regulated activities the model genuinely needs. The decision that sets the capital.Sets the capital.
02
Capital and people
The tier funded and the licensed director and representatives lined up before the file opens.Funded and lined up.
03
EASy and the validation report
The submission run through the SC's system, with the AOB auditor engaged on the right timeline.Validation sequenced.
04
Mainland or Labuan
A cold read on whether the CMSL or a Labuan FSA licence fits the business better.A cold read.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Malaysia.
Twenty-four percent as standard, with a genuine small-company tier underneath it.
24% corporate tax
The standard rate on resident company profits. The base layer for a licensed intermediary at scale.Resident companies.
15% on the first RM150,000
For a company with paid-up capital of RM2.5 million or less and gross business income not exceeding RM50 million.Small-company tier.
17% to RM600,000
The middle band of the small-company tier, between RM150,001 and RM600,000 of chargeable income.The middle band.
24% above RM600,000
Beyond the tier the standard rate resumes. The small-company relief caps out rather than scaling.Relief caps out.
The Labuan alternative
A Labuan entity is taxed under its own act rather than these rates. A separate calculation, and a separate substance test.Its own act.
A broad treaty network
Malaysia maintains an extensive network of double tax agreements; cross-border fee flows are routed against it.Broad, and used.
Tax summary
Standard corporate tax24%
First RM150,00015%
RM150,001-RM600,00017%
Above RM600,00024%
Small-company conditionPaid-up ≤RM2.5m · income ≤RM50m
*Rates as published by Lembaga Hasil Dalam Negeri Malaysia. The small-company tier requires both the paid-up capital and the gross business income conditions to be met.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Malaysian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a licensed intermediary.
Follow Prifinance
Active across our channels.
Malaysia · Securities Commission
Launch your investment firm in Malaysia with expert support.
Full-service assistance - from activity mapping and capital planning to the EASy submission and the licensed people behind it - run through our Kuala Lumpur office.
Get a consultation →Free legal opinion
Is Malaysia the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Malaysian investment licence: the practical answers.
What licence do I need to manage money in Malaysia?+
A Capital Markets Services Licence from the Securities Commission for the regulated activity of fund management, under the Capital Markets and Services Act 2007. The individuals carrying on the activity hold Capital Markets Services Representative's Licences alongside it.
What are the eight regulated activities?+
Dealing in securities, dealing in derivatives, clearing for securities or derivatives, fund management, dealing in private retirement schemes, advising on corporate finance, investment advice and financial planning. The SC's position is that one licence covers business in any one or more of them.
How much capital does fund management require?+
The Licensing Handbook sets portfolio management at RM2 million paid-up capital and RM2 million shareholders' funds. A boutique portfolio manager sits at RM500,000 on both measures, and a REIT manager at RM1 million shareholders' funds.
Is there a cheaper entry point?+
Financial planning carries RM50,000 paid-up capital and advising on corporate finance RM500,000, but they authorise different businesses. The cheapest licence that does not cover what you actually do is not a saving, so the activity mapping comes first.
How many licensed people do I need?+
At least two CMSRL holders for each regulated activity at all times, and at least one director holding a CMSRL with a minimum of ten years of relevant experience in that activity. A boutique portfolio manager with RM300 million or less under management may operate with one CMSRL holder.
How long does the SC take?+
The SC's client charter commits to six weeks for a new CMSL and two weeks for a new CMSRL, where the submission is complete, valid, accurate and meets all licensing requirements at the point of submission. Incomplete files are what turn weeks into months.
What is the independent validation report?+
Certain new intermediaries must provide a third-party independent validation report conducted by an auditor registered with the Audit Oversight Board - either at submission or within five months of approval. It is planned into the timeline rather than discovered late.
What do the licences cost?+
The SC publishes its fee schedule in the Licensing Handbook and its regulations rather than on the licensing pages; the fee applicable to a given activity mix is confirmed against the schedule in force at filing. One published figure: varying a CMSRL costs RM150, of which RM50 is processing and RM100 is the approval.
Should I look at Labuan instead?+
Sometimes. Labuan operates a separate regime under Labuan FSA with its own licences, its own substance requirements and its own tax treatment. It suits some models and is wrong for others - including anything that needs to face Malaysian retail investors. We give an cold read before either file opens.
Why Prifinance for Malaysia?+
Because the activity mapping is the whole game here, and it happens before anything is funded. We fix the narrowest activity set that covers the business, fund the right tier, line up the licensed director and representatives, and run the EASy submission so the SC's six-week standard actually applies.
Which licence?+
CMSL for fund management.
Eight activities?+
One licence covers them.
Capital?+
RM2m; boutique RM500k.
Cheaper entry?+
Only if it covers you.
How many people?+
Two per activity.
How long?+
6 weeks, if complete.
Validation report?+
AOB auditor, planned in.
Fees?+
Per schedule at filing.
Labuan?+
Sometimes - read cold.
Why you?+
Activity mapping first.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Malaysian activity set fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Securities Commission Malaysia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.