Most potential small business owners will find Malaysia attractive enough to start a business. This applies to new arrivals or expatriates who already live in Malaysia. Various industries in Malaysia are profitable and there is a management of the business environment for this business. Given these factors, it is reasonable to conclude that you will not regret entering the Malaysian business. Even though starting a business in this beautiful country is not too difficult, it can still be very difficult. This is especially true if you do not have adequate business knowledge and how to register a new company in Malaysia.
If you want a business in Malaysia or learn how to register a business in Malaysia read on. This article focuses on registering a business in Malaysia and will guide you on how you can start your business in Malaysia. This will also help you understand how to register a new company in Malaysia.
So pay attention to the following things you should know about starting your own small business in Malaysia:
Get to know and understand Malaysia
The first step in learning how to register a new company in Malaysia is to get to know Malaysia and its citizens. It is recommended to travel and learn about Malaysia; find out about the city center and rural areas. Become familiar with the country and its people, food, culture, regulations, policies, and laws. Most importantly, familiarize yourself with the requirements for registering a new company in Malaysia. At the same time, keep up with trends and tastes so you know what sells and what doesn’t. You can also gather information from the Internet and talk with locals.
Prepare a simple business plan
You cannot run a successful business without a solid plan. Business plans can be short or long term. Short-term plans are usually 1 to 2 years and long-term plans are usually 5 to 6 years. In a business plan, make sure you evaluate and study the market for your skills, products, or services. Identify competitors and check how / what they do. Who are your potential customers? You also need to calculate how much capital you need while learning how to register a new company in Malaysia.
Although making a good business plan can be difficult, you can easily find free business plan templates on the Internet. This will help you identify the strategies you need to adopt. Initially, operating costs may be higher and marketing plans may not work as well, so you need financial support. Also, make an emergency plan, so if something fails, you can implement a second or alternative business plan.
Decide on the type of business
If you are a local entrepreneur, registering for a business in Malaysia can be done as a sole owner, limited liability company partnership (LLP), or general partnership. This is a general commercial entity available for business registration in Malaysia.
However, if you are a foreign businessman who is curious about how to register a new company in Malaysia, that is different. The Malaysian Business Registration Board allows foreign investors to establish a property or partnership with permanent residences. In addition to the above options, foreign investors can also learn how to register a new company in Malaysia with Sdn Bhd (Sendirian Berhad, limited company), Labuan Company or representative.
Choose a business name
Choosing a business name is very important to consider when learning how to register a new company in Malaysia. In fact, one of the most difficult steps in registering a new company in Malaysia is choosing the perfect business name. You can consult with Suruhanjaya Syarikat Malaysia (SSM), the Malaysian Business Registration Commission on their website. You can also get local agents to ask questions about registering a new company in Malaysia.
Perform a name check after manually selecting a company name. You can fill out a Request for Name Availability (Form CA 13A) and send it to SSM. You must pay a fee of RM30.00 for each name requested. After checking the name, you can register the name on the commission to register the Malaysian business, SSM, for approval. If your name is approved by the Malaysian Business Registration Board, SSM, that name will be reserved for three months.
Search for a place of business
A good business position is part of your marketing strategy. Therefore, it is very important to do enough research to choose the best location for your business. Not only the country that matters to your business but the city, region, road and office number that really matters.
In Malaysia, each business must have a legally registered local office address. There are a few important things to consider when searching for locations:
- Convenience
- Easily find
- Traffic flow
- Logistics
- Transport
- Parking lots and garages
- Proximity to various other facilities and availability
Preparation of establishment documents for business registration in Malaysia
You must submit a Commission Establishment Document for Registration of Malaysian Business, SSM within 3 months from the date of approval for the organization. Failure to submit your organization’s organization documents, you must submit a request for a new name search. Documents required by agents for business registration in Malaysia include:
- Memorandum and articles of association/constitution
- Mandatory declaration by the director or publicist before the appointment
- Declaration of compliance
- SSM Company Name Approval Letter (a copy)
- Identity Cards (a copy of each) for each Director and Company Secretary