How To Start A Business In Malaysia

The turn of the new century has ushered Malaysia as one of the important figureheads in the global financial competitive market, becoming the fourth largest in the entire region of South East Asia. Not only does it serve as one of the hottest tourist locations, but if the recent financial performance is of any indication, the Malaysian economy is more than capable of handling a few hurdles and getting back to its feet for the road ahead in no time at all. In fact, according to a study undertaken by HSBC, Malaysia is likely to become the 21st largest economic source by the year 2050, with a staggering GDP of $1.2 trillion dollars!
The Malaysian economy is a fairly open market-based economy. Of course, a lot of Malaysian economy comes from exportation as well as foreign business. As a result of this, the new government has undertaken measures to make the business environment even friendlier by providing tax incentives to tech businesses, easing rules and regulation of outsourcing, and so on and so forth, which is the main reason why Malaysia has become such a lucrative region for foreign business prospective.
What makes the business environment in Malaysia thrive, is the variety of business prospective that it has to offer to every single individual seeking to make it big in the competitive market. From national and international travel agencies to hip and edgy fashion lines, from the lucrative tourism business to a local cab or taxi business, there are innumerable number of small scale and humble business opportunities in Malaysia to choose from.
Starting a Company in Malaysia. Basic Things You Will Need:
If you are a foreigner, then you are going to need the following things before you can set you’re your own legit business in Malaysia.
• A bank account – The owner has to get in touch with Malaysian banks and open their accounts because most local Malaysian banks do not approve of foreign customers.
• 2 local directors, working as individuals and not registered to any companies, to register your company in Malaysia.
• If you are planning on living in Malaysia for a long time in order to establish your business in the long run, you may consider getting a long term visa, which comes with tons of benefits.
• An applicable and valid visa along with a valid work permit.
• A secretary who either holds a degree in law, accountancy or has a license from the Malaysian Companies Commission.
• At least two shareholders, irrelevant of their nationality or places of origin, at least in most cases.
• One of the key benefits of opening a business in Malaysia is there is not a fixed amount of the minimum capital investment that you need to start your business.
On the other hand, if you are a resident of Malaysia, you will also need, along with the above mentioned things:
• Your identity card
• Residential address of all directors and shareholders
• Bank draft of RM1,000 payable to SSM