5 Things to do before setting up a company in Malaysia
Malaysia is regarded as one of the greatest places to do business because the country's rules and regulations are considerably more liberal and simple to follow than in many other countries. Furthermore, Malaysia's ranking in the World Bank's Ease of Doing Business Index suggests that the country is a favourite of various types of businesses.
To start a business in Malaysia, you must be completely familiar with the various aspects of running a business and Malaysian company registration to guarantee that the entire process is completed promptly and reliably.
These are the 5 factors to consider before starting a company in Malaysia:
1. Determine industry requirements
Despite the fact that the majority of industries in Malaysia allow both foreign and local corporations and individuals to establish their businesses, there are some specific areas that are restricted to locals owing to national security concerns. For example, Oil and gas services, warehousing, land transportation, and other sectors that require certain permits before you can establish your company in Malaysia.
As a result, it is crucial to ascertain whether you will be required to meet any specific conditions in order to establish a company of your choosing in Malaysia, as well as whether any restrictions may apply to you. In general, obtaining this information from Malaysian regulatory authorities and their official websites is pretty straightforward, so you should have no trouble completing this step.
2. Select business name
Every company in Malaysia must have a distinct name. Aside from the legal requirements, you should examine how a company with an interesting and engaging name may swiftly create its brand and attract more customers.
There are some online sites that allow you to run a possible name through the Malaysian company database to ensure you are selecting a unique name. Remember that you must submit the 'Name form' to Suruhanjaya Syarikat Malaysia (SSM) and pay RM30 for each name of your choice.
3. Consult a Secretarial firm in Malaysia
Despite the simplicity of conducting business in Malaysia, keep in mind that establishing a company from the beginning in Malaysia can be tough and stressful for anyone. Even if you are well-versed in the rules and regulations, you may encounter a number of challenges during this process.
As a result, when establishing a company in Malaysia, you should consider consulting with a Malaysian Company Secretarial firm. These firms offer knowledgeable professionals who can walk you through the company creation procedure. Furthermore, local service providers are completely familiar with the rules that apply to a specific industry, so you won't have to do any research on your own.
After you have completed all of the documentation, either by yourself or with the assistance of a Company Secretary, the following step is incorporation, which would be the core of company registration.
The majority of companies are registered as private companies limited by shares, or Sdn Bhd. These companies are formed in accordance with the Companies Act of 2016. A professional Company Secretary can assist you with company incorporation.
5. Human resources management
Human resource management is critical to ensuring your company's optimal production and efficiency. This process entails employing the best personnel for your company and ensuring that adequate HR and payroll services are in place. Company Secretarial firms in Malaysia can also assist you with these issues.
These are the top 5 aspects to consider for anyone establishing a company in Malaysia. Once you've examined these factors, you should have no trouble navigating the company registration procedure.