Setting Up a Business in Malaysia – What you Need to Know
Malaysia is known as the jewel of Southeast Asia and for good reason, as this tropical paradise has much to offer and many foreigners choose to relocate to this amazing land. Of course, some decide to set up a business here in Malaysia and in this short article, we offer some valuable information on this topic.
Most foreign businesses turn to 3rd party providers
Outsourcing to local service providers for things like accounting and outsourcing services, which is cost-effective, ensuring that you are compliant at all times. Your lawyer has all the connections you need so you can manage your business remotely, should you choose. Give 3rd party services access to your cloud and they can complete all necessary tasks remotely, saving both time and money. Whatever your needs, they can be sourced locally and at attractive rates.
Make contact with an international law firm
This is the first step, a reputable international law firm with offices in KL that can guide you through the business registration process; there are 3 main types of business that you can register in Malaysia, which are as follows:
- Representative Office – As the name implies, this is ideal for a foreign company that wishes to open a branch in Malaysia. If, for example, you would like to carry out some market research, this is the correct type of registration; a non-trading entity that allows for foreign employees. A short-term solution that can lead to something permanent.
- PLC – A Private Limited Company is a trading entity that is subject to local laws. The entity can be 100% foreign owned and this is the most popular type of business to register, which supports working visas. This limited liability entity can be set up within 30 days.
- Foreign Branch Office – This is perfect for an international company that wishes to open a branch in Malaysia; you can set up an Asian HQ that can facilitate further expansion into the region. Click here for a great article about how setting goals is part of business success.
The international lawyer can point out the pros and cons of each, helping you to make an informed decision, then they can facilitate the business registration. Accounting is a critical aspect of managing any organisation and like all countries, Malaysia has a set of complex dos and don’ts; the last thing you need is to fall foul, which could lead to penalties. When you outsource your bookkeeping to a reputable provider, you can be sure of 100% compliance, with reports and tax returns filed on time.
Attractive concessions
The Malaysian government fully encourages foreign investors and therefore offer attractive concession and incentives. Long-term visas are easily obtainable and you can bring in your foreign key personnel to get established; talk to an experienced international law firm with offices in KL and let the experts guide you to success.
