It’s a new year and everyone is excited for new opportunities. If you’re looking to start a business in Asia, you might want to consider exploring a business investment opportunity in Malaysia.
According to The Star Online, World Bank expects Malaysia’s economic will increase to 4.3% in 2017.
Sitting right next to a highly developed trade-oriented market economy of Singapore and in Indonesia, one of the largest economies in Southeast Asia puts Malaysia in a good position when it comes to business opportunities.
So if you are an entrepreneur, and are considering Malaysia to grow your software company, here are some of the key points to consider when starting a business.
- Is the business feasible and are there many opportunities to be explored?
- What are the options for ownership? Can I have 100% ownership of my business?
- All of the trade licenses required for the business.
- Approval of trade licenses and work permit after company registration.
- The total cost involved from company registration, set up, trade licenses and work permit.
- The different problems faced by foreigners with businesses in Malaysia.
Here’s your quick guide when starting a business as a foreigner in Malaysia.
According to registercompany2u.com.my, foreign investors who wish to start a company in Malaysia are facing these problems.
- They need at least 2 local directors to register company in Malaysia
- Foreign investors cannot open company’s bank account
- Foreign investors cannot apply business visa/working permit under new company
- Foreign investors may not able to increase his/her company’s paid-up capital
However, starting a business in Malaysia as foreigner is very simple. Based on Suruhanjaya Syarikat Malaysia, a foreign company may carry on business in Malaysia by either:
- Incorporating a local company with the Companies Commission of Malaysia (SSM); or
- Registering the foreign company in Malaysia with SSM.
For the complete procedure on how to register your company, visit www.ssm.com.my
Find a reasonable business premise
Choosing for the right location for your business is one of the key for your business’ success. Find out which location suits your business and your customers. A company location must help you operate without excessive cost.
Here’s a list of the things to consider in finding the right premise for your business.
- Size of the location
- Structure and appearance (internally and externally)
- Facilities for employees and visitors – including lighting, toilets, etc.
- Utilities such as power and backup power in case of emergency. As well as any special requirements, such as air conditioning.
- Parking space for deliveries and for the customers.
Applying for Business Visa or Work Permit
According to Malaysia Business Advisory, all foreigners who wish to start a business in Malaysia can apply for work permit in 4 different categories.
- Setting up your own Malaysia International Company and get 2 year Business Visa for you and your family.
- Setting up your own business and apply the Malaysia 2-year work permit under your own Malaysia (Sdn Bhd) company. It comes in two forms:
- Non-residential company where foreigners can own 100% Malaysian Private Limited (Sdn Bhd) company.
- Joint-venture with local Malaysian for the Malaysian Private Limited (Sdn Bhd) company.
- Be employed by Malaysian companies regional/representative office in Malaysia and get work permit for 2 years.
- Setting up your own Regional/Representative Office in Malaysia and get work permit for 3 years.
These work visas comes with multiple entry and is renewable with permission to include your spouse and children under 21 years old.
How marketing in Malaysia works?
There’s no need to change your solution in order to sell it to Malaysian audience. As a non-Malaysian software company, how you present your company and your product matters. The best way to do it is to change the way you present it. You must understand how your target market works and adapt to Malaysian culture, religion and tradition that’s acceptable to Malaysian society, old and new, to make it more appealing to them. Here’s the 5 Step on how to effectively get in touch with your prospects!
We collated helpful guides to help you kick start your business:
- Where to Dominate Aside Google (Search Engines in Asia)
- Calling a Prospect on a Bad Day. What Should you Do?
- Attract High End Clients in Malaysia with Appointment Setting
- A Need For Customer Profiling In Reaching Much Targeted Audience in Malaysia
Regardless of the size of the business, how to monetize your website is the hardest and the most challenging part. So, how can you really make money from blogging and creating good quality contents for your website? The truth is, there’s no shortcut in blogging and it takes time to generate income from it. You need to work hard, be patient and consistent at the same time.
Here’s an 8 powerful ways on how to monetize your blog according to Neil Patel.
- Offer a coaching service to motivated clients
- Become an in-demand freelance blogger
- Create and sell online courses
- Write and make money from Kindle books
- Make money from private label rights
- Create a high-converting funnel and recommend products at the backend
- Build relationships and partner with influencers in product creation or launch
- Launch a virtual summit
Doing business in Malaysia can be challenging especially if you don’t have enough local knowledge of the investment environment. But this quick guide will help you start get started.
The BIG Question: What drives a Successful Lead Gen Campaign for Software Companies? Find out here!
Expand your business in Malaysia!
Learn more about our Software Lead Generation Services for Malaysia
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