If you’re looking to start a business in Malaysia, here are some key things you need to know:
- Company Registration: The first step to starting a business in Malaysia is to register your company with the Companies Commission of Malaysia (SSM). The SSM is the government agency responsible for the incorporation of companies in Malaysia.
- Business Licenses: Depending on the type of business you plan to start, you may need to obtain additional licenses or permits from relevant government agencies. For example, if you plan to start a restaurant, you will need to obtain a food and beverage license from the local health department.
- Taxation: As a business owner in Malaysia, you will be required to pay taxes to the Malaysian government. It is recommended that you engage the services of a qualified accountant or tax consultant to help you navigate the tax system.
- Employment Laws: If you plan to hire employees, you will need to comply with Malaysian employment laws. This includes providing a minimum wage, adhering to working hour regulations, and providing benefits such as social security contributions and annual leave.
- Business Banking: To operate a business in Malaysia, you will need to open a business bank account. You should shop around for the best banking options and consider factors such as interest rates, fees, and online banking capabilities.
It is recommended that you seek professional advice from WePro before starting a business in Malaysia to ensure that you have complied with all relevant laws and regulations.
