Home to a multicultural society and a member of the ASEAN nations, Malaysia is among the world’s top business locations. Several international companies have already called Malaysia home, which includes the likes of Tesco, Aberdeen Allied Pickfords, Debenhams, Dyson, Microsoft, Intel, Panasonic, Continental, Honda, Google and more.
Why Malaysia Is the Easiest Place to Start Doing Business
Foreigners have been eager to setup a business in Malaysia for years. As the 3rd largest economy in the Southeast Asia region, the benefits of registering a business in Malaysia are compelling enough to continuously draw investors in each year.
Some advantages to doing Business in Malaysia include:
- It’s very strategic location in proximity with other major economies, including Singapore and Hong Kong.
- Its well-developed infrastructure and transportation connectivity.
- It is home to an educated workforce, so there’s no shortage of finding the right talent to fit the right roles.
- It is among the top worldwide locations for offshore manufacturing. It is also a prime location for service-based operations.
- It has a financial structure that is well developed.
- It is a very cost-effective gateway which opens doors for investors to venture into other Asian markets.
- English is widely used in business, making international transactions easy.
- It is the 6th friendliest place in the world to do business (according to the World Bank).
- Less red tape which needs to be dealt with.
Another reason why Malaysia is the easiest place to start doing business is its regulations when it comes to how foreigners can partake in the local business operations. In comparison to a lot of other countries, Malaysia’s regulations are much easier. If foreigners want to establish a business in Asia, Malaysia is the place to do it.
The Companies Commission of Malaysia (SSM) is the governing body responsible for overseeing businesses in Malaysia. Anyone who wants to register a company must go through them (even small businesses). SSM will require your registration documents/incorporation documents, along with the registration fees which must be paid. The details of the directors and shareholders must also be provided. Your Company Secretary will be responsible for handling your compliance requirements. Once successfully incorporated, you will be issued with a certificate of incorporation, after which you may proceed to setup your bank account.