You may have a successful business in your home country and you are looking to expand your operation to a country in Southeast Asia, Malaysia makes for an ideal choice. A very strong economy, a stable democratic government and a vibrant society form the basis for a foreign investor who wishes to set up a business in a foreign country.
Connect with a reputable international law firm
Malaysia is no different to other countries when it comes to commerce laws and regulations; they have their own set of laws and foreign entrepreneurs must be in compliance at all times and the best way to ensure compliance is to enlist the services of an international law firm with offices in Kuala Lumpur. Aside from facilitating your business registration, the law firm can connect you with accounting and outsourcing services from reliable local providers.
Various forms of business registrations
There are 3 main types of business entities that a foreigner can set up:
- Representative Office – An RO is ideal for a company that wishes to carry out market research in Malaysia; a non-trading entity that supports foreign employees, you are limited to the amount of time.
- Private Limited Company – This is a trading entity that offers limited liability and it can be 100% foreign owned. There are no restrictions on business activities and the company is subject to local compliance.
- Foreign Branch Office – The FBO is ideal for established international companies that wish to expand their interests in Malaysia; a trading entity that must have a resident agent and enjoy non-resident tax benefits.
It is only by consulting with an established law firm that you can find out the pros and cons of the above businesses. Click here to learn about cyber-security and the importance of protecting your data.
Essential business services
When setting up a company in a foreign country, you will need a wide range of services, such as the following:
- Bookkeeping & accounting
- Creating reports and statements
- Filing tax forms
- General secretarial work
- Call handling
- Virtual business addresses
- Telesales & marketing
Your lawyer knows local providers of the above services and any others you might require. Outsourcing allows you to manage your business remotely and this is a cost-effective way to keep the organisation running efficiently. If you have a secure cloud network, you can issue remote workers with a username and password and they can access the files they need.
Compliance is something that every business owner should be concerned about and when you use the services of local providers, compliance is assured.
The Malaysian government welcomes foreign investors and offers attractive concessions to those who wish to set up a business; start by talking to an experienced Malaysian business lawyer and they can advise you accordingly and when you are ready, the legal professional will inform you of the necessary documents to prepare for your business registration.
