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Steps to start a Small Business in Malaysia

Before starting a business many people aim big about the business they are going to build. While there are some people who prefer running a small business.

The intentions of people who want to run a small business vary from people to people.

There are some individuals who basically want to spend some of their quality time with their friends and family while on the other side there are some individuals who always look forward to the journey as an entrepreneur, and then comes the people who wants to have more flexibility in their working life.

There is no doubt, just like many other countries all around the world the small businesses are developing in Malaysia as there are many people who are starting a business in Malaysia.

The best thing is that even foreigners can have the advantage of starting a business in Malaysia. They are only concerned of How to start a small business? Well, there are multiple ways through which you can get to know about the particular steps that need to be taken while establishing a business in Malaysia.

No matter if you are a citizen of Malaysia or a foreign citizen. You are allowed to start a business in Malaysia. The first step to start a business is, plan together with your budget, and definitely the marketing plans before you decide to move on to the next step.

How to Incorporate a Business - Step-by-Step Instructions

If you are planning to start a new business, there are chances that you’ve probably thought about incorporating it. It is true, that incorporating is a big step in your small how to start a business journey.

The investors, lenders, and the customers will definitely start taking your business seriously if your business is organized as a corporation. On the other hand, if you are using the “Inc” at the end of your business name there are chances that the shareholders will be enjoying the tax and liability advantages.

It is very important for you to know that incorporating a business will differ, based on which state you will be doing or incorporate your business.

We will be discussing certain steps with you of how you can incorporate your company and the best thing about it is that this isn’t really complicated.

Through this, you can be up and running as a corporation within a short span of time, if you follow the following steps.

Well, incorporating a company is not as difficult as it might seem. There is no doubt, that incorporating a company will definitely take one to six weeks, depending on where you are incorporating your limited company.

One of the most important things that you should know before incorporating a company is, that the incorporation is basically regulated at the state or the city level so make sure that you are actually aware of the local requirements.

In case, you have any particular doubts you can consult the business lawyers as they will be the perfect ones in guiding you. They can guide you on the general advice, and through interacting with the state secretary of state office.

Here are some of the basic steps that you should take while incorporating a business

 

Licensing and zoning laws:

It is very important for you to know the local business licensing along with the zoning laws in order to incorporate a company. Though, there are many businesses that are not needed to have any licensing and other laws such as, child care, and food service.

You have to make sure that you are following the local licensing and other zoning laws so that you don’t have to face any problems once you have established your corporation and start running it. Through all these things you can start your business without any restrictions and in a smooth manner.

 

The business name search:

The other important step that you are in need to take is selecting a unique name for your business organization.

 

The most important thing that you should know is you cannot keep the exact same name that the other business organization is using. Your local secretary of the state won’t let you do that. And if you go against these laws, certain legal actions can be taken against you.

 

By doing so there are many chances that the customers can get confused while looking for a particular business organization.

 

As a co-operation, it is very important for you to know that you will be in need to tag a signifier at the end of your business’s name.

File the articles of incorporation with the state:

Once you have formulated the articles and reviewed them, you are in need to file them with the state. At this time, you have to pay a particular fee of around $100 to $500 dollars. This fee is compulsory for everyone to pay.

For the filing process, you can go directly to their site and follow all the filing procedure that is described there in detail. On the other hand, there is an option that you can use if it looks convenient to you of using the incorporation services like Incfile, etc.

They will definitely help you out in drafting the article pf incorporation, and on your behalf, they will file it for you and will charge a particular amount of fee in return.

Maintain a corporate record book:

A corporate record book is one of the most important record books as here you can store all your documentation in order to show the state that you are operating in the agreement with the IRS and the state laws for the corporation. There are some important documentations that are a must for you to include in your corporate book of records.

 

Here are the documents that you must include in your record books:

A copy of the articles of the incorporation.
A copy of the corporate bylaws.
The stock transactions.
The documentation of the business loan.
All the annual reports.
All the copies of the contacts that the company enters into.
Shareholders, board and annual meeting.

There is no doubt, that you can store all your important documentation in the cloud or on your computers. The advantage of storing all the records online is that there are very fewer chances of loss and theft and the records will be much safer here.

The main motive of storing the records is that you just need them to be somewhere where you can easily produce them if your business gets audited.

 

 

 

Why Should You Completely Understand the Business Registration Process

If you are planning to incorporate a business in Singapore, it is very important for you to understand each and everything about the business registration process in order to have a smooth running of your business. When you set up a new business in Singapore there are a certain registration process that you are required to go through in order to get your business properly incorporated.

 

In Singapore, business registration, company registration, and trademark registration are basically the main registration process that you be should completely aware of as they all are regulated by the different laws along with the registration systems that are actually administered by the different government departments.

 

The business registration ordinance:

The business registration office is responsible for administering the business registration ordinance because they are accountable for registering a business that is carried on by the partnership or by an individual or as a local limited company.

In order to be more clear, it is very important for every individual that is doing the business in Singapore must register their business with the business registration office of the inland revenue department.

Incorporating a company in Singapore is definitely an easy process and it is free from unnecessary red-tape. Singapore limited company is ranked as one of the best places where you can do your business smoothly and in a more professional manner.

The foreigners that are incorporating a company in Singapore must engage the services of the corporate service provider in order to register a company in Singapore. The local entrepreneurs are also advised to follow the same processor as there are chances where even the local entrepreneurs may not be fully familiar with the Singapore business laws and compliance requirements.

What are the basic requirements for registering a company in Singapore:

 

The Singapore business registration requirements consist of:

Shareholders
Share capital
Directors
The company secretary
Registered address
Te companies name

Some of the important steps for registering a company in Singapore:

The process of registering a business in Singapore is online, very quick and efficient, but there are three main tasks:

The approval of the Name
The preparation of the documents
The registration of the companies

Along with this, there are two government fees:

 

For the approval of the name the fees that are charged are S$15.
And for the approval of the company registration, the fee that is charged is S$300.

On the other hand, Tax in Singapore is one of the most favorable tax jurisdictions in the world. The companies in Singapore with the low headline tax rate and the generous tax exemption can greatly reduce the tax expenses.

 

Conclusion:

 

The people who have decided to work and run their business from within Singapore are more successful than the people who decide to run their businesses from outside the country.

 

This is all because living in Singapore will give you more knowledge and ideas about the cultural boundaries and the differences that are present in the countries.

The people running their business from within the boundaries of Singapore has the opportunity to connect with the people of Singapore which is actually an advantage before registering a business there.