Malaysia has always been the top country to start a business. Whether it is for residents or non- residents, people all around the world always look forward to start a business in the country. It is certainly not new to know that Malaysia has been ranking in the top of the world for it economic value. Malaysia is recommended country to start a business because of its vast opportunities. The industrial sector is huge and highly developed that people around the world gets industrial opportunities.
Most established business in Malaysia has mostly been a successful business because of its environment which also includes the rules and restriction of Malaysian Corporation.
Apart from your successful business launch if you oblige the Malaysian Company Laws, then there will be no doubt for you to have a victorious business in Malaysia. And likely you will have various benefits provided by the Government of Malaysia.
The following are the ways to have a successful business in Malaysia;
While setting a company or business in Malaysia, the first thing you need to do is start follow the basic rules and regulations of the Malaysian Cooperation Law. It is clearly known that the country is strict with its laws and thus, exhibiting the various requirements will give you a green pass to successfully launch a business.
Here are the following requirements to be shown;
- Appointing a company secretary
- The company secretary has to be registered under SSM
- The minimum capital to pay is RM1
- There needs to be minimum 1 director for business
- The director of the company has to be in their legal age 18 or above
- The business has to have a registered address
- The business needs to have at least 1 shareholder
- At least 1 director has to be a resident to start a company in Malaysia
- When hiring a foreigner, they need to show their work permit along with their permanent residence (PR) certificate. Additionally, they need to hold a dependent visa.
Organize your business:
A business needs to be organized; it is something which needs to be manually done. There is a term known as ‘organization’ which directly means that it is a business which is organized. To have a successful business you need to properly organize your company. Having an organized company will help you gain success and will also help for the long-term.
- Deciding a business
- Obligations towards goal
- Plan a business in a clear and precise way
- The business plan has to be visible according to your plan
- Place an organizer for the company
- Place a hardware and software of the company
- Stick to the plan
- Evaluate the position of where are you
- Needed adjustments to get back on track
Employees to be motivated:
- Check when your employees are happy at work
- Customers notice it immediately
- Improve efficiency that shows customers
- Teams are well-organized
- Having a method which can inspire employees
- Keeping morals high
- Constant appreciation for employees
- Placing rewards
- Use software for advance systems to help manage the workforce and help the business organization
Needs of organization:
Business needs to be planned properly, it needs to be done on daily basis and there has to be proper record of it
- Daily planning is recommended to be done on the beginning of the day
- Have a list of things which you need to do on the next day
- Use printed say planners
- Use software tools
- Have a voice-activated personal assistant to create lists
- Have a meeting list of where and whom to meet
- Further business tools such as accounting and product management tools which helps to increase cash flow and profit margin.
Every business person has to have principles and ethics in life and thus when it comes to business it is obligated to have principles.
- Keeping promises to customers, suppliers and employees
- Paying salaries on time to the employees
- Indicating businesses which are well-organized
- Making deliveries at the agreed time to the customers
- Helping in repetitive order
- Word of mouth advertisement
- Marketing field work
Know your competition:
When doing a business, it is important to know your competitions. It is important to analyze for the success of your company.
- Focus on your business plan and how unique you can be
- Be innovative and inspire your business with ideas
- Have a proper strategy to exhibit a plan
- Make comparison with your own business and also with your competitors
- Make improvement if you feel that they are better than you, this will motivate you to improve your business.
What can impact your business to sustain in Malaysia?
In Malaysia following the corporate rules in the beginning will help you gain positive impact on your business.
What is the technical ecosystem for your business?
Upgrading your business software gives a good ecosystem in your business
How many directors and shareholders are involved?
Minimum 1 director and shareholder are required in a business in Malaysia.