Guidance for entrepreneurs to start a business in Malaysia

Guidance for entrepreneurs to start a business in Malaysia

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BUSINESS IN MALAYSIA:

In the 2018 best country to start business list, Malaysia has secured the 24th place to start a business. The country is recommended to be the best place to start a business and the country welcomes all types of sectors to do business in the country. The country is currently a happening place to start a business. Malaysia is the best country to start a business since the country’s economy is continuously growing and it has been developing and stable so therefore, starting a business in the country is recommended for both locals and foreigners.

GUIDANCE FOR ENTREPRENEURS:

Apart from being innovative in a business, entrepreneurs are different from business people. It is a must for a qualified entrepreneur to be creative and different from what they do apart from any business person. They need to carefully analyze the wants and needs of a customer and the current trends of a product which is famous and are used continuously by the customers. An entrepreneur should have a broader aspect of marketing products to the public.

As an entrepreneur, you need to ask yourself many questions in order to start a business since starting a business involves a lot of passion and commitment. The questions you need to ask for yourself as an entrepreneur before and when you start a business are as follows;

  1. What type of business can be started in Malaysia?
  2. What business services and products should be sold?
  3. Starting capital of the business?
  4. What types of clients will come for this type of business? Who are the possible clients?

It is important for an entrepreneur to gain experience before gaining success in the business. They should be intellectual in what they want to do to provide to the audience. The company.

MALAYSIAN GOVERNMENT SUPPORT TO START BUSINESS:

The best reason to start a business in Malaysia is because of the enormous support given by the government of Malaysia and this is one of the main points which is recommended to start a business in the country. Entrepreneurs receive a lot of support from the country.

It was from 2001 it was the initiative from the government to encourage entrepreneurs to start a business by supporting them financially which will encourage them to do business. The total funding which can be provided by the government will be a total of $66 million of funding. So therefore, there will not be a problem to start any business in Malaysia by any person since the government support is provided to all local and foreign entrepreneurs who want to start a business in Malaysia.

See: How to become a successful entrepreneur in Malaysia?

ENTREPRENEURS CONCERN TO START BUSINESS IN MALAYSIA:

  • Start-up capital
  • Partnership and support
  • Marketing and advertisement such as in digital and traditional platforms
  • Personalized website
  • Malaysian environment which includes the people, culture, taste and preference.
  • Product and services to be provided according to the place and people
  • Type of business to be done in Malaysia
  • Technology of the country
  • Trading system, Exports and Imports of a country
  • Malaysia’s main economic industrial sectors.

The last three point should be mainly considered if you want to start a large company in the country.

BUSINESS TYPES IN MALAYSIA:

There are 3 types of business in Malaysia where each of them has different rules and regulation and accordingly the business needs to be set up.

  • Limited liability company (Sdn Bhd)
  • Sole proprietorship
  • Partnership

CAPITAL TO START THE BUSINESS:

Budgeting business in Malaysia is not a very big deal in Malaysia. It is only required to pay a staring capital of RM2 and if there is not capital for you to invest in Malaysia you can take a Bank loan with the necessary documents to exhibit to the bank and also use the government funding opportunity to start a business in Malaysia. 

FACTORS TO CONSIDER WHILE STARTING A BUSINESS:

  • Conducted business for providing the products and services
  • Types of business functioned
  • Name of the company chosen
  • The building set up for business
  • Partnership of the business
  • Directors and shareholders of the business
  • Staff members in the business
  • Management structure
  • Exterior and interior of the environment
  • Technical and digital functions of the company

These are some of the ideas and points that’s can help you to start a new business in Malaysia as a new entrepreneur.

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