How to Start a Business in Malaysia and Get SME Business Loans

Starting a business in Malaysia is relatively easy, thanks to the government’s initiatives to help small businesses grow. All you need to do is follow these steps:

1) Make a Business Plan:

The first step to starting any business is to create a business plan. This document will outline your business goals, strategies, and how you plan on achieving them.

2) Review Your Financial Projections:

Once you have your business plan, reviewing your financial projections is next. This will allows you to determine how much money you need to start your business and how much you can realistically expect to earn in the first year.

3) Choose The Right Business Structure:

The first step is to decide on the legal structure of your business. The most common options in Malaysia are sole proprietorship, partnership, limited liability partnership (LLP), and private limited company (Sdn Bhd). This decision will be based on a number of factors, such as the size of your business, your business goals, and the amount of liability you’re willing to take on.

4) Register Your Business:

Once you’ve chosen your business structure, the next step is to register your company with the Companies Commission of Malaysia (SSM). This can be done online or in-person at any of their offices. The registration process will vary depending on your chosen business structure.

You can register your business in Malaysia online through SSM online portal https://ezbiz.ssm.com.my/

5) Obtain necessary permits and licenses:

Depending on the nature of your business, you may need to obtain permits or licenses from the relevant authorities. These could include licenses for business premises, trade licenses, and permits for certain types of businesses.

6) Open a business bank account:

It is important to open a separate bank account for your business transactions. This will help you keep track of your business finances and simplify tax reporting.

7) Register for taxes:

You will need to register your business for various taxes, including income tax, goods and services tax (GST), and employee provident fund (EPF) contributions.

8) Get A Business Loan:

The final step is to get a business loan. This will give you the capital you need to start your business and help you achieve your goals. There are a variety of financing options available, so be sure to compare rates and terms before choosing one.

Starting a business in Malaysia can be a complex process, but with careful planning and guidance, it can be a rewarding venture. It is important to seek professional advice and support to ensure compliance with regulations and optimize your business operations.

Learn More About SMEs Business Financing and Loans in Malaysia :

About Limra Assets

Limra Assets is a Shariah-compliant financing solutions financier that provides loans for property financing, SME businesses loans and gold investment. We offer a range of financing options to help individuals and businesses, including alternative financing for businesses that are unable to obtain funds. Our goal is to provide access to funds for investments in a Shariah-compliant manner that focuses on transparency, customer service, and competitive rates, Limra Assets can be a valuable partner in your gold investment journey.

If you’re interested in learning more about Limra Assets and our Shariah-compliant financing solutions for property purchases, gold purchases or business loans, please contact us for more information.

Disclaimer:

It is important to note that taking out a loans for any purchases and gold investment, whether through Limra Assets or any other lender, carries risks and should be approached with caution. It is important to carefully consider your financial situation and investment goals before taking out a loans, and to ensure that you fully understand the terms and conditions. Additionally, investing in gold carries its own risks and should be done with the guidance of a financial professional. This information and all external links are provided for educational purposes only and should not be considered financial advice.