If you hope to set up a new business in Malaysia or you have already done so then the Malaysian government will do what they can to encourage you to stay and to expand. Much like your own country of origin, there will be rules and regulations of business that need to be followed and so you need to ensure that you stay on the right side of compliance no matter what. It can be difficult knowing how to trade and some people want to begin as a sole trader while others want to be part of a partnership, but believe it or not this is probably your single biggest mistake.
It depends on the industry that you are involved in but if in finance company registration is essential if you want to protect your business name, your brand and your reputation. By registering your business entity, you’re removing lots of the red tape that is usually put in front of you and it allows you to deal with the relevant government departments as well as private and public entities like lenders. It makes sense then to reach out to a third-party provider that can do the registration process for you and that frees you up to concentrate on your business.
The following are just some of the many reasons why it makes perfect business sense to register your business as soon as possible.
- You get access to business loans – The hope is that your business will be very successful and you will want to reach out to various lending institutions to get the necessary money to expand your business. These same lenders are reluctant to do business with you if your enterprise is not properly registered as a legal entity. Once the registration is carried out, you will get what is called your business registration number and this makes it easier for banks and building societies to loan to you.
- The hiring can begin immediately – In most cases, new businesses need to hire at least a few more people and if you are not registered then this makes the payment of taxes that need to be deducted from salaries to the relevant government department harder. People may also be reluctant to apply for a job with your company for this reason because they are not sure if you are here just for a quick buck and you might move on in only six months to a year.
- Taxes can be properly submitted – The last thing that you want is to get on the wrong side of the Malaysian government and so you need to make sure that the relevant taxes are submitted on time and in full. If you are caught up running your business then you may overlook some important things and it could end up with an audit and you definitely don’t want this.
It makes sense therefore to get your company registered as soon as possible to give you essential peace of mind.
