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This is section 2 of our “How to start a business in Malaysia guide” and is also an excerpt of our free ebook. Download this guide as an ebook here.
Section 1: Business Funding
Section 2: Company Setup
Section 3: Office Setup
Section 4: Human Resources
Section 5: Software & Applications
Section 6: Website & E-Commerce
Section 7: Shipping & Logistics
Section 8: Advertising & Marketing
DO YOU REALLY NEED PARTNERS?
Before you set up the company, the most important question to ask yourself is whether do you really need business partner(s)? What can they bring to the table? What is their motivation to start a business?
If it’s really necessary, look for business partners that can compliment your weaknesses with their strengths, instead of someone who you find easy to get along with.
A business partnership can sometimes be worse for your business if things don’t work out, the relationship with your business partners might break you down more than the business itself.
SDN BHD VS LLP (PLT)
Next, you’ll have to decide whether to set up a Sdn Bhd, or a LLP.
Putting all the technicalities aside, choose Sdn Bhd if there is a need to define the stakes clearly among the partners. You’ll will then have to source and appoint a company secretary to set up a Sdn Bhd.
Otherwise, go for LLP if you want to keep the administrative cost lower. You can either do this online or at the SSM office.
In either case, you must appoint at least an accounting firm to cover auditing and taxation, and to perform yearly submissions.