Malaysia currently adopts the self-assessment (SAS) tax scheme in which taxpayers calculate their tax liability and its disclosure. Under the SAS tax scheme, tax audits are done by the authorities and any discrepancy or non-compliance would result in penalties on tax adjustments.
There are various ways to measure the “size” of a corporation. We can measure the size of a particular business in terms of revenue, profits, assets, and market value. We can also measure the growth of an enterprise by its market capitalization.
A business address service is essentially a way for startup companies to get their own business mailing address and representative brick-and-mortar headquarters without actually renting out an office. You can even get one of these packages in less than five minutes from companies like Servcorp. They're instantly operational, they'll have virtual office services (from VoIP telephony to online receptionists and Internet fax) serve as their backbone, and they're readily available in Malaysia. Particularly, Servcorp even allows you to send the quotes from their competitors so that they could match or beat their prices in case they're offering what you believe is a better deal.
The English author known as J.K. Rowling was able to successfully succeed as a writer despite many obstacles before her. Fantasy is a highly saturated and congested genre filled with many past and modern-day classics that it's hard to be able to capture the imagination of youths who'd rather play video games than to pick up a book. Many publishers aren't interested in a woman writing books made for boys either, which essentially forced Joanne "Jo" Rowling to change her pen name to J.K. Rowling to make it more gender neutral. The Harry Potter series, her masterpiece franchise, was also the very first book she wrote and had published.
Malaysia has had its ups and downs, but it remains a steady economic ship for the most part. The Malaysian economy prior to 2013 has always been considered an upper-middle one. It had in 2011 a gross national income of 8,770 per capita, plus 100% of the GDP comprise of exports, thus it being a highly open economy. It's a leading exporter of natural gas, palm oil, electronic parts and components, and electrical appliances. This competitive tiger of Southeast Asia was projected a 5.0% GDP growth in 2013 after undergoing a 5.1% increase back in 2012. What's more, the World Bank ranks the country 12 out of 135 among the most externally competitive economies out there.
Business Management Strategies to Improve Staff Performance in Malaysia
December 17, 2014 | Sharon Cheong
Kuala Lumpur has long been considered as the business hub of Malaysia. The city continues to develop and provides skilled professionals with a multitude of employment options. Universities in Malaysia are producing an increased amount of talented graduates that can be extremely beneficial to businesses. However, it is important to maximize staff performance levels at all times. This ensures that your business has a great chance of enjoying prolonged periods of success. The global financial crisis still poses problems to businesses throughout the world so it is imperative to keep the performance levels of your staff high in order to reduce the impact of this.
Malaysia's economic boom in the latter part of the 20th century propelled the country into rapid development as an industrialized country. The Gross Domestic Product (GDP) has faithfully increased at a rate of 6.5% over the last 50 years and steadily climbed to its current GDP per capita of $18,509.
Malaysia aims to be a fully developed country with a high-income economy by 2020. In line with this vision, the Malaysian government has initiated a 10-year plan to develop and support high-tech industries in 2010. The Malaysian government continuously seeks new methods of progression to promote and cultivate information and communications technology (ICT), biotechnology, finance, and other homegrown products and services.
If you're planning to establish a small-to-medium business in Malaysia, there are certain tax guidelines that you need to remember. Regardless if your business is residential or non-residential in nature, all Malaysian Private Limited Companies (PLCs or, in Malaysian vernacular, Sdn. Bhd.) should appoint a tax agent that's licensed to prepare its tax file for submission to Malaysia's Inland Revenue Board.
Economic Review of the First Six Months of 2014 in Malaysia
July 25, 2014 | SERVCORP
After more than three years, Malaysia has finally raised its key interest rate. This happened after the central bank looked for ways to avoid financial imbalance risk and, concurrently, after the Malaysian economic growth quickened within the first six months of 2014. Meanwhile, Bank Negara Malaysia raised its overnight policy rate by 25 basis points to 3.25 percent. According to Bloomberg News, this shouldn't be considered a surprise at all, since 15 out of the 21 surveyed economists predicted this decision while 6 forecasted no change at all. Future decisions by Malaysian banks will depend on the risks for inflation and growth.
One of the major challenges that small business owners face is funding for starting and operating the company. Securing financing for a small startup company may not come easily for small business owners because of a notion that they are not in control of their finances. It has been said that small business owners figuratively bury their heads in the sand and hope for the best when it comes to managing their financial affairs.
Malaysia is a newly industrialized country with a multi-sector economy that thrives on manufacturing and services. Malaysia is considered a “middle-income” country which, according to the World Bank classification of countries by GNI per capita, has income ranging from USD 1,006 to $12, 275 per annum.
How Can a Serviced Office in Malaysia Save You Money
Oct 24, 2014 | Sharon Cheong
Regarded as a quiet economic player in Southeast Asia, Malaysia is still seen as a future powerhouse in the region. It may not be as wealthy as Singapore, as big as Indonesia, or as popular to tourists as Thailand, but its economic growth continues to skyrocket. As of August 2014, Bloomberg reported that Malaysia is the first country in the region to raise its benchmark rate this year. This was attributed to the steady rise in investment, private consumption, and overseas demand for Malaysia's exports.
How to Choose a Serviced Office Provider in Malaysia
June 9, 2014 | SERVCORP
The last quarter of the 20th century witnessed Malaysia's economic rise. Malaysia is now considered an industrialized country and ranks 29th worldwide in terms of growth. The Malaysian economy continues to grow at an average 6.5% in the last five decades that both local and international investors, including sole entrepreneurs, are keen on establishing a business in Malaysia, particularly in Kuala Lumpur.
How to Choose a Virtual Office Provider in Malaysia
August 15, 2014 | SERVCORP
If you want high-quality telecommunications services in a Malaysian virtual office setup, then keep on reading. This article will enumerate everything you need to look out for when it comes to Malaysia-based virtual office providers and solutions. If you're worried about not having a brick-and-mortar office to do meetings and deals with clients and business partners, never fear, you can also rent out serviced offices (offices-for-rent complete with computers, cubicles, office supplies, appliances, furniture, and more) while still maintaining your major business interactions strictly online. You can even get reservations for meeting venues and whatnot if you only need such rental places in Malaysia occasionally rather than every day, week, or month.
Malaysia's economy grew by 4.5% in 2013. In 2014, an economic growth of 5.5% is highly expected. In this connection, the time is ripe for successful startup businesses and small to medium scale businesses to expand.
Malaysia is a huge melting pot of cultures, just like New York or, admittedly, the United States of America itself when everything is said and done. Marketing to melting pots of cultures is something Westerners are getting used to.
When it comes to starting a small Malaysian business as a foreigner, you should first register it with the Malaysian government. There are many bureaucratic and legal issues to be taken care of, so take your time and brace yourself. Every would-be entrepreneur who wishes to have a Malaysian-based business should set up a commercial or industrial company with a startup capital of at least 10 times the economy's GNI (Gross National Income) per capita and a maximum of 50 employees. Essentially, the bigger your company is, the more interested the country in registering it on Malaysian soil, although small startups are also welcome.
Malaysia and the rest of Southeast Asia went through two outstanding financial crises in the last 17 years -the 1997 Asian financial crisis and the 2008 global financial crisis that stemmed from the U.S. The 1997 financial crisis taught Malaysia (and the rest of Southeast Asia) to rebuild their financial and banking sectors to be more resilient in the event of an economic meltdown. The 2008 recession hit the U.S hard, but its effect on Malaysia only involved the GDP (gross domestic product) and trade growth.
At present, the first thing people think of when they hear the name "Malaysia" is the missing Malaysia Airlines 777 plane (not to be confused with the 747 plane) that has vanished mysteriously as though it had passed through the Bermuda triangle. However, investors know better than to not invest in Malaysia after that newsworthy event happened (although, understandably, the stock for Malaysia Airlines plummeted as soon as it occurred). As long as you know the ins and outs of the culture of Malaysia—a multicultural, multi-ethnic, and multilingual society as varied and diverse as New York—you can hit the jackpot as far as investing is concerned.
A virtual office can save you time and money. The costs of a traditional office are replaced with a small monthly bill, for a virtual office package. You can keep the professional address and telephone number of a real office, but you won't have to put up with the full time office itself. You also won't have to take a long morning commute to go into your office. However, if you want to use an office, for meetings or conferences, there are virtual office packages that let you have access to offices in the location of your choice. A virtual office is the right solution for you. Their popularity has grown, especially during the tough recession we all just endured. A virtual office is more cost effective, and you get the benefits of an office without the cost of a traditional full time one.
Malaysia is a melting-pot of various ethnicities. It is a multi-cultural society where the main ethnic group is the Malays, followed by the Chinese and Indians. These ethnic groups have retained their way of life, customs and religions that it is important to consider the ethnicity of your business associates when dealing with them. The Chinese dominate the business sector and live in the urban areas such as Penang, Kuching and Kuala Lumpur, while most ethnic Malays live in the rural areas.
The Malaysian economy is actually doing pretty well. Current estimates from analysts expect the Southeast Asian contender to have a 5.5% (give or take a percentage point) growth rate for 2013, particularly by the estimation of the Head of Investment Strategy & Chief Economist of the AMP Capital, Shane Oliver. This 2014, it's expected that Malaysian GDP (Gross Domestic Product) growth will pick up steam from the 4.5% growth of last year. This rise should be further bolstered by the pick-up in worldwide economic growth and the momentary easing of 2013's monetary issues. As expected, as the whole Southeast Asian region recovers, everyone benefits.
Reducing Your Business Costs in Malaysia and Retaining Staff
December 2, 2014 | Sharon Cheong
In Malaysian cities such as Kuala Lumpur, many businesses are looking to reduce operating costs whilst at the same time retaining productivity and profits. This can be a very demanding objective that requires extensive planning and assessment. Kuala Lumpur was rated number one with regards to business activity in middle income countries. The report, conducted by business consulting form A.T Kearney outlined the improvements made and noted the potential that Malaysia and, in particular, Kuala Lumpur has to offer. When business is slow and profits are falling it can be tempting to cut staff in order to save money. However, this is short term thinking and will not benefit your company in the long term. It can also have a particularly negative impact on the staff that have been retained. In addition to this, when fortunes improve you will be required to undertake another hiring process and perhaps training. Below are some alternatives to cutting staff.
Malaysia isn't only truly Asia (or a nice slice of Asian culture in one country); it's also a nation with a robust economy and markets that are ripe for the picking for foreign investors from all corners of the world. With that said, you should avail of secretarial services in Malaysia in order to better appeal to the meritocracy of the nation and its multicultural, multiethnic, and multilingual markets.
Short Guide to Foreigners about Investing in Malaysia
February 28, 2014 | Valerie Wong
If you're a foreigner and you wish to invest in Malaysia, you need to get a couple of things straight. First off, even though Malaysian-based investments can be overwhelming for the first time investor who has no idea what he's getting into, he should rest assured that this completely foreign country is full of business opportunities for you to put your money down on. Keep yourself abreast when it comes to the various visa types available for you as an investor (which is different to those available when you're merely being a tourist). You should also do your research in order to penetrate the Malaysian market with your proposed startup.
In terms of setting up shop in the Malaysian landscape, would-be foreign entrepreneurs should remember that registration is a must before anything else. Sure, making considerations on which market you should enter and finding the right connections is way up there in terms of preparing yourself and your startup for the brave new world of Malaysian consumerism, but fully concretizing your business starts with you registering your company with the Malaysian government. First thing's first. There are a myriad of legal and bureaucratic issues you need to take care of, so you should be methodical and deliberate about them. You should also brace yourself for the procedure ahead.
Malaysia has a strategic location in Southeast Asia: right next to small but formidable Singapore and the large consumer market of Indonesia. Thanks to its strong economy, attractive tax incentives, and efficient infrastructure, it should come as no surprise that its economy is the third largest in the region. Moreover, current Prime Minister Najib Razak has set ambitious growth targets, hoping to double its economic growth by the year 2020. To help reach this objective, the Malaysian government is actively encouraging foreign investors to open a venture in the country.
Malaysia has a rich and colorful culture brought about by the influences of transients and colonists who graced, inhabited and ruled the country. Today, the country is a synthesis of Malay, Indian and Chinese cultures and traditions, thus supporting its position as a multicultural nation characterized by its strong adherence to religious and social harmony.
Instead of having to rent costly office space, buy expensive equipment, get a steady cache of office supplies every month or so (from staplers to paper to manila folders), and increase your overhead expenses by a factor of a hundred, why not avail of a virtual office in Malaysia? Indeed, you can jump in headfirst into your business or market of choice and focus on your business growth potential by having a viable virtual office service ready for "occupation". A virtual office, as its name suggests, is an office that exists in the virtual world (your computer and the Internet). Everything you need to run your operation—from a fax machine to a call center operator—can be provided by this service.
The Importance of Top Quality Employees in Malaysia and Tips on Finding Them
December 9, 2014 | Sharon Cheong
Malaysia has a fine reputation for providing businesses with opportunities to develop. It has long been one of the most successful locations for doing business in South East Asia. Many companies open new branches or relocate some of their existing interests to the area. Undoubtedly, the bulk of companies moving there choose the capital city of Kuala Lumpur. The success of Malaysia in terms of business development can perhaps be traced back to its origins. It was once a British colony and as such has developed much of its infrastructure and laws in the same way as the United Kingdom. This is particularly evident when you consider their government system, which was based on the parliamentary system in Westminster. Malaysia continues to enjoy a vibrant economy. The ongoing success of businesses in Kuala Lumpur is perhaps the main reason behind that.