Discover how Singaporean businesses can tap into Malaysia’s booming economy with INFINITY8’s support. From strategic location advantages to skilled workforce insights, learn why Malaysia should be your next business move!
Singapore has long been known for its strong presence among the world’s top 1000 global cities and has cemented its status as a premier business hub. With steady growth and a total asset size of around $2 trillion, it’s no surprise why nearly 7,000 multinational corporations (MNCs) are headquartered in Singapore.
However, Singaporean companies have always been on the lookout for more cost-effective options when setting up their businesses. In fact, a survey showed that nearly 400 Singaporean-based entities indicated Malaysia as their destination of choice for overseas expansion in the upcoming years.
Malaysia offers robust infrastructure, a skilled workforce, and established trade networks, presenting unique opportunities for businesses to connect and thrive in a diverse region. Additionally, Malaysia ranks second globally in protecting minority shareholders, making it a top spot for market entry with minimal risks. Leveraging Malaysia’s key strengths could be your secret weapon to propel your business forward. Here’s why.
Why Malaysia is a Prime Destination for Your Business
Skilled Workforce:
Malaysia has a pool of educated youth and career professionals. Singapore, on the other hand, struggles with specialised skill gaps in AI, cybersecurity, and fintech. Malaysia ranks second highest in digital literacy in Southeast Asia, making it an attractive destination for tech-driven businesses.
Healthy Burgeoning Economy:
With a steadily growing GDP, Malaysia is an appealing investment destination. The World Economic Forum‘s Global Competitiveness Report ranks Malaysia 27th globally for economic competitiveness and 12th in ease of doing business by the World Bank, reflecting its conducive business environment.
Strategic Location:
Malaysia is sheltered from major natural disasters and boasts well-developed infrastructure, including a well-thought-out road and rail system and six international airports. Malaysia also has seven seaports, making it perfect for businesses that rely heavily on sea route trading. Plus, it’s also easy to transfer services both nationally and internationally.
Supportive Startup Ecosystem:
Malaysia’s government has provided various grants and incentives to support a healthy startup ecosystem for foreign investments, especially in tech sectors like fintech, agritech, and healthtech, making it an ideal location for business growth and development.
Setting up a Company in Malaysia
Here’s how to get started if you’re convinced Malaysia’s economic landscape is worth exploring as a foreigner; That said, there will be a few legal and admin hoops to jump through.
Pick the Perfect Business Structure:
First and foremost, decide on the best business structure for your venture. For foreign investors, the options include:
- Private Limited Company
- Limited Liability Partnership
- Partnership
- Branch Office
- Sole Trader
- Representative Office
Choose a Suitable Name:
Once you’ve nailed down your business structure, it’s time to pick a name. Do a quick check with the Companies Commission of Malaysia (SSM) to ensure your desired name isn’t already taken.
If it’s available, go ahead and register it with the SSM. You can officially register your chosen name with the SSM once it’s approved.
Get Officially Registered:
Now it’s time to make it official. Register your company name with the SSM. Once your name is approved, you’ll have a 30-day window to complete the company registration. Need more time? No problem—you can request an extension for RM 5,000.
Documents You’ll Need:
- A copy of the ID for each of the directors
- Declaration of compliance
- Declaration by a director
- Constitution
Post-Registration To-Do List:
Once your company is registered, there are a few more steps to get everything up and running smoothly. Here’s a quick checklist:
- Open a business bank account.
- Obtain any necessary business licenses.
- Register for the provident fund.
- Decide on your auditors.
- Understand and manage your tax responsibilities.
It typically takes about 5 to 10 work days to incorporate a company in Malaysia; you will need careful planning, administrative and regulatory compliance, and thorough research, but setting up a business in Malaysia doesn’t have to be complicated with Employer of Record (EOR).
EOR: The Shortcut to Setting up Your Malaysian Company Minus the Hassle
An EOR in Malaysia simplifies all the groundwork for setting up your business, such as administrative and employment-related responsibilities. This allows you to focus on growing your core business and rest easy knowing that your company is properly handled in Malaysia.
Benefits you reap with EOR:
- Fast Market Entry: Start operations in Malaysia within 48 hours.
- Limited Liability: The EOR will act as a legal employer, therefore reducing risks.
- Cost Efficient: Lower setup and recurring costs compared to traditional company setup.
- Flexible Exit Strategies: Maintain staff even after winding down your entity with the support of an EOR.
- Local Expertise: EOR providers assist firms in overcoming these obstacles because they are equipped with in-depth local knowledge and resources.
If you’re looking to expand in Malaysia, partnering with INFINITY8 as your EOR can greatly benefit your business, as our tailored solutions are backed by the latest data, powered by advanced technology and guided by local experts.
Get More Done with INFINITY8
We offer unbeatable services so you can sit back and work productively, knowing your Malaysian business is properly handled.
We’ll Set up a Malaysian team for You in Just a Few Days:
From job postings, screening, shortlisting, and interview scheduling, we help you hire exceptional talents in a matter of days with less paperwork and legal requirements from your end.
Efficient Hiring & HR Processes:
Simplified Recruitment and HR Processes INFINITY8 streamlines your recruitment, HR, and payroll processes into one seamless operation. Instead of juggling multiple payments for your Malaysian team, our experts consolidate everything into a single, simple payment. This not only saves time but also reduces administrative overhead, allowing you to focus on growing your business.
We’re Trusted by 132+ Global Entities:
We look after your business when it comes to compliance; We provide local expert advice and solutions to help global companies adapt within this ever-shifting regulatory landscape.
24/7 Support:
INFINITY8 provides comprehensive support across all HR functions. You’ll have your own account manager to fully manage your company’s employee enrollment, payroll, tax administration, and more. Our 24/7 seamless support ensures that all your HR needs are met efficiently, freeing you from the complexities of local compliance and administration.
50% Off Our Services:
Take hold of our limited-time discount of up to 50% for all our services if you sign up within this promotional period. Our prices start as low as RM70.
Connect With 900+ Businesses on a Deeper Level:
We have a community where all our clients can share knowledge and support one another’s growth.
Once you sign up for our service, you’ll be added to this community of around 4800+ highly ambitious individuals from more than 900 companies at no extra cost (it’s a nice value add to joining our service). Our clients are very active in the community and industry, and it’s incredible to see the insights and results being shared.
From compliance and human resources information systems (HRIS) to EOR and payroll services, our team is always ready to provide exceptional employment solutions for your expansion journey in Malaysia.
Contact us today to learn more about our services and find out how easy it is to set up an entity in Malaysia with us.
