Basic Requirements In Starting A Business

Starting and running a business is not rocket science but it is not also a walk in the park. In reality, it is a combination of knowledge, skills, street smart and unparalleled perseverance. If only business success is measured by an intelligence then everyone with a degree or qualification is already running a successful company, the same goes with hard work, if hard-working people are guaranteed with success then most are already successful.

The start of the most successful endeavours is passion. This may seem like a cliché but in the real world, most things are easy to give up on, especially when things get tough. Without passion, there will be no drive to keep striving and facing off challenges. Again, passion is just the start, starting a company will mean a lot of researching and learning the industry coupled with a lot of actual legwork and decision making that is not taught in schools, or anywhere for that matter. Consequently, the best way to start is to actually and really start taking action. For companies and businesses in Malaysia, this means registering with SSM or what is known officially as Suruhanjaya Syarikat Malaysia.

SSM is the main agency in charge of Malaysia’s corporate governance. Corporate governance is a very broad term and the powers and responsibilities attached to it are as broad. As an overview, it can be said that SSM is the office that registers and incorporates new companies, monitors and updates databases of existing companies and ensures the compliance of all business entities. In view of this description, it can be surmised that for aspiring company owners, the place to get all the requirements and to submit the same is with SSM. Thus, for future Malaysian business owners, aside from the need to register SSM online, here are the main requirements to start a business in Malaysia.

1. Owners or partners should be Malaysian or at least a Permanent Resident of Malaysia – Being a citizen or a permanent resident is a standard requirement for most countries. The reason behind this requirement is that the country’s citizens are always the top priority when it comes to opportunities. Citizens are the countries main assets, thus they are valued and prioritized.

2. Partners or owners should at least be 18 years old – Most countries and territories set the age of majority at 18 years old. In legal terms, the age of majority is when a person is legally recognized as an adult who is legally liable and responsible for his/her actions and decisions. Evidently, using its legal definition, it is easy to see why the age requirement is set at 18.

3. Only owners or partners can submit requirements – Owners and partners will become the face of the company. For this reason, they are required to personally appear during the application process. As an owner or partner, this requirement should not come as a surprise, as the accountable person, this is an expected requirement.

Taking everything into account, the basic requirements are to be expected. Thus, complying should not be a problem. With the business planned out and the basic requirements met, starting the registration process will naturally be the next step. The hardest part is always the beginning, but once started the flow will come naturally.