Small Business Registration and Why It Makes Good Business Sense To Do It

The good news is that almost anyone can start their own small business in Malaysia and it begins with you figuring out a product or service that you feel the local community needs. It has to be something that is going to make money and while business registration is not a pre-requisite, it certainly makes sense to do so. If you are an up-and-coming entrepreneur just starting off then there are a number of legal and marketing benefits to registering your business name.

The good news is that you can use a third party for SSM business registration Malaysia and it will be their job to put everything into place so that the correct business registration is chosen for you. You want to be able to hit the ground running as they say and so making sure that everything is legal and above board is something that you should be striving for. If you’re still somewhat confused as to the benefits of registering your small business then the following can help to educate you somewhat.

• To establish a business bank account – Various lending institutions all around Malaysia will want you to prove that your business is a properly registered entity before they will let you open a business bank account in case you need an emergency fund. This is something that you definitely need when starting off your small business as it allows you to separate your personal money from your business funds. It also puts across a professional look for your business so that when you require payment from customers that you don’t ask them to pay in your own name.
• It cements your reputation – With the amount of scans that are going on nowadays online, customers need to be able to trust your business and establishing such trust comes with registering your business entity. If people have never worked with you before like wholesalers and other suppliers then they need some kind of assurance that you are legitimate. They may suspect that your business will come and go quickly and so by registering your small business, you’re letting them know that you are in this for the long haul.
• You can hire new employees – The hope is that your business will grow quickly which will result in you wanting to hire more people from the local community and pay them their salaries. Once your business is registered, then the relevant state can give you an event vacation number so that you can pay the relevant taxes on your employee’s behalf. This is no point in even starting to start the recruitment process until your business is properly registered.

Conclusion

These are only three of the benefits of registering your small business in Malaysia and believe me when I tell you that there are so many more. You also get to enjoy things like supplier discounts that you will not get if you are not a registered business. Your suppliers will keep their wholesale rates for business owners who have a registered entity.