SSM Business Advisory
The Business Advisory Unit was established on 3 July 2017 as one of the ways to improve SSM’s service delivery. The Unit is responsible to provide quality and holistic consulting service solutions with the latest information on the ease of business set-up processes in Malaysia.
To begin with, the first thing to keep in mind is the importance of registering your business.
Advantages of registering with SSM
1. Unique Name
- You have exclusive rights to the business name, and it cannot be used by someone else after you register the name with SSM.
2. Your business has the trust factor
- Investors and consumers are likely to trust a business that is registered with SSM as consumer rights as buyers will be more secured.
Facilitate business with third parties
- Entrepreneurs and business owners will have opportunities to receive government assistance such as grants and business fund to grow their businesses.
- Ease the process of opening a bank account as the business posseses official documents such as SSM’s Business Registration Certificate.
Higher consumer confidence when dealing with a business
- Government will be able to aid related to community development and business prospects.
Before starting a business, you will need to consider the type of business entities that suit you best.
Here are the types of business entities that can be registered under SSM:
Sole Proprietorship / Partnership - Enacted under the Registration of Business Act 1956 (Act 197);
Private Limited Company (Private Company (Sdn. Bhd.) / Public Company (Berhad) - A business incorporated under the Companies Act 2016 (Act 777); and
Limited Liability Partnerships - An alternative business entity under the Limited Liability Partnership Act 2012 (Act 743) that combines the characteristics of private companies and conventional partnerships.
For a foreigner, you may choose to:
(a) Incorporate a local company; or
(b) Register a foreign company.
Business entities that can be registered by foreigners in SSM include:
(a) Limited Liability Partnership (LLP); and
(b) Private Limited Company (Sdn. Bhd. or foreign company).
When starting a business, there are a few things that you need to consider. Some of the information that you need to know are:
1. Information regarding licenses - (MalaysiaBiz, BLESS)
2. Information regarding financing - (SMEinfo, MAGIC)
3. Information regarding training (SMEinfo, MAGIC)