Are You Ready to Venture Into Fancy Jewelry in Malaysia?
The idea to get in business flips into people’s mind every time they feel there are tired with the 9 to 5 jobs. If you’re still thinking of launching a business, think of a fancy jewelry in Malaysia, that if you’re a resident.
The best part of the story is that the relevant authority gives you an easy time to do so as long as you’ve followed the right procedures.
Now, let us look at what’s the big deal about fancy jewelry in Malaysia.
If you decide you’re opening a high-end fancy jewelry in Malaysia for women niche, be ready to face stiff competition. Buying jewelry is almost the same as purchasing a new handbag. You may decide the costume jewelry in other frontier known as “fashion jewelry” which is typical with most accessory businesses.
Its fancied by many due to its suitability for all occasions and traversing every possible price range. The majority, if not all fashion jewelry emanates from non-precious metals, beads, glass or even plastic.
Secure a Business License or Permit
For you to get into fancy jewelry in Malaysia, you must have a business license. No business is permitted to operate without a business license. The requirements compliance for the licenses varies with the industry, activity and the location. The business licenses fall in three categories: general license, sector industry-specific license and activity specific license.For you who are planning to venture into fancy jewelry in Malaysia, you’d require a general license. Again, the requirements application may vary with the different local authority in Malaysia.
Register Your Business Name
The moment you’ve crafted a perfect business name (have a couple of names), the next step is registering your fancy jewelry in Malaysia. The significant of registering your business name is to ensure that you secure the legal rights to use your business name without any infringements. The name search process falls under the Companies Commission Malaysia (SSM) which takes a shorter time.
For a sole proprietorship you’ll pay RM30, partnership RH 60 and for an Sdn Bhd RM1,000 to RM 70,000 determined by the share capital. Your business name is an important image of your jewelry business defining who you are, your style and what you do. So, you should take your time to come up with a “business name” that will resonate well with yourself and the jewelry business.
Incorporating Your Business
It’s a mandatory requirement in Malaysia that all businesses get registered with Suruhanjaya Syarikat Malaysia (SSM) or the Companies Commission Malaysia. The process will only be complete if you have all the basic documents such as a photocopy of your identification card and co-partners (NRIC), approved business name, and a completed business registration forms. For a sole proprietorship or a partnership, you’ll only be required to fill two basic forms: Business Registration Form (Form A) and Business Name Approval Form (Form PNA.42) that’s if you’re not applying your own name. In case you opt for a Private Limited company (Sdn Bhd), you’ll fill other additional forms.
If on another hand you feel you’re preoccupied, you can register your business online. You only need to go to SSM portal SSM e-Lodgement, sadly though; it may take more time than envisaged.
Are There Any Registration Costs?
For a sole proprietorship and partnership in Malaysia, you’ll pay RM100 and Sdn Bhd RM1,160. The registration duration for a sole proprietorship and partnership is a record one hour, but for an Sdn Bhd, you’ll have to wait 24 hours after.
If you want to find out more exhaustive information about registration and other nominal fees, you can as well go to their website or drop an email on [email protected] for more details.
Open a Separate Bank Account for Your Business
One significant step in succeeding in your fancy jewelry in Malaysia is separating your personal account with your business account.
You can do so by opening a separate bank account for your business. It is from your business account where you’ll deposit all your revenue streams from your fancy jewelry business. Imagine having a mix-up of your personal expenses. How will you know your profits and incomes? Opening a bank account in Malaysia is easier but strict though.
Remember the account opening requirements vary from bank-to-bank and can have more limitations than the ordinary accounts. If you a non-citizen, then selecting a bank account that exudes global presence in Malaysia may be a better option. You can operate it from anywhere in the world.