How can you turn your business idea of translation services in Malaysia into a reality and make it a big success?
Translation services in Malaysia are highly profitable. Since Malaysia holds people from all over the world and is a highly populated country, it has a lot of languages including Hindi, English, Urdu, Spanish and Chinese. Therefore a translation service can be a huge success. A business should have a very clear picture as to why to start? How to get it to them? How to keep it at the top? With a business that’s so popular you will need very out of the box ideas to make it a huge success. Here are some basic ideas to build up your business.
Why initiate translation services in Malaysia?
The biggest reason to choose to start up your translation services in Malaysia is that Malaysia has accelerated drastically with regards to economic growth in the last 10 years. The country has become the perfect spot for foreign investors. Almost every sector awaits foreign investment and gives off brilliant profits as well.
To initiate the business of translation services in Malaysia:
The most initial step to start any business is to know the layout of the business. As in how big or small you want your business to be, whether you are going to expand it in future or not, and do you need to add partners in the near future or not. You should have an elaborate plan about budgeting and marketing aspect of your business.
Registering the business of translation services in Malaysia:
Any new business has to get a proper license as well as proper registrations at SSM (Suruhanjaya Syarikat Malaysia). Other than having their head office at KL, Kuala Lumpur, they have offices at:
- Negeri Sembilan
The company get registrations either with ACRA (Accounting and corporate regulatory authority) OR with the registry of societies (ROS) to initiate their translation services in Malaysia. The rules are pretty strict regarding the registration and license of any business. Each and every business should have officially registered local office address. Registration fees of initiating any company in Malaysia is RM1,000. The best part is it doesn’t take long to get the business Registration Certificate after you have paid the registration fees, it gets delivered within an hour after the payment.
Before starting a business or even having the idea, one should know where the funding will come from. The initial costs, deposit for the office building, employee wages and such. If there is an elaborate financial plan than go ahead with the idea, if not then work on one, because only after that you can work on the initiation you dream to open the translation services in Malaysia.
The initiator of the company should have a vast knowledge of the idea he wants to work on. He should hire exemplary translators in order to run his business successfully. Since there are over 80 languages spoken in Malaysia, the company would need employees that are proficient in such languages like English, Thai, Japanese, Chinese, Spanish, French, German, Italian, Korean, Russian, Farsi, Burmese, Vietnamese, Tagalog, Laotian, Arabic and other many languages.
The employees all should be trained to the core. They should know how to translate and proofread. They should be well aware of every context of every word as to not make any mistakes while translating, be it academic, business or general.
Know your type:
It’s important to know which type do you fit in, local or foreign:
For a local entrepreneur, you can register your company as “sole proprietor or limited.”
For foreign entrepreneurs, you can get registration in the name of “locally incorporated company or foreign-owned company.”
Selecting a name:
Having a very unique and intriguing name is equally important. You might not understand it now, but a proper name can go a long way. The name should be easy to pronounce and simple enough to remember, it should also be very innovative. Also, it’s prudent to run a name check to see if it’s available and there is no other business register in the same name because this can create a lot of confusions later on.
Location is the key:
Selecting a proper location, to open your translation services in Malaysia is the key to make your business accessible to everyone.
- To initiate any business the following documents are needed as well:
- Memorandum and Article of Association / Constitution
- Statuary Declaration by A Director or Promoter Before Employment
- Declaration of Compliance
- Company title’s approval letter from SSM (one copy).
- Identity card of all directors and company secretaries (one copy each).
There are certain grants available by the Malaysian government, and not many people are aware of this. These business grants help small entrepreneurs to grow their businesses.
Like every other country’s jurisdictions, Malaysia also has an elaborate taxation structure. The tax system of Malaysia works on current year basic, it is also done under the self-assessment. All cash that has been earned, or taken from, or settled in Malaysia is subjected to tax payment. Who is exempted from this rule? Any nonresident of Malaysia, who has derived his income from (sources) outside of Malaysia and received the payment in Malaysia is exempted from the tax deduction.
To cap it all, it fairly easy to start a business be it from home, or otherwise. There is a lot to be gained from starting translation services in Malaysia. Malaysia has a lot of offer to start-ups and hardworking entrepreneurs. If you are a foreign entrepreneur and you are seeking to start a business, small or big, you should definitely explore Malaysia, from a business perspective.