How to successfully start and run Travel and Tourism Business in Malaysia
It’s a very challenging task to up and run a travel agency or travel and tourism business in Malaysia, keeping in mind the present market. Starting a business is for the passionate, if you are passionate about traveling, this business will become the best thing of your life. Also, investing in your own business is more profitable than being an investor or taking in an investor to fund your business.
Step one: Starting Travel and Tourism Business in Malaysia
Understand the market: to open any business you can’t just get up one morning and start it. An idea is just the start, you have a long way to go before initiating the whole thing. Exploring and getting to know all the aspects of the Travel and Tourism Business in Malaysia is the key to making your business the most sought out in the market. You will need to get as much knowledge as possible about air travel, rail travel, cruises, inns, hotels, motels, bed and breakfasts’, enchanted and romantic destinations, most fun destinations and what not. you will need to make packages that will suit every kind of customer, from the middle class to the elite. Searching online can be a big help, you can also search locally, meeting people, checking out libraries and such to increase your knowledge.
When you have all the basic knowledge start tracking the actual businesses and take information from them, from all aspects, i.e. client as well as owner. Nobody likes competition so, you might have to be very smart while asking your questions. It’s totally up to you whether you want to keep your business to local or you want to include international packages as well.
Step two: List down your requirements to initiate travel and tourism business in Malaysia
Once you are done being the sponge and sucking up all the information you can about the travel and tourism business in Malaysia, you can move on to the next step. i.e. making a list of your requirements. This is can get very lengthy. Things you will need to start:
- Registrations are done at the ACRA (Accounting and corporate regulatory authority) OR at the registry of societies (ROS)
- Getting the license
- License and other necessary documentation is done at the at SSM (Suruhanjaya Syarikat Malaysia).
- Select an innovative and easy to pronounce the name and get to registered, before registering check the availability of the name. Make sure the name specifies the business you plan to start.
- Registering the name of your travel and tour business in Malaysia
- If you want to start the business of travel and tourism in Malaysia then you will need to get a proper registration at SSM (Suruhanjaya Syarikat Malaysia). They have their head office in KL (Kuala Lumpur) and other offices in various states such as
- Negeri Sembilan
Devising a financial plan means that you should know where your funding will come from, as in are you going to put in your own money or are you going to get a loan. There are various grants that you can qualify for from the Malaysian government as well. In addition to that, you can also get in some investors. A downside for the investors; you will have to share the profit every time you make a closing.
The marketing plan is as important as the financial plan. Because if people don’t get to know about your packages and economical plan, how will they come to your doorstep? It’s very important to make a marketing strategy that is intriguing and at the same time very engaging.
Everything from traveling for business, buying office supplies, computers, office furniture and commuting comes under budgeting. You should also dedicate a portion of your profit to the acceleration of the business as well.
Understand the government’s rule about minimum wage and then make a wage plan for your employees such as secretaries, executives, management and such.
Every individual is required to pay proper taxes for his owned business, only a foreign investor whose money is generated and derived from aboard is exempted from tax payments. Malaysia calculates its taxation on current year basis.
Get in touch with the best available real estate agent and find a suitable premise that will ensure you, that you will get the best clients. Search out where the competition is and plant your office at the same location. At most the office should have a decent space to seat more than one client at once. The place shouldn’t look cramped. If you don’t want the hassle of an estate agent and his commission, you can also visit the real estate websites to find a most suitable location for your travel and tourism business in Malaysia. All in all, your location should be accessible and highly visible to the audience you are targeting.
- 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 the SEO and company secretaries (one copy each).
Malaysian business market has ample opportunities to grow and expand, but take heed! Before that, starting a travel and tourism business in Malaysia is very challenging because of the tough market and neck to neck competition. So, word to the wise would be to have full knowledge, explore all the aspects and have full confidence in your idea, have a passion for the business you are starting. With passion, work becomes easy and less stressful.