Malaysian eCommerce is beginning to pick up, and many are wondering how they can start getting involved in online businesses.
The process of registering your business is simple and will only cost RM30. Businesses also gain benefits such as insurance coverage and microloans. Follow these 4 simple steps to get your online business started:
1. Register with MMC if required
You will only be required to register with MMC if your business is related to the telecommunications industry.
If you are uncertain and want to be safe, you may want to find out more about the MMC’s guidelines.
2. Register Your Business and Company name with CCM [restrict]
You are recommended to visit the CCM’s office in person to register. It will take up to one hour for business registration and one working day for company registration. You can also submit your applications online.
Under the Registration of Business Act, if a business is not registered, they can be fined up to RM50,000 (US$13,000) or face up to two years in jail. This extends towards online businesses.
This will be up to your taste as there is no right way to go about it. You can either create a page on your retailer’s platform, or setup your own website. If you are setting up your own website, you will want to secure a domain name.
A website requires a host so that people can view and buy your products. It is important to purchase a reliable host as you want you website to be stable and running at all hours. When choosing a web hosting service, try to estimate your storage capacity, active hours and security. This will also help you determine your budget for the service.
After this, you would need to setup your payment methods. The most common ones for Malaysians are iPay88, MOLpay or PayPal Malaysia. Once you have this set up, consider courier services for shipping.
4. Register With The Inland Revenue Board (IRB)
The final thing you need to do is register and declare your income withIRB Malaysia. Taxation for eCommerce is a topic on its own, but you can check out the guidelines here.
Actionable Takeaway:
The penalties for not registering your business and tax evasion are harsh. Ignorance is not an excuse, so reading up on the regulations is important if you wish to avoid future problems.
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