How to start these business operation without a proper funding?
There are four solutions for starting quick business in Malaysia:
- Apply For New Start Up Business Loan, amount RM50k – RM300k, 5 years tenure
- Apply Personal Loan, max amount per person is around RM100k, 7 years tenure
- Ask for mother/HQ company permission to apply business loan for their branch (Remember: must have physical office/shop)
- Buy an existing company (at least 5 years in business operating) & apply for business loan.
i) Enterprise /Sole-proprietor – No Longer Available (Impossible to back date),
ii) SDN BHD will cost around RM40k-50k (99% success rate) although it is costly however after 2-3 months can apply for business loan RM100-300k, 7-8 month then can apply around RM500k – RM3million
How to start up a small business in Malaysia
There are a myriad of small business ideas which you can adopt in Malaysia today. In fact, the economy of Malaysia is largely driven by small or start up business establishments. If you want to become successful in business, it is better to start small and then work your way up the ladder as you realize new opportunities for investment. Most of the large business enterprises that you see around you actually started as small businesses. The problem with many people seeking to start small businesses in Malaysia however is the issue of working capital. Most people do not have the right amount of money to finance their start ups. If that is the case for you, it should not be too much of an issue. Almost everyone has problems raising capital for a start-up business in the first instance. The good thing is that, in Malaysia today, there are many ways through which you can get yourself started.
Make a business loan application
If your savings are not sufficient to finance your business in the first case, you can apply for a business loan from some of the local banks or financial institutions in town. It is advisable to make this application at a bank where you are a customer and where you can get the best rates. Since you are just starting a business, high interest rates on a business loan can hurt your business prospects. Most banks in Malaysia will be willing to offer you a loan as long as your credit record is in tandem with their base requirements.
What about getting a government grant?
There are a couple of small business establishments in Malaysia which have been created from the help of government grants. Grants refer to money the government gives to people without them having to repay the amount back. The problem with grants is that they are not very reliable. The people who get them are very few and they take too long to be processed. If you can get a loan, it might be a better option in this case.