sajjap

Hello

I have just joined this forum and think it’s great!

Ok, I am 46 years old and currently living in Spain, for quite some time now I have been thinking about moving to either Malaysia or Thailand. I’m not yet of retirement age and neither am I thinking about taking early retirement.

So, I’d like to know what the process is for buying a business in Malaysia and also where you would recommend in terms of areas. I was in KL twice last year and in Phuket and really liked the places and would love to work and live there. What are your negative experiences? I’m sure that everything can’t be rosy. Having lived in Spain for the last 9 years I’ve become accustomed to the level of bureaucracy in comparison to The UK.

I have no idea what the processes are and what the costs would be etc. Please don’t respond with “look on the forum” or “the question has already been answered”.
I have had a look at Mudah and other websites and there seem to be quite a few decently priced bars and cafes etc
Thank you for your anticipated help.

Saj

SushiFan

Although it is possible to get a visa which enables you to invest in a company and run it, there are several restrictions. Malaysia wants to maintain a labour market for its own population, and has therefore restricted what foreigners are allowed to do.
The below are not government websites, but they do give you a first impression of what is and isn't possible:
About the type of visa: The types of Malaysia Work Permit for Foreigners - Which one for you?
Business restrictions: The type of Businesses Not Permitted For Foreigners in Malaysia and Types of Industries in Malaysia Foreigners not permitted
Restaurants and bars also appear on his list and therefore are off limits for foreigners.

sajjap

Thanks Sushifan

There seems to be a lot that is not permitted for foreigners, What is permitted? Are there any foreigners who are running businesses and if so what?

Perhaps it would be easier if someone would put up a list of what is permitted!

Also, I have seen something about "paid up capital", does that mean that you need to pay whatever the business costs to buy and then have approx 500,000 Ringits sitting around in the bank?

What about visas etc?

Thanks again

Saj

SushiFan

Saj,
you are correct in that Malaysia wishes to protect their business environment for the local population. I don't know foreigners who own their business in Malaysia, so I can't answer your questions. Most foreigners I know around here are either retired people (on MM2H visa) or working expats who are here on a temporary working assignment (usually 3 years or so).

Gunnar45

I guess it may be easier with a partnership arrangement, a little like it is in the Gulf states where in general a foreigner is only allowed to hold 49% of a company.

JustAnotherFerringhi

AFAIK you can run any kind of Labuan company and get a renewable work permit which will let you stay 2 years at a time - although your company will need a minimum capital of RM 250,000.

owned

Yes, but you can only make money from overseas, not from Malaysia with a company based in Labuan.

You will also need to show you have accommodation and an office there.

The good thing is that it only needs one director who can also be the company owner.

The start-up capitol of 50,000 USD only needs to be in a bank for a short period of time.

columbine

Ive seen foreigners owning and running businesses in Penang, usually eateries or Cafes eg a few Korean BBQs , the one over at Vantage and one next to Petronas gas station, both in Tanjung Tokong kind of family business, a Korean cafe across from Paradise Hotel. My visitor was interested in some foldable wood stools, dropped by the gift shop in this hotel a few years ago, owned by an Indian couple (she said she's mm2h), but not sure if they are still operating this gift shop now. I guess mainly small owner run businesses.
Down in Nilai 3 in Negri Sembilan that has lots of wholesales curtain shops owned by Pakistanis.
I think you have to be here to go take a look and ask those foreign owners.

Stuck in Auckland

Looking to so some export of Malaysian product to Australia and NZ. Don't think I would need to set up a operating company in Malaysia for this?

Surely I can lease a warehouse under my own name and as paying cash for the product not looking at securing line of credit with supplier.

Any one see any problems with that?

My company based in Australia and New Zealand would settle with me through my Singaporean company.

stepen

Could your Singapore company rent the warehouse?

Stuck in Auckland

Yes that might be possible dependent on the constitution