Wondering How to Set Up an Arts or Music Business in Malaysia? 3E Accounting Gives You a Quick Run-through of Essential Facts
If you’re looking for a great business idea, do consider the arts or music business in Malaysia. You may be an artist or artiste (with an ‘e’) looking at branding your talent. You may want to boost revenue by capitalising on established art and music brands. You may even love arts and music so much that you want to teach and spread the good vibes.
Whatever your reason for doing so, arts and music is a stable industry in Malaysia and a brilliant business idea. It will allow you to generate continuous revenue as well as build a legacy. Copyright and ownership will always remain or be licensed with the business and this, in turn, creates sustainable income streams.
Entrepreneurs of Art and Music
It is relatively easy to start an art or music business in Malaysia, which has an active and bustling commercial environment. However, it is always prudent to arm yourself with knowledge before doing anything.
A great place to start sourcing for knowledge is the local government website – MyGovernment has links from starting a business to license application. Do check out the Company Commission of Malaysia (CCM). Also known as Suruhanjaya Syarikat Malaysia (SSM), its website offers guidance on company registration and application.
Some of the companies that can be incorporated in Malaysia include:
- Sole Proprietorships, Partnerships or Limited Liability Partnership (LLP)
- Private Limited Company or Public Limited Company (Sdn. Bhd. Or Berhad)
- Companies limited by guarantee
Market research, location survey, a business plan with financial projections and sourcing for resources all need to be done beforehand. You will also need to consider financial statements and accounting – it will help to know about the laws and policies in order for taxation purposes. The Inland Revenue Board of Malaysia or Lembaga Hasil Dalam Negeri (LHDN) website has some useful guidelines to follow.
It is always advisable to engage companies like 3E Accounting to help you make enquiries or start the whole process. This allows you to concentrate on fine-tuning your business while the professionals do the running around.
Finessing Your Business
Once your company is up and running, you might want to consider keeping costs low. One way of doing this is with effective licensing plans. Moving up the value chain is easier when you are licensed to use popular arts and music brands. Such brands already have a devoted consumer base, making it easier for your business to get the exposure it needs. A good track record, along with the necessary financial figures should speed things along in getting the appropriate licensing.
From how to set up art or music business in Malaysia to actually running it successfully is very achievable. 3E Accounting offers customised and comprehensive business solutions to fit all your needs. Our impeccable track record ensures that your business will get outstanding end-to-end results for your business.
Contact 3E Accounting today to explore the best business possibilities.