Business Evolution – Set Up an Entertainment Business in Malaysia
Flex your entrepreneurial muscles and set up an entertainment business in Malaysia. 3E Accounting shows you how to get it done expertly.
Worldwide, the Media and Entertainment (M&E) industry has experienced challenges as a result of the global pandemic. As countries adapt to the new norm, innovation is leading the change. Malaysia’s M&E sector is still in its infancy compared to other countries. As such, this emerging market sector holds great promise for those looking to set up an entertainment business in Malaysia.
A Nascent Industry
Malaysia’s M&E industry is considered a progressive one. In 2019, the sector’s Compound Annual Growth Rate (CAGR) was a robust 6.1%. The face of the industry is changing due to the rise of e-commerce, rapid technological change and fluid consumer trends. However, there is still a balance in consumer preference between digital and traditional media in Malaysia. The sector itself is made up of very wide subsectors which include:
- Internet Access & Advertising
- Television, Film & Radio
- Music & Gaming
- Out-of-home Advertising
- Print Media & Digital Media
To set up an entertainment business in Malaysia, you will need to incorporate your company. The Company Commission of Malaysia (CCM) or Suruhanjaya Syarikat Malaysia (SSM) facilitates easy company incorporation with its online application.
Your company can be registered as a:
- Sole Proprietorship
- Partnership or Limited Liability Partnership (LLP)
- Private or Public Limited Company (Sdn. Bhd. Or Berhad)
- Companies limited by guarantee
The Sdn. Bhd. or Berhad is usually the business entity of choice. As it has separate legal entity status, shareholders will have more protection as they have limited liability. All companies in Malaysia are required to have at least one Malaysian resident director. However, 100% of foreign capital investment is allowed by the government in most industries.
Your entertainment business must have a Malaysian address as well as a corporate bank account. Registration is also needed with the Malaysian International Chamber of Commerce and Industry (MICCI).
After incorporation, you will need to register with the Inland Revenue Board of Malaysia (LHDN). Tax registrations will include Income Tax, Withholding Tax, GST, Real Property Gains Tax, etc. It is advisable to invest in some business insurance to ensure that you are covered for any liability issues that may arise.
It is also paramount to apply for requisite licenses, permits and approvals from the Federal Government and State authorities. The type of permissions required will vary according to industry, business activity and location of operation. Some of the more basic licenses include the following:
- Entertainment specific license
- Entertainment premises license
- Business license
- Signboard license
A Total Package
Engaging professional services such as those offered by 3E Accounting is a critical factor to success. While it may be relatively easy to set up an entertainment business in Malaysia, the professional touch does make a difference. The specialists at 3E Accounting, with their proven industry expertise, can save you valuable time and resources.
Contact 3E Accounting today for all the assistance you will ever need to set up your business successfully.