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Beginner’s Guide on Starting a Publishing Business in Malaysia
If you’re thinking about starting a publishing business in Malaysia, then this guide is definitely something you want to read. Malaysia is experiencing a massive demand for digital materials, especially in recent times. The literacy rate is increasing, and so is people’s demand for learning materials. With 3E Accounting’s help throughout the Malaysia company incorporation process, you are taking the first steps to set your business up for great success.
Why should you establish a proper publishing company if you do want to venture into the printing and publications industry? Well, because an established company will enable you to assure your customers that your brand is independent, reliable and trustworthy. Setting up a publishing business in Malaysia can be more challenging than you might expect, especially for a foreigner who is unfamiliar with the local landscape in Malaysia. But not to worry, this is why we are here to help.
What Is a Publishing Business?
In a nutshell, a publishing business is a type of business that focuses on creating and distributing copies of written work. These types of companies produce anything from cookbooks, fiction, non-fiction, children’s books and even magazines. When you run a large publishing business, you will be publishing books by the thousands annually. Smaller publishing companies focus on producing a smaller selection of content.
However, a publishing company has a lot more to do than simply print and publish content. They handle the entire publication process too. Not only do some companies print, sell, and distribute the books for the clients, they also work on editing manuscripts, promoting and marketing for the client, sending out press releases, selecting up and coming authors and manuscripts, and so much more.
When it comes to publication, be it audio, online or printed, you will have to abide by the rules and regulations set by the Ministry of Communication and Multimedia and the Ministry of Home Affairs. Any offences that you might generate, should the Home Affairs Minister consider them to be punishable, you shall be spending up to three years and a fine of considerable amount.
The Business Registration Process
Company registration in Malaysia is a straightforward process. Once you have gathered your documents and decided on your business structure, the next step is to submit an application to the Companies Commission of Malaysia. The commission is known locally as Suruhanjaya Syarikat Malaysia (SSM). Your publishing business will not be recognised as a legal entity without registering with SSM.
As part of the company incorporation process, every company must have a minimum of two directors who must be at least 18 years or older and residing in Malaysia. These individuals must not have been bankrupt in the past. You will need one local director and one local shareholder on your team for the business registration process. Depending on your business structure, you may also require a Company Secretary.
It is compulsory for companies in Malaysia to have a registered office address. The address would need to be a commercial address and not just a PO Box number. 3E Accounting can help you gather your documents and submit an application to the SSM.
The Licenses and Permits You Need
Yes, you will need a license before starting a publishing business in Malaysia. Per the Printing Presses and Publication Act (1984), all printing presses require a license granted by the Home Affairs Minister. Furthermore, you need to renew it every year. Before you set up a publishing business in Malaysia, you will have to monitor and track your publication.
A publishing company in Malaysia will require the issuance of a publication license, which is a special permit necessary for companies in the publishing field. These five stages are:
- Licensing of Printing Presses,
- Permit to Publish Newspaper
- Control of Undesirable Publications
When approached and executed well, the five stages will be a safety net for any publishing business in Malaysia. It is very important that you secure the necessary licenses you need before commencing operations. If you need assistance with this step, 3E Accounting can handle it as part of our corporate service provider services. If your business is not complying with the rules and regulations, you can be sentenced to up to three years in jail and a fine of up to RM20,000.
Ready to Start A Publishing Business? Ask Us How We Can Help
Starting a new business anywhere is always an exciting yet daunting idea. You love the idea of expanding abroad and broadening your horizons. Now, all you need to do is find the right team of people to help make it happen. At 3E Accounting, we are your right team of people.
With years of industry insight and experience, your business couldn’t be in better hands. Our experienced team of professionals are ready to launch you on a strong footing. Let us help you handle all the nitty-gritty so you can focus on running your business and seeing it thrive. For more information about our company incorporation services, contact us today.