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Can an expat start a small business in Malaysia?
Hi. I'm thinking about moving to your lovely country and enroll in the MM2H program. What i wanted to know is this: Can I start a small business and run by myself at first and as it grows then hire Malaysian? I know there are certain categories of jobs that are approved by the government for the expats to get involved in. Do you know what those categories are? Any help would be appreciated,
Public Comments
- They recently tweaked the rules for the Malaysia My Second Home program. You now need RM100,000 deposited in a local bank (which cannot be touched) also you are not allowed to work even on a self-employed basis. For clarification it's best if you email them direct and ask them: info@mm2h.gov.my
- Yes, you can set up a business and run it. Read through the text I copied and pasted from a link you might consider useful: http://www.mm2h.com/ Applicants under 50 are required to show liquid assets above RM500,000 and a monthly income of over RM10,000 (equivalent). Applicants over 50 have show assets over RM350,000 and monthly income of RM10,000. Applicants receiving a government pension over RM10,000 a month will be exempted from making the Fixed Deposit Acceptable assets for people over 50 include cash in the bank, bonds, securities and property. Approved applicants over 50 receiving a pension from a government in excess of RM10,000 can request exemption from making any Fixed Deposit i) Applicants aged below 50 years old: Must place a Fixed Deposit in a bank account in Malaysia of RM300,000 Can withdraw up to RM150,000 for the purchase of house, medical insurance or children’s education expenses after the deposit has been placed for one year Must maintain a minimum balance of RM150,000 from second year onwards and throughout stay in Malaysia under this programme. ii) Applicants aged 50 years and above: Must place a Fixed Deposit in a bank account in Malaysia of RM150,000 Can withdraw up to RM50,000 of the fixed deposit after one year to purchase of house, medical insurance or children’s education expenses. Must maintain a minimum balance of RM100,000 throughout their stay in Malaysia under this programme. iii) Applicants who have purchased a house (or houses) with a total value of RM1 million and above. Must show evidence of ownership and payments amounting to a minimum of RM150,000 if over 50 and RM300,000 if under 50 (i.e. the amount they would have otherwise had to place on fixed deposit) Must have been purchased within 5 years of application for MM2H visa Will have to place a Fixed Deposit in a bank account in Malaysia of RM150,000 if under 50 and RM100,000 if over 50. It should be noted that the fixed deposit does not have to be placed until after the applicant has received a letter of “conditional approval”. This letter sets out the steps that have to be completed before the visa is issued. This usually consists of placing the Fixed Deposit, having a medical examination in Malaysia and obtaining medical insurance for Malaysia. Once these steps are completed the visa can be collected from the Immigration Department in Putrajaya. Employment/Business Investment In February 2009 the government announced that MM2H visa holders 50 years old and above could work for up to 20 hours a week. This is applicable to visa holders who have specialised skills in certain approved sectors. We are advised the decision on whether to approve part time work is based on the approving committee view on whether a Malaysian could do the job. It was also announced that MM2Hers will also be permitted to set up, and invest in businesses in Malaysia. They will be subject to the same regulations as other foreign investors but will be permitted to actively participate in the running for the business. Sponsor/Assistance All applicants require a sponsor and the agent is required to do this. This service is included in their standard fee. Insurance Coverage / Medical Report Applicants and their dependants must possess a medical insurance coverage from any insurance company that is valid in Malaysia. This may be waived for older applicants who are denied coverage because of their age. All applicants and their dependants are required to have a medical examination from any private hospital or registered clinic in Malaysia. Both these conditions are met after the letter of “conditional approval” is issued. Dependents Applicants are allowed to bring along their dependants (children below 21 years of age, step children, disabled children, and parents) under their MM2H visa. Older dependent children will have to get a separate visa. Dependants attending school in Malaysia are also required to apply for a Student Pass which allows them to continue their education in schools or Institutions of Higher Learning recognised by the government. House Purchase Each participant is allowed to purchase an unlimited number of residences at a minimum of 250,000 per unit. All purchases must be approved by the state authorities and certain types of properties cannot be purchased e,g those on ‘Malay Reserve’ land
