Alright, imagine this: you’ve fallen in love with Sarawak, that beautiful corner of Malaysia, and you’re thinking, “Wouldn’t it be great to do more than just live here? Maybe even start something interesting with the locals?” If you’re over 50 and have your S-MM2H pass, guess what? That dream might just be within reach! You can actually explore the possibility of teaming up with Sarawakians to kick off a business venture. It’s like adding another exciting chapter to your Sarawak story.
Step-by-step guide to get you started.
So, how do you go from just thinking about it to actually making it happen? Let’s break it down into a few easy steps, like planning an adventure:
- First, Know Your Playground: Not every type of business is open for this kind of partnership. Think of it like needing to know which trails are open for hiking. You’ll need to find out which business sectors the government has given the thumbs up to for S-MM2H folks wanting to join forces with locals. The Immigration Labour Monitoring Unit (ILMU), through the Ministry of Tourism, Creative Industry and Performing Arts (MTCP), usually has this list. So, your first mission is to do a little digging or reach out to the MTCP to see what’s currently on the “approved” list.
- Find Your Partner: You can’t do this alone; you’ll need a local Sarawakian who’s ready to jump into business with you.1 Think of them as your experienced guide in this new territory.
- Map Out Your Adventure Together: Once you’ve found your partner, it’s time to talk details. What kind of business are you thinking of? What will each of you bring to the table? How will things be divided? Remember, as an S-MM2H participant, you’ll be a “Minority partner”.
- Know Your Share of the Treasure: When it comes to owning the business, your share needs to be at least 49% of the total investment.
- Gather Enough Gold for the Journey: Every good adventure needs some resources. In this case, your joint business will need to have a minimum total investment of RM250,000.
- Write Your Story (the Business Plan): It’s a good idea to put together a solid plan for your business. What’s it all about? What are your goals? Who are you hoping to reach? This business plan will likely be an important part of your application.
- Time to Ask for Permission (Apply to MTCP): Once you’ve got your plan and partner sorted, you’ll need to officially ask the Ministry of Tourism, Creative Industry and Performing Arts (MTCP) for their approval to get involved in this joint venture under your S-MM2H pass. This application will include all your information, details about your partner, your business plan, and proof of your investment.
- Wait for the Green Light from ILMU: The MTCP will take a look at your application and will probably pass it on to the Immigration Labour Monitoring Unit (ILMU) to give it their final stamp of approval.
- Make it Official (Register Your Business): Once you get the thumbs up, you and your partner will need to register your business in Sarawak following all the local rules and regulations.
- Keep Your Own House in Order (Maintain Your S-MM2H Status): Throughout all of this, and even after your business is up and running, don’t forget that you still need to follow all the rules of your S-MM2H pass, like spending a certain number of days in Sarawak each year.
Starting a business is always an adventure, and doing it in a new place with local partners can be even more exciting! Just remember that things can sometimes change, so the best way to stay on the right track is to connect directly with the Ministry of Tourism, Creative Industry and Performing Arts (MTCP) in Sarawak. They’ll be your best source for the most current and detailed guidance as you embark on this entrepreneurial journey. Good luck with your Sarawak business story!
