Wholesale retail trade WRT license in Malaysia
Wholesale retail trade WRT license in Malaysia is defined as to sell the product without transformation of new and used products of a retailer to industrial, commercial, institutional and professional user to a wholesaler, acting a buying agent and selling a product to companies. The foreigner who wishes to participate to wholesale and retail business in Malaysia must comply with the guidelines of foreign participation to wholesale and retail trade guidelines affected from first of November 1995. Under this guideline, all foreigners participating in wholesale and retail trade should receive permission from the approval body of wholesale and retail trade. This approval includes the opening of new branches or the relocation of existing business that run with foreign involvement. The purpose of WRT license in Malaysia is to monitor and control of the overseas participation in diverse trade business sector in Malaysia and also make sure the fair play in industry with the improvement of regional business growth. This license encourages the modernism and increases work efficiency in the trade sector. WRT license is approved by the Ministry of domestic trade and consumerism and license must be obtained before getting any license issued by local authorities for the business. If any organization willing to involve in retail, trading, import-export, distributive trade, restaurants, franchise, services, and consultancy then they must acquire this license.
What is Wholesale retail trade WRT license in Malaysia?
Wholesale retail trade is related with the work permit and after registering the company when applying for the work permit, Malaysian immigration department will require having the license those are from concerned departments according to the activities mentioned during a registration process. So, the company who are wishing to receive wholesale retail trade WRT license in Malaysia should take support from the organizations who understand more about immigration process than the registration. Nevertheless, companies can add remove the business activity from the memorandum even after they finish the registration process and they can make this change any time the needed. Companies have to make the resolution to alter the company’s memorandum and after receiving the signature from the board of directors, the resolution goes for submission to the Companies Commission of Malaysia. Submitted resolution usually updated accordingly within one week of submission and requires one to two hundred ringgit.
Generally, wholesale and retail trade is one of the most common licenses required by the foreigner who wishes to conduct business in wholesale, retail trade, and wholesale trade in Malaysia. This license allows the company with more than fifty percent foreign ownership to participate in retail, franchise, restaurants, trading, and import and export business. So during registration, if any activity is added that is related to sales, export, import, trading, manufacturing then business holder must apply for wholesale and retail trade license before applying for the work permit. The applicant must have physical office or space relevant to the company’s activity, business plan and exact to the point business activity (in another word, should have very clear to understand business activity). If the company adds other activity in the memorandum then additional licensing needs to be collected from concerned Malaysian governmental departments.
After this, obtaining wholesale retail trade WRT license in Malaysia is not difficult. The applicant must equip the premises before applying for WRT license and make ready the business plan, contact detail, brochure and lift let with product detail etc. The applicant must also prepare himself/herself for giving the presentation. The process of WRT application process is very straightforward and it’s better to apply directly at KPDNKK (ministry of domestic trade, co-operatives, and consumerism) without getting help from the agent.
However, the potential applicant for WRT (wholesale retail trade WRT license in Malaysia) should access also if he/she need to apply for the WRT license in Malaysia. Cause if with fifty percent or more share of an Sdn Bhd company is owned by any local Malaysian citizen then this company is exempted from applying WRT license in Malaysia. So if potential applicant adds any local Malaysian citizen into the company with at least fifty percent share than this company is exempted from applying WRT license. Although all companies in Malaysia must obtain the license from the local council regardless of the ownership of the company; whatever it is Malaysian or foreign and this license is not easy to obtain. This license is PBT license or also known as local council license and sometimes general public call this license to “signboard license”. Any potential applicant must receive the license from the local council body where the shop or office is located. If the operations of any company are very simple and do not require to obtain any other license then this PBT license (local council license) is enough to apply for work permit.
If the company wishes to obtain WRT license for trading, import, export then they have to get the additional license for import and export. Usually, an import-export license is very simple in Malaysia. The companies may give Clearing agent to assist them in import-export in Malaysia. There is one governmental department in Malaysia named MATRADE that’s membership is available online and assist Malaysian exporters.
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