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Things to consider in Setting Up an Arts or Music Business in Malaysia
Whatever your motivation, Malaysia’s arts and music industry is a booming one. Since you might be an artist attempting to promote your talent, it is a great business idea. You may want to start a music or art business to teach and spread good vibes.
It’s worth pointing out that it enables you to create a legacy and constantly make profits. Copyright and ownership will always remain with the business or be licensed, which in turn generates stable revenue streams.
Ways to start an arts or music business in Malaysia
In Malaysia, which has a dynamic and buzzing commercial environment, it is comparatively simple to start an art or music business. The local government website Mygovernment, which contains guidelines for business registration, license applications and business renewal, is a great place to start your exploration.
Checking out the official website of the Company Commission of Malaysia (CCM), which is commonly known to as the Suruhanjaya Syarikat Malaysia (SSM), is highly recommended since it provides directions on how to register a company and submit an application.
Businesses that can be formed in Malaysia include:
- Sole Proprietorships, Partnerships or Limited Liability Partnership (LLP)
- Private Limited Company or Public Limited Company (Sdn. Bhd. Or Berhad)
- Companies limited by guarantee
The following are things you need to do in preparation:
- Do market research
- Conduct a site study
- Source resources
- Create a business plan with financial estimates
- Consider financial statements and accounting
On the website of the Inland Revenue Board of Malaysia, also known as the Lumbago Hasil Dalam Negeri (LHDN), there are some helpful instructions to follow.
License your Art
In order to protect your artwork, licensing is necessary. No manufacturer will agree to a deal with you unless they are certain that the associated work is protected by copyright registration. Copyright protections are applied immediately to any work you produce without the requirement for registration or application. However, you might need to apply for further copyright registrations to defend your copyright in a court of law.
Licensing allows you to generate money from your artworks without giving up that copyright or losing control of how other people use your work. There is no one-size-fits-all license arrangement. Some of the common methods for artists to find artwork licensing deals are:
- A company approaches you and offers you a deal; or
- You get an agent who represents you and your work and gets you deals; or
- You approach companies and offer your artwork for licensing
Needed License for Music business
One of the most profitable tools in the expanding music industry is music licensing. Different business operations call for various licenses and regulatory bodies in order to function, the music industry being no exception. The following are the six most common types of music licenses:
- Synchronization License (Sync License): required when music will be used in conjunction with visual material including commercials, studio films, streaming advertisements etc.
- Mechanical License: needed for any physical reproduction of an artist’s work
- Master License: Similar to sync license but less expansive, it only allows the user to utilize a pre-recorded version of a song in a visual or audio creation
- Public Performance License: it applies generally to any broadcast of an artist’s work
- Print Rights License: refers to the physical copy of the sheet music that an artist has created
- Theatrical License: required when a copyrighted work is presented live on stage in front of an audience
Starting a business may seem daunting because it takes a lot of time, effort, and resources to thoroughly research everything, complete all the formalities and handle paperwork. Therefore, you can consider reaching out to Boss Boleh for consultation and have a discussion with us before starting your business. Contact us now via WhatsApp @018-767 8055
Want to know more about starting a Sdn Bhd? What’s the best way to start one, and what should you be mindful of? Register and find out in our upcoming webinar!
