Thursday 16 May 2013

Vision and Mission Statement, Why are they important?

We need vision and mission in life so that we can have a successful and meaningful life. We will live it with purpose and will not waste a day in our life. The same goes to business.

Some job interviewers will ask what you see yourself in 5 years or 10 years because they wish to find out if our vision is in line with that of the company.
To put it simply, I would say vision is what you wish to achieve or become while mission is how you are going to achieve it.

In every business plan, we must include our vision and mission statement. It may seem like nothing but my husband decided to dissolve his partnership last year largely due to differences in the vision and mission between him and his partner.
So if you are working on your business plan, don't underestimate the power of the vision and mission statement.

In previous post I mentioned that I started a limited liability partnership with my husband.

Our vision is to be preferred handbags and fashion accessories wholesaler in Sabah.

Our mission : We strive to serve our customers' needs with high quality, value added products and services at affordable prices.

For those with the same vision and mission and would like to find out more business opportunities in this field, feel free to contact us at kkjayatrading@gmail.com.

Limited Liability Partnership (LLP)

LLP is a new business vehicle in Malaysia. A very good news for all Malaysians and foreign investors who wish to form a partnership in Malaysia. It has some of the features like that of a limited company (sdn bhd) but less complicated to form. It is also a separate legal entity and has limited liability.
I have just started a new partnership with my husband and has formed an LLP recently.
However, we encountered some problems when applying our trading license in DBKK as they say LLP only  applies in West Malaysia and doesn't apply in Sabah. We have filed a complaint to SSM and the misunderstanding has been sorted out.

Steps in registering an LLP in Kota Kinabalu, Sabah:
1. Register online at www.ssm.com.my and make payment of MYR 500.
2. Print out the online notification and go to DBKK to apply for your trading license.

To protect the right of Sabahan, it seemed that one of the partner should be Sabahan. The foreign partners are required to apply for work permit before their names could appear in the trading license.

LLP is required to make annual declaration to SSM whether it is operational or not. The form can be downloaded from the website http://www.ssm.com.my/en/LLP-FormEn. The current fee is MYR 200.

It is fairly simple and easy to understand.