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Due to the job cuts and corporate restructuring in many companies throughout Malaysia, it has become an alternative career option for many to look at freelancing work overseas.
Rather than make concessions for a full-time job, highly trained workers are taking advantage of their corporate knowledge and providing their services to clients around the globe. However, the transition isn’t quite that simple; opening an account on a freelance marketplace isn’t enough to make a successful transition.
Position Your Skills for Global Clients
Your experience at work is worth something, when you can put it into a package. Find measurable results, specialized skills, and niche services which companies will hire out.
It can also be beneficial to offer prices that are competitive, when ensuring that you’re competing for this overseas business. That which seems an affordable rate to businesses in the USA, Europe or Singapore can make a lot of money in Malaysian Ringgit.
Take Advantage of Government Support
Malaysia has several initiatives aimed at enabling professionals to get on the digital workforce.
Malaysia Digital Economy Corporation manages the Global Online Workforce programme which offers training on freelancing platforms, getting clients on board, digital payments and international contract management. These resources can quickly bring up to speed new-to-the-freelance scene recruits.
Meanwhile, a more active MYFutureJobs profile will enable you to receive government-funded employment opportunities that are available in your local area as contracts and corporate projects as freelance workers.
Build a Strong Financial Foundation
Self-employed individuals are also in charge of their own financial matters and worker benefits. Self-employed individuals can voluntarily contribute to EPF through i-Saraan that supports tax benefits from the Government to self-employed individuals.
This registration also provides valuable coverage from risks of injury, disabilities and other unexpected occurrences in the work place, under the Self-Employment Social Security Scheme of SOCSO.
Organise Your Taxes Properly
It’s vital for you to keep business money and personal money separate. It is easier to keep track of income when it’s in a separate business bank account. Throughout the year freelancers need to keep good accounts and records on their expenses and payments on hand.
Business income is traditionally reported on Form B when taxes are filed with the Inland Revenue Board, and in such cases, the business owner may deduct expenses which can include expenses for the Internet, office equipment, home office and the like.
Create a Professional Online Presence
A modern CV is more effective and effective than a conventional CV. Create completed projects, put up measurable business results, show testimonials, and case studies on platforms like Notion, Card or your own website. Clients can see your potential capabilities quickly and in your portfolio, they can improve their chances of getting awarded more lucrative contracts.
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Develop a 30-Day Transition Plan
Carrying out the transition to freelance work in many situations can be a much less stressful process if the appropriate measures are taken. Firstly, create an emergency fund that includes the amount of money needed for at least three to six months of living.
Over the next few weeks, fill your online portfolio, consolidate international payment methods (Wise or Payoneer) and spend time on a daily basis pitching prospects. Getting one single client on a long-term contract can give you a financial backbone as you develop a clientele base of freelance.
FAQs
Is it possible for Malaysian professionals to make money from abroad by freelancing?
Yes. A large number of freelance workers in Malaysia have clients from around the world such as the United States, Europe, Australia and Singapore, transacting on international payment platforms and freelance marketplaces.
What is the MDEC GLOW programme?
MDEC Global Online Workforce (GLOW) aims to offer training and guidance to help skilled Malaysians learn how to achieve success as an online remote freelancer for international clients.
Would freelancers continue to make their contributions to EPF?
Yes. For those who are self-employed they can contribute to EPF i-Saraan voluntarily to build their retirement corpus while retaining the benefits of EPF.
