I can't advise on license issues - but as a foreigner you'll require quite a bit of paid up capital - minimum of RM500k and in most cases RM1 million just to get started. Just so you're aware of this!

Not necessarily long term - but to get any kind of work permit 500k is the minimum. Many kind of businesses require RM1 million

How are you planning on running the business if you can't work in Malaysia legally?

Social visa isn't exactly a work permit.

You wouldn't even be able to open or operate a company / bank account, let alone apply for any licenses that you need.

Well I'm sure there's some ways (there always is!) but then you're looking at trusting others with absolutely everything - unless you have trusted partners you know in Malaysia this sounds like a risky idea.

Regarding the actual business - most tourists that come to Malaysia don't rent a car, not like New Zealand or USA for example where driving holidays are very popular. Taxis etc are relatively cheap and many tourists would just rent one with a driver for a day to save hassle involved with renting a car.

Students I can't comment on though

?

If you have experience in car rental business that's what makes sense.

Why do you specifically want to do this in Malaysia? As a foreigner it's a pain in the ass with all the different requirements.

I've registered companies in some European countries, in HK and in Malaysia. Malaysia was by far the longest and most expensive out of them all. I think you need to come up with a proper plan before worrying about details which are irrelevant until you actually have a solid plan in place