Should I have a Malaysian residency to start a company in Malaysia?

I found this:

Regardless of the nationality of that person, he/she can be a director to a company as long as he/she:

is at least 18 years of age
staying in Malaysia and owns a residential address
By referring to the Companies Act 1965, Section 122 (Directors), the following is stated:

(1) Every company shall have at least two directors, who each has his principal or only place of residence within Malaysia.

So it sounds like residency is not required as long as you have a work permit and a visa to live in Malaysia.