Expanding a Business in Malaysia
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Malaysia Entering the Market
Malaysian Petronas Towers used to be the world's tallest building. People don't tend to build the world's tallest building unless they want to make a statement. With the country on target to obtain the official status of developed by 2020, Malaysia's ambitions are high. The country is a mixture of modernity and tradition and did not exist as a unified state until 1963. One of the more stable Asian states, Malaysia enjoys low crime rates and a highly skilled workforce. With the tropical paradise of the island of Langkawi, the famous orangutans of Borneo and the skyscrapers of Kuala Lumpur, Malaysia is a country that matches the lofty aspirations of its people.
Why Expand to Malaysia
With close historic ties to the UK, Malaysia enjoys a strong trading relationship with Britain. Malaysia's pioneering Multimedia Super Corridor (MSC) is a telling example of the country's commitment to foreign investors. The MSC is a government initiative for using Malaysia's state of the art communications network to create a favourable environment for multimedia companies setting up a business in Malaysia to develop organically. The Malaysian's adeptness for management and the highly skilled and flexible workforce have seen staggering economic growth over the last half-century. Where other South East Asian economies have faltered, Malaysia has maintained steady growth, even during the global economic crisis. Licensing or incorporating a business in Malaysia are also potentially profitable options.
Main Industries and growth opportunities
Healthcare - Malaysia is facing the challenge of an aging population. As a consequence, the government is looking to restructure its healthcare structure to cope with the extra demand. This includes a variety of projects, including the building of eight new hospitals and RM10.38 investment in disease prevention.
Oil and Gas - Malaysia has the worlds 14th largest natural gas reserves and the 23rd largest oil reserves in the world. The oil and gas industry in Malaysia is looking to sustain its competitiveness, through penetrating new markets, improved skills and technologies. The oil companies will invest heavily over the next 5-10 years as they look to develop discoveries of supplies from deeper waters
Education and Training - With Malaysia hoping to meet the criteria allowing it to officially become a developed country by 2020, education and training are high on the agenda. With its colonial past, Malaysia still has strong links to UK education and its government is investing heavily, with the provision of two new Universities in the countrys Ninth Malaysian Plan.
ITC Information and Communication Technology - With Kuala Lumpas Multimedia Super Corridor having already attracted top international companies, including BMW, IBM and Nokia as a base for their regional operations, Malaysia continues to invest in the field. Offering advanced infrastructures, a well-educated multilingual workforce and a cost-effective and safe environment.
Construction - As part of the Ninth Malaysian Plan economic stimulus, the government is investing heavily in construction, with a RM1billion extension of Kota Kinabalu airport, a RM3.5billion upgrade of rural roads and a monorail for Penang island among the planned projects.
Agriculture - Malaysias government is keen to reduce the flow of food imports. It is encouraging and incentivizing activity in agriculture, in areas such as horticulture and the cultivation of crops and animals, with RM4.4billion set aside for modernization.
Environment and Water - With problems in areas such as municipal waste and air pollution the government is keen to invest in solutions. Investment opportunities also exist around Non-revenue water (water wastage before reaching the consumer) and water quality issues.
Aerospace - The government has recognized the growing trend among aerospace companies for investing in the cost effective Asian labour markets. As a consequence, incentives for training and manufacturing are in place for foreign investors.
Challenges facing new businesses
There are some significant cultural differences in Malaysia. For example, Fatalism is a philosophical perspective, where failures, opportunities and misfortune are perceived as the will of God. This sort of perspective can sometimes cross over into Malaysian business, with people making sometimes baffling emotional and subjective decisions, in contrast to the Western model of rationalism. However, with an open, liberal and multinational economy, Malaysia is a safe place to conduct business.
Organisations that can assist with Entering the Market
Need to register a company or setting up a company?
Do you need advice from an expert in your field, on the ground? Need help finding the best route to market for your product or service?
When expanding your business to Malaysia, donít forget to protect your brand. We provide Trademark Registration Services in Malaysia and in all Asian countries
Simplified Global Payroll Managing payroll across multiple countries is complicated Ė with unique requirements, systems, and deadlines in each country, it can be difficult to ensure compliance. Using manual processes or spreadsheets to manage payroll can lead to errors, data security issues, and penalties. Blue Marble solves your challenges with secure, cloud-based global payroll technology, aggregated monthly reporting, and in-country experts in 100+ countries.