Register a Business in Malaysia: 10 Business Opportunities
Malaysia has for years been a leading tourist destination. The Asian country has grown in many ways, one of the most notable being economically. Malaysia has however been put on the world map for something far greater; its flexibility and ease in allowing foreign investment in the country. You do not have to be a local to have a local business in Malaysia. In fact, currently, a lot of high-ranking business in Malaysia are owned and run by foreigners.
The decision to start a business in Malaysia would therefore be a very prime and lucrative one. However, in a country that has seen great business dominance in almost all fields, the choice of business to set up could be a very difficult one. Rest assured that in any field that you decide to venture, you will no doubt encounter stiff competition. As such, before making the critical decision on the type of business to set up, you need to first, make some vital considerations.
Factors to consider
Top 10 Business opportunities in Malaysia
This list of 10 business opportunities in Malaysia is not a cut throat blueprint of the businesses you could start in Malaysia. As a matter of fact, you can start just about any business in Malaysia and see it grow tremendously and very profitably. The following list is therefore just a number of the easiest and most lucrative prospects when you want to start your business in Malaysia.
1. Tours and Travel Agencies
Malaysia is not only Asia’s, but also among the world’s largest tourism destinations. The most visited by Muslims, the country has a lot to offer in terms of tourism and the businesses that could arise as a result. It comes as no surprise that one of Malaysia’s largest business prospects would be something to do with tourism. A tours and travel agency would no doubt target the ever growing tourism market and tap into this great resource that drives the Malaysian economy.
2. Hotels and restaurants
A service that would again cater for the tourists but also the locals, a hotel and restaurant business is no doubt a lucrative venture. The business would of course have to face stiff competition in an already established and highly dominated hospitality venture, but if you have a big enough budget and a great deal on quality, then you can rest assured you can make your business a huge name in the Asian peninsula.
3. Gas retail
The general assumption, and no doubt the wrong one, is that you have to be a tycoon with billions in your account, to venture into the oil and gas business. However, with a steady demand, you can still invest in gas and oil retail. Opening a filling station should no doubt be your target and with a few months or years in the business, you can rest assured to make it a chain supply.
4. Internet businesses
The internet has become a great source of investment and investment opportunities over the years. Freelance businesses are therefore something that you should invest in especially seeing as the Malaysian economy is opening up to online firms and businesses.
5. Professional catering services
Catering services go beyond foods and beverages. They could encompass such things as image consulting and professional concierge services. When you setup a Malaysian sdn bhd company, you might want to consider professional catering as an investment.
6. Microfinance services
More and more business startups are springing up in Malaysia as more investors move in. These will no doubt require financing and a microfinance service would be a great venture to invest in.
7. Limousine and cab services
Exclusive transport is something that would cater for the tourism industry and nothing would do that better than limousine and cab services. The service of course, like many others would face stiff competition but with a high emphasis on quality, you would no doubt break even.
8. Technology services
With a technologically savvy market, the consumption of technology has created a great business opportunity. Whether as a supplier of technology or offering repair services for the same, this is a great business venture.
9. Tourism and hospitality
Tourism and hospitality businesses are profitable and assured prospects. The competition might pose a challenge but with a market that is constantly growing, this is a venture with great returns.
10. Fashion industry
The people of Malaysia are increasingly becoming fashion sensible individuals. Of particular notice in this industry is the fact that though the foreign fashion scene is very accepted, the local fashion still has greater focus and standing with the people.
Market competitiveness to consider
One of the biggest factors of considerations when deciding on the type of business to invest in, is the range of the market and the insertion of the specific business into the market. If for instance you intend to invest in the restaurant business, you need to first ask yourself how many people in the region, are going to spend on the restaurant. Then you need to ask how many restaurants are available for every market quota, say per 1,000 people. If the number is too high, you then need to consider the quality of services offered and whether or not it is a good risk to invest in the business.
Business economy to study
The economy of Malaysia on a general scale is very supportive and encouraging in terms of investment. However, for a start up, you need to consider the specific business economy. This can be checked against the actual economy to gauge whether or not you will be gaining or losing. A start up needs to gain traction fast so as to ensure that it can sustain itself. The business economy therefore has to favor that particular business to ensure that you do not keep digging into your pockets to sustain the business.
Legislation surrounding the business
The legal framework in Malaysia is very supportive of investment. However, and this is extremely important for foreign investors, you need to know the exact limits of jurisdictions on your select business. Various laws apply differently to different businesses and you need to understand each and every one of them. It is also important to know the procedure to follow as you register your company in Malaysia. The acquisition of a Malaysia business license is greatly dependent on the procedure, the type of business and whether you are a local or a foreigner.
Paul Hype Page & Co, established in 2008, a Full Practicing Member of Institute of Certified Public Accountants of Singapore (ICPAS) and also registered as a Public Accounting Firm with Accounting and Corporate Regulatory Authority (ACRA). We offer consultancy services relating to Singapore Company Incorporation, Accounting, Auditing, Taxation, Immigration and related compliance services.