If you’re looking to set up a business in Asia, you might want to consider setting up Malaysia. Considered one of the best countries to start a business in Asia, there are a number of benefits that can come from choosing this unique location to base your business.
Here, we’ll look at some of the reasons why Malaysia is an ideal hub for small businesses and its best performing sectors.
Small business confidence in Malaysia is high
In 2018, it was reported that the small business sector in Malaysia was experiencing the highest levels of confidence since 2012. After surveying 3,600 international small businesses in countries including New Zealand, Malaysia, Hong Kong and Vietnam, it showed a positive shift in business confidence within Malaysia.
A year on and confidence still remains high today. The sector is booming, experiencing steady growth within each passing year. It is thought that three quarters of the small businesses in the country expected to grow throughout 2019. So, the growth potential is definitely there, more so than it is in other parts of Asia.
The benefits of setting up a business here
As well as the great potential for growth and business confidence in the country, there are a lot of other great benefits of setting up a small business in Malaysia. These include:
- It is a politically stable country
- Excellent connectivity
- Low corporate tax
- Large potential market
The fact Malaysia is a peaceful, politically stable country is great for businesses. You only have to take a look at the effect Brexit is having on the UK’s small business sector to see how important a politically stable country is to businesses.
The country also has excellent connectivity. This is essential in business today and it ensures you have access to the latest technologies. You’ll also find the corporate tax levels are lower than many other parts of the world. However, there’s no denying that corporate tax can be complex when you’re relocating a business. So, if you want to ensure you gain the low corporate tax benefits, it’s a good idea to seek advice from experts such as RSM.
Finally, the population in Malaysia and its access to other Asia markets, means you’ll benefit from a large potential customer base.
Which sectors should you consider?
If the benefits of setting up a business in Malaysia have tempted you, it’s time to think about the type of business to set up here. Like all countries, there are some sectors which perform better than others, so it’s worth researching the most successful sectors right now. These include food businesses, E-Commerce and freelance services.
As you can see, there are a lot of benefits of starting a small business in Malaysia. The above are just some of the reasons more businesses are relocating to the country, alongside the most popular sectors to work in. Before relocating your business abroad, it’s crucial to do as much research as possible. You’ll need to understand the legalities for example if you don’t want to see your business shut down before it’s even begun.