Are you looking at Kuala Lumpur, Malaysia as your next business hub?
I bet you have all the sage reasons to do so, but before getting busy on set up plans, registration protocols, and other legal and entrepreneurial details, collect some good luck charms that will keep you on the right track in starting a business in Malaysia.
The Good Luck Mindset
Get to know Malaysia better.
Kuala Lumpur is the capital city, and is the center of economy in Malaysia where multinational companies thrive like Schlumberger, Altran, Cargill, Philips, Linde, Hitachi, Turner, Cameron and Oleon.
All of them had a single location preference in mind before they planned out offshoring opportunities for a regional headquarter in Asia Pacific:
They all wanted a central, well-connected, established and value-adding location that would enhance business and offer a springboard into the Association of Southeast Asian Nations (ASEAN) region. They all set up regional hubs in Greater Kuala Lumpur. (expatgo.com)
Having an open, free economy in Asia Pacific, Malaysia took the great chance to couple its heightening industrial capabilities with tourism.
Aside from cramming your brains with business models and strategies, refresh yourself with the blooming wonders in MY. Visit a few natural landmarks like the towering Mt. Kinabalu or the cathedral-like inner chamber Gomantong cave.
You may also want to explore in Putrajaya, the center of the federal government, but alongside offers great sights and landmarks for tourist attraction like mosques, bridges, and gardens.
The Good Luck Plan
Get to know everyone.
Malaysia has a booming population of over 30 million this 2016 and is estimated to increase to more than 32 million by 2020. The population is composed of different ethnic groups of Malay, Chinese, Indian and others. (statistics.gov.my)
Draft a business plan with strategies that are adaptable and can cater to the diverse needs, characters, norms, beliefs and interests of these people.
Although almost half of the population is Muslim, note that many multinational entrepreneurs are attracted to setup their business in Malaysia. You may consider some points. (sunrise .my)
1) Type of business
Know which type of businesses are permissible and not under the Malaysian law.
2) Feasibility of business
Costs and permits
3) Trade license
Specific license for your business type
4) Ownership of the business
Verify for the eligibility of ownership of the business
5) Visa option
Check out variable options
You might want to check out: Protect a Business from Sinking using this 5-Step Formula
The Goodluck Action
Get the greenlight on.
Malaysia has been at its best in the recent years.
It showcased good economic credit from 2014-2015 as one of the 6th most competitive in Asia and 20th in the world, outdid countries like Australia, France and South Korea; its wide manufacturing industry still ranks the highest in East Asia. (heritage.org)
Kuala Lumpur crime index recorded a 40% drop from the last 5 years, making it known now as a much safer city to live.
The education sector has taken its course. A growing number of universities from the UK and Australia have opened like Newcastle University, Southampton, Nottingham University, Curtin University of Technology, Monash University and Swinburne University, that made Malaysia a destination for transnational education. (findaphd.com)
Malaysia has more to offer than just being a highly industrialized economy in Asia or a perfect vacation destination . It offers lifelong opportunities through it’s vast potentialities in business, tourism and education.
Take on these opportunities by maybe getting a Phd in one of the best universities in Selangor, or by exploring and experiencing life’s natural wonders in Putrajaya.
And while gazing at the lofty Petronas Towers, activate your good luck charms and start a major league in Malaysia.