One of the most progressive Muslim countries in the world, Malaysia is the third largest economy in South East Asia. It is an important player in the region’s manufacturing landscape, being a key exporter of not just manufactured goods, but also raw materials. Private investment is also highly encouraged by the positive business environment in Malaysia.
Benefits of setting up an office in Malaysia
- Supportive government
The Malaysian government is a highly supportive of foreign investment, and of foreign businesses setting up shop in Malaysia. There are numerous benefits and incentives given to encourage the growth of such foreign investment and business, which would be highly beneficial to anyone who wants to set up an office in Malaysia.
- Constantly improving infrastructure
Malaysia already has one of the more established infrastructure systems in South East Asia, and it is continuously improving on it to make it better. This would allow businesses to operate faster, better and more efficiently.
- Gateway to the Islamic market in South-East Asia
South-East Asia is home to one of the biggest Muslim communities outside of the Middle East, and it might be hard for foreign businesses to break into the market. By entering Malaysia, businesses would be able to reach out to the South-East Asian islamic market , especially islamic finance , more easily, and take advantage of how open and receptive the government and communities are to new ideas and products.
Factors to consider when setting up an office in Malaysia
The main mode of public transport in Malaysia are public buses. However, most people own their personal transportation such as cars and motorcycles, which might be a more effective way to commute due to the ease it confers. Personal transport in Malaysia is also relatively cheap making it a viable choice.
Located at the southern tip of Malaysia, Johor Bahru is a hub of economic activity, being the main industrial and commercial centre in Johor. It has a very close economic relationship with Singapore, which is just across the causeway. Johor is hailed as Malaysia’s top investment destination for businesses in the manufacturing sector, bringing in RM27 billion in investments in the first half of 2015.
Kuala Lumpur, the vibrant capital of Malaysia, is a heady and exciting mix of commercial and creative industries. It is also an attractive international destination for foreign investment, being usually the place where new innovations and ideas take root and begin to spread throughout Malaysia.
KLCC is considered to be Kuala Lumpur’s central business district – home to the iconic Petronas Twin Towers and the Multimedia Super Corridor (MSC Malaysia), a 750km2 corridor which transformed KL into thriving Information Communications Technology (ICT) hub that hosts over 360 multinational and local companies.
The recent plans to construct three new high-rise buildings near the Twin Towers further accentuates KLCC’s standing as a premium business hub within Malaysia.
Penang is a highly diverse city with combination of many different communities. It relies heavily on manufacturing mainly technology based products, to the point that Penang has been given the nickname Silicon Island. Penang was ranked the 3rd in the rankings for states with the most direct foreign investment in Malaysia in 2014 and have since overtook Sarawak in 2nd place in the first quarter of 2015.
Currently, the cost of office spaces in Malaysia are likely to remain stagnant, especially in Kuala Lumpur. This is due to the large amount of office space that is currently available, making the market for office space more of tenant’s market.
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