A lot has changed in the world since the outbreak of COVID-19. Businesses have had to adapt to a new reality, and entrepreneurs are facing unique challenges when it comes to starting a business in Malaysia post-pandemic. In this blog post, we’ll explore some of the key considerations for entrepreneurs looking to start a business in Malaysia post Covid-19. We’ll cover topics like the current economic climate, changes in consumer behavior, and how to navigate the new landscape. So if you’re thinking about starting a business in Malaysia post-pandemic, read on for some valuable insights.
The current state of the economy in Malaysia
Malaysia’s economy has seen steady recovery over the past several years, thanks to the country’s diversification of its economy into new industries. In 2019, Malaysia achieved growth of 4.3% driven by strong domestic demand, solid investment, robust growth in the country’s export sector as well as public investments. Malaysia is also positioning itself to become an innovation and digital hub in Southeast Asia and with its strong commitment to creating a conducive environment for innovation and technology advancement. Overall, the outlook for the economy remains bright. The government’s ongoing efforts to promote policymakers that enhance productivity, provide fiscal support, create jobs and strengthen financial inclusion are expected to further contribute towards long-term economic sustainability ahead.
Why now is a good time to start a business in Malaysia
Malaysia offers unprecedented business opportunities to companies considering investing in their development. The country’s strengthening economic growth, influx of foreign investments, and stable political conditions are some of the advantages that make now an opportune time for entrepreneurs to begin businesses in Malaysia. Furthermore, the Malaysian government also actively supports new business with a range of incentives designed to help foster positive economic conditions and encourage entrepreneurship. With its various aspects such as competitive labor rates and readily available high-level education, this Southeast Asian country is an ideal place for visionaries aiming to establish successful sustainable businesses. As Malaysia continues to strive towards becoming a developed nation by 2020, this provides invaluable access to the ever-growing ASEAN market for any kind of small or large business ventures.
What kind of businesses are doing well in Malaysia right now
Currently, businesses in Malaysia that are thriving can be seen across a range of industries. These include technology and ICT, biotechnology, electrical & electronics, finance and insurance, healthcare, oil & gas, hospitality and the creative arts. Furthermore, with the government’s push towards digitalisation of Malaysia’s economy in 2021 driven through initiatives such as MyDigital and the National Economic Recovery Plan (PENJANA), e-commerce based startups have experienced a growth in interest with venture capital investments made across the marketplace. This surge in digitalised business environments has presented new opportunities for entrepreneurs to reach out to global markets and create linkages within the local scenes. As such, it is apparent that Malaysia is well-positioned to capitalize on current trends both at home and abroad for many years to come.
How to get started on starting your own business in Malaysia
The process of starting a business in Malaysia is relatively simple and straightforward. However, it is important to understand the necessary statutory requirements and to create a comprehensive yet feasible plan for success. From choosing the appropriate type of business entity to registering with the Companies Commission of Malaysia, understanding tax implications and other regulatory compliance actions, it pays to invest in professional advice to ensure everything is executed efficiently and properly. With your business plan in place, you can then start focusing on developing the products or services that will effectively cater to potential customers and actualise your business vision.
Niresh Kaur is a content development manager who writes for WeCorporate. She mainly writes legal articles, as well as analytical content that serves entrepreneurs with insights on the business scene in the APAC region.
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