Few things are as exciting as launching a business. When it comes to startups, Malaysia has emerged as one of the best environments for entrepreneurs in the Pacific region. Several things make the country a great place to bring your business ideas to life, such as the country’s reduced tax rate for small-to-medium enterprises (SMEs). More is afoot here than just low tax rates. In fact, there are at least six great reasons to consider making your entrepreneurship dreams come true in Malaysia.
The Companies Act , which became law in 2016, creates a favourable environment for all businesses, including startups. What the act did was make it easier to launch a business at low cost with less paperwork, among changes helpful to businesses. Some of the new rules make the following possible:
- An individual, without others, can incorporate a business and still enjoy the benefits of limited personal liability that a corporation offers
- Lower operating costs — in the past, small corporations had to involve outside entities, including auditors at cost, to run their businesses. This is no longer the case.
- A focus on creativity and innovation — in previous years, business owners had to focus on tedious matters such as having general meetings, shareholder meetings, filing memorandums, drafting resolutions. Today, startup owners and teams can focus their energy creating products and services.
Whether you have a small team or plan to launch your startup solo, you have a supportive environment in which to live your entrepreneurship dream in Malaysia.
Malaysia isn’t the biggest country in Asia, but it has a fairly sizable population. Around 31.2 million people call the country home, and for startups, the nice thing is that nearly one-third of the population lives in urban areas. They have mobile devices and plenty of access to the internet. Most urban dwellers and many of those living in less populated areas have access to 4G . Given a potential market of millions of web-savvy consumers, well-planned tech-focused businesses have great chances of succeeding in Malaysia. Think fintech, medical research, transportation and logistics, cyber security innovations when planning your startup up. These kinds of tech businesses and others have the potential to do well.
Easy Access to Singapore
Singapore ranks high atop many of the world’s “best” lists, which is a significant benefit for Malaysian entrepreneurs. Singapore and Malaysia have bilateral, and highly lucrative, trade agreements that make it easy for businesses to set up and find customers in both countries. Having easy access to one of world’s most economically stable and wealthy countries also makes it possible to find enthusiastic investors to help your startup during the critical much phase. Numerous pitching events, startup accelerators, co-working spaces for entrepreneurs, and incubation hubs in Singapore mean that Malaysia startups can get the support they need to grow. Lastly, with access to this very friendly neighbour by road and rail, startups can scale their businesses internationally without ever getting on an airplane — unless they choose to.