A Brief Guide on What Business to Start in Malaysia
The first step to starting any commercial or business venture is to have a concept you are enthusiastic about. Ideally, it should leverage your unique talents, but it can also be a passion project or even a philanthropic one. However, a dearth of ideas should not act as a barrier to exploring your entrepreneurial curiosity. There are quite a few viable options when considering what business to start in Malaysia.
In this brief guide, you’ll find an interesting array of information and ideas that provide food for thought. For further assistance, do get in touch with 3E Accounting Malaysia, your award-winning business solutions partner.
Why Start a Business in Malaysia?
Malaysia has many things that make it a great place to start a company or expand your business. Its strategic location, including proximity to neighbouring Singapore, positions it as one of the prominent gateways into Asia. Malaysia also has a vibrant commercial environment that blends seamlessly with its rich cultural heritage and diverse talent pool.
Entrepreneurs and investors will find a vibrant and dynamic business ecosystem that still retains its old-world charm. Innovation and cutting-edge technology are being given prominence in its national policies, governance, and infrastructure. Yet, the cost of living and doing business still remains competitive, making Malaysia a resource-friendly place for start-ups. It also has an offshore financial centre, the Labuan IBFC, which offers tax incentives and international commercial services.
Businesses to Start in Malaysia
There are many ways and reasons to start a business, but it all begins with an idea. It can be a small business, a huge enterprise, a freelance endeavour, or even a unique weekend pop-up. While sometimes inspiration strikes, there may be instances where the well runs dry.
Here are a few ideas to get the ball rolling on what business to start in Malaysia:
- Digital and Cybersecurity Consultancy
- Cultural Homestay and Tour Guide Agency
- SEO and Social Media Consultancy
- Microfinancing or Fintech Company
- Ageing Care, Orphanage, or Disabled Centres
- One-stop Wedding Planning, Boutique, and Photography Service
- Oil and Gas Industry Service or Management Consultancy
- Property Management or Home Maintenance Service
- Traditional and Cultural Arts and Crafts
- Food trucks or Speciality Pop-up Cuisines
- Franchise Business
Starting a business can be exciting but also a little bit tedious as there are loads of things to do. Once you’re firm on what business to start in Malaysia, it’s best to begin with some due diligence. Research the industry, the competition, viable locations, investors, as well as the most suitable entity for your Malaysian company.
If you’re in the market for some professional assistance, do get in touch with 3E Accounting Malaysia. Our team comes with the experience and expertise to ensure a seamless business start-up process. We offer some of the most competitive packages available with tailor-made solutions to fit every business need. Contact us today for a truly unique, comprehensive, one-stop experience to kick-start your entrepreneurial journey.