The Malaysian economy is inclined to grow in 2019 with the country`s GDP expected to reach 4.9%. This growth is supported with the leading trends of the growing number of housing units, increased imports of semiconductors along with increased imports of precious and non-ferrous metals. Industry, wholesale and retail trade, and services are the sectors that are expected to grow in 2019 at a moderate rate with a confidence indicator at +5.9%. Expectations of businesses are optimistic as the country has shown positive business conditions over the last few years and these trends are growing stronger year on year.
Thus, the allure of Malaysia is quite understandable and is felt by many. This is what which makes this nation a hotbed of business activities and centre of excellence. If you are tempted to form a company in Malaysia and want to explore your opportunities then here are some of the most profitable business opportunities in Malaysia for you to consider before you take the plunge and go for company formation in Malaysia.
Business Opportunities in Malaysia
Here is a myriad selection of business opportunities through which you can also enter the competitive, exciting and rewarding Malaysian market.
Malaysia is one of the top ten tourist destinations and tourism sector is a significant contributor to the nation`s economy. The number of tourists visiting Malaysia is increasing year on year which makes this an attractive and profitable sector. Even if you don`t have a big budget, you still can establish a small restaurant or café with a theme that caters to tourists or you can invest in a small food truck and be a part of the vibrant street food culture of Malaysia.
The number of tourists is increasing in Malaysia and there comes the need for a travel agency that can cater to the needs of the increasing number tourists and show them around the most famous locations or the most underrated and yet extremely beautiful locations in Malaysia. It can be either a small business venture or a big one depending upon your investment. It is not necessary that you have to go big like Uber. A small travelling agency would also bring in a huge return on investments.
3.Food and Beverages
As tourism grows, the number of hotels, restaurants and cafes also increase. With this, a business that supplies food and beverages to such establishments is a profitable one as eating and relishing in good food and wine never goes out of style. The capital required to start such a business is also not too hefty if you want to start small.
Malaysia has the potential to emerge as a fashion capital as the Malaysian designers are exploring their potential actively. It is not as big as some of its neighbours but the fashion industry is growing steadily in this south-east Asian nation. New designers are continuously entering the fashion industry each season with fresh designs and perspectives. If you have a creative soul and want to try your hand in the fashion industry then start now.
Malaysia has countless micro, small and medium enterprises and many of them still lack proper access to basic savings and credit services. Here, comes the need for microfinance service providers. You can start a microfinance institute if you have enough capital and if you have knowledge of banking and finance. Malaysia has become a business hub and to support business people require finances which makes microfinance business a perfect venture.
The internet has provided a plethora of opportunities for people to start a business online and connect with customers without the use of middlemen. You can offer cloud software service to businesses, start an e-commerce website, create a digital payments platform, design websites, become a professional blogger or do affiliate marketing. You can make a lot of profit simply by sitting behind a desktop in the comfort of your home.
There are a lot of business ideas that do not require you to get up every morning and go out to work. Here is a list of home-based businesses that you might want to consider-
- Child care or elderly care
- Laundry business
- Nail Parlour and spa
- Accounting and bookkeeping
These are just a few business opportunities available in Malaysia and there are plenty more for you to pick one or maybe two to get started in the exciting and competitive world of business. Once you have decided what kind of business you want to pursue, have a good idea in your mind along with a proper laid-out business plan so that there is no room for confusion later on.
If you require help in terms of company registration in Malaysia, experts at Business Setup Worldwide can help you out with it and many more such services if you choose to opt for them. If you want to reach out to us, you may contact us any time you want as per your convenience.