Malaysia’s economy is beginning to pick up along with some other Asian countries like Singapore and Dubai. With cheaper overhead and labour costs, sound government policies for global trade and business, and an overall healthy economy that encourages consumer spending, it makes practical sense to choose Malaysia either to start a new company or expand your existing one. But before you sign up for company registration in Malaysia, here are five things you’ll need to know or have.
Even humble brands that decide to stay local tend to crumble from the weight of more well-established competition and/or from the lack of a solid managerial team running it. What more if you were trying to compete internationally. Having a solid brand before you explore other markets is essential to avoid spending finite resources with minimal to no ROI. Define your brand and work towards building a lifestyle around it that consumers can understand and relate to.
A good physical location is another crucial component of creating a start-up in Malaysia. You’ll have to research several variables including rent prices in the area, foot traffic around the area, and how accessible and convenient it is to the mass market. Even with weak marketing campaigns representing your products and services, a good location will always succeed in drawing in customers.
Building a start-up in a foreign market can be rewarding, yet it’s also very expensive to manage during the initial phases of transition. Having enough capital to supplement basic business necessities including physical work spaces, permits, and employee equipment will play a huge role towards actually launching your brand in that respective market. Without enough cash to grease the wheels on your grand scheme, it will likely be another idea that didn’t work out.
Consider Virtual Work Space
The demand for virtual office spaces have been increasing rapidly since the early 21st century, and for good reason. These services help save money and time for businesses of all sizes and sorts. You can hire a Malaysian-based virtual space provider to enable your employees to collaborate with co-workers online. Having a solid virtual space infrastructure in place not only helps you save time and money, but can also attract the best talent from all around the country. Professionals today love the idea of being able to work from home either completely or partially. In addition, having a virtual address makes your brand more professional-looking and trustworthy.
Entrepreneurs should consider hiring a good lawyer before starting their business in foreign soil. Look for an expat lawyer who understand your native language and customs and who is still living and working in the country. Partnering with a lawyer who understands you culturally but at the same time has the foreign experience and knowledge to manage legal matters can make the difference between smooth business operations and penalties and lawsuits being slapped to your start-up as soon as it opens its doors to local consumers.
Prepare yourself mentally for the journey ahead. It takes guts and ample amounts of studying the market and its respective audience to actually pull off a foreign enterprise, yet the potential returns on investment make it worthwhile.