Business ideas and plan in Malaysia
Small business ideas and plan: Various types of business ideas are applied to success the business as entrepreneurs. Entrepreneurs make plan after getting ideas how to start a business in Malaysia. Below mentioning information can work as good ideas to start a new business in Malaysia as foreign entrepreneurs.
Forecast of foreign investment opportunity
Present foreign investment capital of Malaysia is almost US$ 11,608,698,705 as data of World Bank. It’s measured as upper middle income level country of the world. FDI is increasing gradually and total number of foreign workers is not less than 2 millions. As business ideas and plan every foreign entrepreneurs should know as maximum information as possible on foreign investment rules and opportunities before starting a business in Malaysia.
Population and Geo area: You may know current population of Malaysia is around 32 127 259 and total geographically area is almost 329,847 km.
Economy: Economical data helps investors to think ideas of investment in Malaysia. Inflation rate of the country is 3.1 percent where unemployment rate is 3.2 percent (+-). Export and import are the backbone of a country. Main export partners of Malaysia are Thailand, China, Japan, United States, Indonesia, Singapore, and India and Main import partners are Korea, China, Japan and Singapore.
Tax free zone in Malaysia
Why investors prefer free zone? To enjoy facilities those are supported by government to the investor’s like income tax waived and others foreign entrepreneurs prefer setup business in free zone areas. Port Klang of Malaysia is one of such place that can be chosen by the foreign entrepreneurs.
Salary range: It’s an important matter to know range of salary as part of business ideas and plan. Let’s give ideas of salary structure, RM 1500 to RM 1700 for Executive officer, RM 4600 to RM 5000 for Administrative manager, RM 6000 to RM 7000 for Brand manager, RM 9000 to RM 10000 for Assistant General Manager, RM 5000 to RM 6000 for Audit manager, RM 3500 for Business promotion executive.
Banking: International and local banks cooperate the foreign entrepreneurs to make banking relation with them. Example of some available foreign banks are Maybank, CIMB, OCBC Bank , Public Bank Berhad, RHB Bank, Hong Leong Bank, AMMB Holdings in Malaysia, Bank Rakyat, HSBC Bank, United Overseas Bank. Ideas are the key of successful business.
Transport cost: Ideas of transport cost helps foreign investors decision making to start a business in Malaysia. Let’s see Taxi charge in the city around 24 sen per 190 m, RM 0.25 per 32 seconds although the flagfall can hang about at RM 2.50 to 3.00 for the first kilometer. This is considerable information that taxi fare increasing gradually. Sometimes Taxi fare RM 1.5 for 1 km and waiting charge RM 20 to RM 24 for 1 hour.
Living cost: Let the entrepreneurs know basic information of a new business ideas and plan before start of investment. I shall discuss on average cost to live in Malaysia, for example, water purchasing price of RM 1.20 to RM 1.40, Rice RM 4.5 to RM 5.0 per kg. Price of Eggs RM 5 to 6 for dozen, monthly rent cost inside of city area 1 bed RM 1400 RM 1500 whereas 1 bed outside of city area RM 800 to RM 850, 3 beds out of city area RM 1500 to RM 1600, 3 beds inside city area RM 2500 to RM 2800. These are approximately present cost of living in Malaysia.
Hotel rate: It varies upon type of hotel and location where it is, it begins from RM 65 to RM 125 per night and even more.
Office rent cost: This is one of the most important part of business ideas in Malaysia as foreign entrepreneurs to know cost of rent an office. Monthly rent cost for 700 sf RM 2700, 3000 sf RM 25000 and any other sizes of office average rent can be calculated upon this information.
Major fdi sector: Do you know what are the major sectors of foreign direct investment of Malaysia? It’s Manufacturing, mining, oil, gas, IT and some others. These are key sectors of fdi that reflect in economy of Malaysia.
Major city: Being a big geographically country many cities have been formed some of them are namely Kuala Lumpur , George Town, Ipoh, Johor Bahru, Kota Kinabalu, Shah Alam, Malacca City, Petaling Jaya , Penang, Miri , Kuching and many more. As business ideas and plan entrepreneurs decide the location of office or factory to setup starting a business in Malaysia.
Holiday: Do you know how many days in total are declared as holiday in Malaysia? It’s almost more than 50 days are holiday in Malaysia announced by government.
Office time: Small and medium types of business office starts from 8 am to 6 p.m. and reputed organization starts from 8 am and end at 5:30, Monday to Friday.
FDI law in Malaysia
Agreement has been made with more than 40 countries to avoid double taxation. Foreign direct investment (fdi) is controlled by government strictly. Some rules have been applied that was not applicable few years back and some rules may apply in future considering security of money and economy of the state. It’s a crime if foreign entrepreneurs violent any rules. Some key points need to know RM 500,000 remittance as foreign entrepreneurs; two local Malaysian nominee directors appoint to avoid remit RM 500,000 to permit a foreign business in Malaysia.
What can we do for foreign investors? We guide the foreign entrepreneurs to start business in Malaysia managing permission from government, accounts and audit service, income tax and secretarial services. Our information helps foreign entrepreneurs to know business ideas and plan. Ideas are the key of successful business.