Malaysia is taking seriously its ambitions to achieve Developed Nation status by offering tech entrepreneurs a great place to start and thrive!
March 29, 2019
By: Bobby Casey, Managing Director GWP
Are you an entrepreneur in the digital or technology space? Have you considered it, but thought it too difficult to break into?
If you already have the itch to internationalize, and you’re looking for a business friendly jurisdiction for your tech business, Malaysia might be for you! GWP Insiders has all the details on this little known Southeast Asian treasure.
Here are some quick facts about Malaysia:
- Capital: Kuala Lumpur
- Population: 32.1 million
- Kuala Lumpur sees an average of 160 days of precipitation per year
- Kuala Lumpur also has an average high of 90 F and low of 73 F
Perhaps you never considered Southeast Asia as anything more than a tourist destination. You wouldn’t be wrong! Malaysia has a thriving and popular tourism industry, ranking 12th in the world. Their Tourism Ministry aims to break into the top 10 in 2019.
But, this booming nation has so much more to offer than that!
Developing countries like Malaysia are getting downright innovative with their incentives to attract businesses and foreign investments, and Malaysia is no slouch. Our latest GWP Insiders edition lays out Malaysia’s strategy to reel in “Technopreneurs”!
Malaysia’s population is rich and diverse both in culture and in resources. Plenty of sites to see, but if you are thinking of making this home for a year or more, then you’re looking for more than rain forests and rubber trees.
Here is an interesting fact about Malaysia: it scored higher in economic freedom than Germany and Japan! That is saying a lot for Malaysia, although disparaging for Germany and Japan.
Heritage Foundation does an annual assessment of economic freedom of most countries in the world, and while they are no Hong Kong (ranked 1st), Malaysia realizes and acknowledges their need for improvement.
While slow to take root, they implemented policies to make their regulations more efficient. Also, to be more competitive, “the government plans further liberalization of some service sub sectors, tax reform, and subsidy reductions.”
As Malaysia improves economically and politically, so too are its people. A growing number of individuals are finishing higher levels of education. This includes completion of tertiary education nearing 30%!
The citizens are acutely aware of the technological direction in which their country is heading, and they are eager to get the skills and knowledge that come with that. Moreover, they have the full support and backing of businesses and their government to get those skills.
The unemployment rate of Malaysia is 3.4%, with its highest numbers among youths 15 to 24 years old (between 10% and 11%). This presents a unique opportunity for tech start-ups to offer the young adaptors training and employment.
Developing nations are not perfect, but their efforts could be lucrative if what they are offering aligns with what you’re trying to do.
- Are you looking for an affordable, low regulation, low tax environment that can accommodate your tech development needs?
- Do you need infrastructure and a work force that is both affordable and reliable?
If you answered yes, then Malaysia might make your list of practical countries you wish to explore for your business.
GWP Insiders goes into greater detail about the opportunities Malaysia offers including:
- What it will cost (here’s a hint: it’s LOW)
- What documents you will need
- The turn-around time (here’s a hint: this too is LOW)
- What qualifications you will need
- Tax benefits
- And much more!
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GWP Insiders is a trove of information for anyone looking to navigate the waters as an expat or digital nomad. You will find in-depth articles on international opportunities like this one in Malaysia. You will also find tools and guides on how to invest, how to mitigate your tax liabilities, what other countries have to offer, and tap into a network of experts who can help you get to the next level!
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