When talking about a rapid developing nation in Southeast Asia, one country often come into the conversation, and that is Malaysia. This nation is in its high time of commerce and economic growth. However, reliable source suggests that the growth and economy rate is enviable in Malaysia.
One after another successful business in Malaysia seems to be growing high in this land. It seems like this rate of economic growth trend doesn’t seem to be lowering down anytime sooner.
Seeing such impressive progress, recently the World bank ranked the nation for at an honorary position for having one of the most favorable nation of conducting business. The reason behind this lies on the country’s progressive behavior on doing business, which lately pushed some already developed countries behind in the rank.
To make things easy for you, we have researched thoroughly the current market place of Malaysia. Based on that research study, we have schemed out number of businesses which have promising prospective in this country.
Before hopping into successful business fields in Malaysia, lets first get to know some honorary business fields that already have great future in Malaysia.
We saw good potentials in these businesses mentioned as follows:
- Old age care service
- Petkeeping service
- Health and beauty care service
- Automobile industries
- Business consultancy
- Professional service business
This list can go on, but here we will focus on businesses that has top performance in field of services and earns revenue that exceeds expectations.
However, such list is futile and often fluctuates according to the market trends and demands in this country. Therefore, it must be kept under consideration that not all businesses have steady positions in the market all the time, and such statistics fluctuate frequently.
List of successful businesses in Malaysia
Now let’s get straight into the point and see some business sectors that are seeing great success in Malaysia:
Food and Beverage business
Food and beverage businesses, also called F&B industries are spending their golden times here in Malaysia. This is due to the high demand in the market. As the nation is getting more work oriented, the consumers often look for processed foods and beverages.
Moreover, due to time for socialization, people in Malaysia are now more into fast foods, ready foods and restaurant menus. These are offered by vast number of restaurants and cafeterias already doing business in Malaysia. However, if you can come up with better, testier and foods with better hygiene and quality, you can get great success in business.
Due to the fast increase of domestic and international businesses in Malaysia, the demand of software industries is at the pick of success in Malaysia.
The fact cannot be avoided, which suggest that whether autonomous heavy manufacturing industries or office software for corporate companies, the contribution of software manufacturing industries in Malaysia is unavoidable.
In summary, whether private companies or public, the demand for these tech-based businesses and their contributions in the nation’s development is unavoidable.
Tourism business in Malaysia
Tourism is another major sector the country relies on. Thanks to the great geological location and scenic landscapes this country possesses. Such naturally built opportunities made scopes for tourism business to grow and thrive in Malaysia.
Although there are lots of tour and travel business companies that have already established in Malaysia at present time, but that doesn’t mean the demand went low. If you can devise a proper business surrounding to this sector, it has a successful return.
All a tourism business ever asks for is punctuality, dedication, commitments, affordability and wise business plans related to tour packages, offers etc. So, it can be easily said that tourism sector puts a significant contribution to the nation’s fast-growing economy.
As far as tourism is concerned, this nation receives millions of dollars as revenue each year. This therefore definitely counts as a successful business in Malaysia.
Being a Muslim major nation, Malaysia maintains few levels of restrictions when fashion and life style is concerned, However, present scenario has changed quite a bit. Due to the multicultural interventions and increased accumulations of foreigners in this nation, fashion industries are seeing a booming evaluation in the market. Global brands are gathering up here.
Another reason for fashion companies to have greater opportunities in Malaysia is that, this country is going through big economic and social developments. The public affordability is in reach. As a result, people can now focus more on tertiary demands, such as fashion goods and accessories.
In addition, with that, Malaysia is now not only confined with meeting local fashion demands, but also ready to meet foreign contracts. Many manufacturing houses are seemed to be exporting fashion goods to foreign nations and as a result earning big revenue for the nation. So. undoubtedly fashion industries seem to be one of the top successful businesses in Malaysia.
Oil, gas and petroleum business
When it comes of natural resources, Malaysia is at favorable position. Among several natural resources that are contributing in nation’s economy, Oil, gas and petroleum are at the top desirable resource. Many refining and mining companies are rapidly growing in Malaysia to compensate the market demand.
Thereafter this business sector is turning out to be one of the most beneficial sectors in Malaysia from the point of view of emerging industries. Moreover, the economy of this nation is largely depending on the export of oil, natural gas and petroleum products.
Rubber production and manufacturing sector
Another business sector that has great prospective in Malaysian is the rubber plantation and rubber product manufacturing industries. It must be noted that rubber is another major product found naturally in Malaysia.
With that aspect in mind, this particular industry plays a strong role in agricultural activities that play an important role in the economy of this nation. In summary, this particular sector is very promising and lucrative once involved in it.
Ride sharing and logistics
Ride sharing businesses are getting big responds in Malaysia, companies similar to Uber seem to be getting very popular in this country. Other than rise sharing facilities, people here are asking more from this type of business. Products and food delivery options also seem to be associated with the main business.
The aim of such business is to cut down productive times that are opt in the road itself. Whether it is about reaching desired destinations or getting the products and relevant services on time, this type of business is a growing one in this nation.
Nowadays, these businesses are providing services alongside with e-commerce business. The joint venture is well appreciated by the consumers here.
Lastly, if you are planning to start a successful business in Malaysia, all you need is firm determination, strong planning, hard work, great networking and leadership capabilities. These attributes are all it takes to build successful prospective in trades.
These are applicable not only for Malaysia when raising a successful business but also implied for building each and every business in the world.
What is considered as the best business in Malaysia in 2020?
There are many in the list when considering best businesses in Malaysia in 2020. Some of these businesses are:
- Oil and natural resource business
- Ecommerce business
- Rubber Plantation and rubber product Business
- Professional Services
- Tourism and online hotel booking Business
And many more.
Being a foreign individual, can I open a sole proprietorship business in Malaysia?
No, only native residents or permanent passport holders of Malaysia can start a sole proprietorship business in Malaysia.
Up to how many years a foreigner can work in Malaysia?
A foreign worker can work for up to 10 years.
Can a foreign investor open a software developing business in Malaysia?
Yes, a foreign investor can invest on almost any types of businesses in Malaysia, as long as they fulfill proper government formalities of company setup in Malaysia.