For Malaysia 2018 looks much brighter and promising as its economy shapes into one of the fastest growing in the South East Asian region. It has become an ideal place to start-up a business venture. One of the key attractions Malaysia can offer is the ease of finding talents. With its large diverse community, it is easier to find the right talents that suits your business type. It has got a vast range of multilingual and highly educated and skilled personnel. The lower operational cost at Malaysia offers as smooth haven especially for foreign investors and businesses. Advanced infrastructure facilities and logistics makes it easier to operate a business and also provide an adequate breeding ground for business. Almost 80% of the start-ups spend little on their expenses, nearly half of the monthly expenses are covered under labour and operations. The reformations in rules and regulations pertaining to businesses has helped local as well as foreign business in Malaysia.
The economic developments in Malaysia have to a greater extent contributed to the growth of start-up eco system in Southeast Asia. More and more companies prefer to be set up Malaysia due to its lower operational cost. The ease of access to Southeast Asian markets play to the advantage of Malaysian businesses. Being at the centre of ASEAN, it offers access to a regional market of over 600 million people. The infrastructure developed have paved way to lower transportation costs and thus it has become more feasible to access other markets especially Singaporean market, which one of the largest in the Southeast Asian. Malaysia has also got a wide English speaking community. This makes the business run smooth. Large number of multi-national companies in Malaysia hire work force who are proficient in English, as they can deal on the international level.
As the start-up ecosystem in Malaysia is flourishing more and more start-ups are finding their way in this country. Here are some of the prominent thriving start-ups in Malaysia.
- Iflix– Iflix is the new Netflix in Asian regions. It has over five million subscriber base and provides quality entertainment with a wide range of programmes from American to Asian content. It also caters to non-english speakers in the Southeast Asian region.
- Dahmakan– Based in Kulala Lumpur, this food delivery start-up is revolutionizing the way people eat. It delivers freshly prepared in house meals to encourage the idea of healthy food habits. Acknowledging the inefficiencies of employing middlemen, Dah Makan decided to take control of the entire process from food production to logistics making it a more efficient food delivery system.
- Fave Group Malaysia- This lifestyle fitness group offers deals and discounts for gyms, restaurants and other lifestyle services. It has got partnerships spanning across all kinds of health and fitness industries.
- WOBB Malaysia- For job seeker and for those looking for better opportunities, WOBB is the most suited platform as t brings together potential employers and employees. Experts and seasoned professionals are available to give out advice and insights on this job portal.
The number of start-ups in the country has increased substantially over the years. The extensive support from the public sector plays a key role in boosting the start-up ecosystem of the country. The government plays a crucial role by offering incentives to foreign companies to set up their business in Malaysia. Investors are showing much interest in the region and it is on its accelerated path to innovation and success. To support and nurture local business the government has introduced programmes like MaGIC (Malaysian Global Innovative and Creativity centre) and MAVCAP (Malaysia Venture Capital Management Berhad). Another great facility Malaysia can offer is co-working spaces. As the economy is developing there is an increased demand in the number of co-working spaces throughout the country. While other countries have well established co-working spaces, Kuala Lumpur is rushing to set up co-working spaces. The biggest and fastest and new entrants in the market have already wrapped up their mind on securing the best location for office spaces. Co-working spaces have become the future of workplaces, with more work friendly office infrastructure and interiors is sure thing to get business to think about having a co-working space and take a look into the market as well.
Malaysia is a country that has tremendous potential for startups, where businesses can better take advantage of the facilities it has to offer and propel their ideas into making success a reality.
Nubeslab, one of the best software development company in Malaysia provides extensive support to start-ups on building and supporting scalable solutions. Please get in touch with us to know more about how we can help you to bootstrap your start-up.