Living and Working in Malaysia
This article first appeared on Quadrant Biz Solutions.
Malaysia has been a strategic location for trading for many years. In the 16th century, the Malacca port became a major stopping place for traders from all over the world to replenish supplies. At one point, it was even considered the most important trading port in Southeast Asia.
Today, as the world is experiencing globalisation every second, Malaysia is still considered a prime location to start and operate a business. The Global Startup Ecosystem Report 2020 (GSER2020) published by Startup Genome has found that the capital of the country, Kuala Lumpur, has provided several good reasons for starting a business there.
Among these are a US$23 million Technology Start-up Funding Relief Facility set up by the Malaysian Government to aid start-ups affected by the Covid-19 pandemic. The same report found that Kuala Lumpur ranks in the Top 20 for talent and Top 10 for Emerging Ecosystem Performance out of 40 ecosystems. The Kuala Lumpur business ecosystem is also valued at US$15 billion.
So, you are in the right place if you are a non-Malaysian and looking for any of the following:
- A conducive environment that fosters and supports entrepreneurs
- A wealth of young talent with enthusiasm to match the scale of your own excitement
- A convenient, well-connected location to establish a home ground for your company.
Living in Malaysia
With a population of some 32 million people, Malaysia comprises 13 states and 3 federal territories across Peninsular and East Malaysia. As the country has shifted from an agrarian to an industrial economy, the majority of the population has come to reside in the main urbanised centres and state capitals.
However, a large percentage of national GDP still derives from the main commodity sectors of palm oil and rubber. Other key industries include oil and gas, electronics, pharmaceuticals, medical equipment and fintech/Islamic finance.
The cost of living is relatively low, making things affordable. Good quality healthcare is easily accessible as well. Malaysians are friendly and welcoming, and English is widely spoken, particularly so as a business language. Other commonly used languages in Malaysia include Malay, Mandarin, as well as Tamil.
Malaysia is well-served by good infrastructure in transport and telecommunications, and there are plenty of beautiful places to explore around the country. This includes tropical rainforests, mountain landscapes, coastal beaches and so much more.
Is Malaysia good for expats?
Malaysia is geographically situated at a strategic location – a regional crossroads as it were – and is very accessible to other ASEAN countries. Malaysia is actively focused on becoming a regional digital hub and as such is promoting a number of initiatives to attract applicable businesses. The Malaysia Government offers several programs that are to the benefit of entrepreneurs, expats and growing businesses.
For example, the Malaysia Digital Economy Corporation (MDEC) under the Ministry of Communications & Multimedia of Malaysia has a Tech Entrepreneur Programme that offers a 1-year visa to new entrepreneurs and a 5-year visa to established entrepreneurs.
An entrepreneur can also apply for MSC Malaysia Status under MDEC to access a wide range of incentives, rights and benefits to promote continued growth for local and foreign ICT-related businesses. Another organisation that provides a supportive ecosystem for entrepreneurs is MAGIC.
Operating a business in Malaysia is relatively cost-effective in terms of the quality of services and skills received, as compared with its neighbouring countries. As an entrepreneur in Malaysia, there are also many funding opportunities with venture capital firms or other private investment firms. The tax regime is also favourable for small businesses. These factors also make Malaysia a great spot of opportunity for expats looking to migrate.
Do you wish to set up a company in Malaysia?
Malaysia’s recently updated Companies Act 2016 has simplified many processes and it has attracted a sizable contingent of non-Malaysians to launch a business locally. You can even incorporate a private limited company (known as Sendirian Berhad or Sdn Bhd in Malaysia) online from the comfort of your home.
An Sdn Bhd brings several benefits, being considered as a separate legal entity from its owners. It is also a limited liability entity, which means it will not put the owner’s personal assets and finances at risk, and also allows transferability of ownership.
A few simple requirements need to be met in order to incorporate an Sdn Bhd, including:
- A minimum paid-up capital of RM1.
- At least one director of a minimum age of 18 years old and residing in Malaysia.
- All directors should not be bankrupt nor have been convicted in Malaysia within the last 5 years.
- An appointment of at least one company secretary, who is a member of a professional group recognized by the Companies Commission of Malaysia (SSM).
- An office with a registered address.
With Malaysia being positioned as an increasingly attractive location to work and start your business, it’s definitely worth considering for all the reasons outlined above. For more information about setting up a company in Malaysia contact Quadrant Biz Solutions.
Job Opportunities in Malaysia
The tech industry is rapidly growing in Malaysia, and there are lots of career opportunities here for software engineers. If you are skilled in things like software development and programming, you’ll have lots of opportunities to assist with program creation, website development, tech support, and more.
As a software engineer in Malaysia, you can earn an average salary of around 4,700 to 6,500 MYR per month. This makes software engineering one of the most lucrative careers for fresh graduates.
A degree in Computer Science or Information Technology can help you to start landing software engineering jobs. If you go on to earn a more advanced degree, like a master’s or doctoral degree, you’ll have even more doors open to you, including doors to management and executive positions.
👉 Browse Software Engineer Jobs in Malaysia on GrabJobs
There are many high-paying finance careers in Malaysia. However, the highest-paying finance careers (such as Chief Financial Officer) are a popular career choice. An accountant in Malaysia can earn between 3,500 and 6,500 MYR per month, on average. This is a great starting salary that comes with a lot of room for growth over time, especially after you’ve worked at a particular company for a while.
To become an accountant in Malaysia, you’ll need to earn a finance, economics, or statistics degree. A master’s or doctoral degree can open more doors and more opportunities for higher salaries, too.
👉 Browse Accountant Jobs in Malaysia on GrabJobs
Business analysts help business owners to run their companies smoothly and make wise decisions for the future.
As a business analyst, you can get your foot in the door at a larger company, which can make it easier for you to start working your way up. Eventually, you could find yourself in a management or executive position, which would allow for more responsibility and more money.
Business analysts can earn an average of 2,500 to 5,000 MYR per month. This is a slightly lower-than-average salary in Malaysia, but it’s typically just a starting point. There’s room for a lot more growth over time.
To become a business analyst, you’ll need to earn a degree in business administration, business management, or another related field. An MBA or other, more advanced degree, can increase your chances of getting hired, too.
👉 Browse Business Analyst Jobs in Malaysia on GrabJobs
As a civil engineer, you can start earning a good salary right out of university. There’s a high demand for civil engineers in Malaysia, especially since the country is known for its stunning architecture and impressive infrastructure.
In Malaysia, new civil engineering graduates can earn between 4,000 and 6,000 MYR per month. For many people here, this is considered a great starting salary. There is a lot of room to grow and earn more money over time in this field, too.
To become a civil engineer in Malaysia, you must first earn a graduate or postgraduate civil engineering degree. Some students also go on to earn a Ph.D. in civil engineering so they can go on to work on research and development teams.
👉 Browse Civil Engineer Jobs in Malaysia on GrabJobs
Once hired at a hospital or healthcare clinic, most doctors and healthcare workers can start receiving generous salaries. They have opportunities to move up and earn even more money once they’ve established themselves in their field, too.
For a doctor, the average starting salary falls between 3,500 to 6,000 MYR per month. As you gain more experience and education, though, there’s a lot of room to earn more per month, especially if you go on to pursue a more advanced or specialised career as a surgeon or chief of surgery.
To become a doctor in Malaysia, you need to earn an MBBS, BDS, or MS degree from a recognized and accredited Malaysian medical school.
👉 Browse Doctor Jobs in Malaysia on GrabJobs
All in all, living and working in Malaysia is a smart choice. We hope the above information has provided you with some insights as to whether making a shift to Malaysia works for you!
If you’re on the lookout for job opportunities available in Malaysia, read on!
