Currently, Malaysia is ranked 18th in the world for ease of doing business. This score was given by the World Bank, which highlighted its commit to minority investors and support for foreign companies. So, if you are looking for a door into the Asian market, Malaysia is a very worthy contender.
It is home to a number of prestigious business districts and financial hubs, particularly in and around the capital Kuala Lumpur. You’ll find a thriving, engaging labour market here and plenty of alternatives to the traditional long-term office lease. This means that those looking to expand into Malaysia don’t have to tie up their capital in unsuitable contracts.
These tips and tricks will help you get a better understanding of Malaysian culture and the way its people do business.
Finding a Great Address
The first thing that you need to do is find a secure base. Expansion requires constant monitoring and supervision. You’ve got to be on top of all the big changes; from hiring new staff to renting an office and planning your first marketing campaign. Serviced offices, like the ones available from Servcorp Malaysia, are a great option because they can be leased on a rolling month to month basis.
Being Culturally Aware
One thing which can make Malaysia a tricky place to do business is its ethnic makeup. It is home to a diverse range of cultures (Malay, Chinese, and Indian being the most common). They all come with different expectations, so being a success here depends on your ability to adapt quickly. It is worth noting this is a Muslim country, so people are very conservative. The drinking and socialising habits in Malaysia are different to those in the west.
Taking a Personal Stance
The business culture in Malaysia is surprisingly nurturing, both in terms of its guidance and structure and its focus on personal wellbeing. Hierarchy is important – senior figures are shown deference – but managers are encouraged to be on friendly terms with their employees. It is quite normal, as in the west, to ask about their lives and take an interest in their general happiness and contentment with the job.
Collaboration is an important part of Malay workplaces and employees are happy to think, create, and perform in teams. Do be aware of the fact that the culture places less emphasis on goals and targets. Malaysians are hardworking, but they put in a lot of effort because it’s their duty rather than being driven by incentives. Keep this in mind because you might need to adapt your leadership style to match.
Showing Your True Colours
Like most Asians, Malay people are really put off by arrogance and ostentatiousness. They are simple, humble people who value warmth and friendless above all else. So, doing business in this country is a relaxing affair. You can afford to take things a little slower and invest time in new relationships. Don’t rush business meetings or dinners. People like to chat and enjoy company; if you want to impress, be an enjoyable presence.
Why You Should ‘Set Up Shop’ in a Serviced Office
Every year, virtual and serviced office solutions make it possible for more businesses to expand into Southeast Asia. They are an ideal option for smaller companies and startups because they provide a great degree of flexibility. You don’t need to commit to the decision for 2-5 years like you might with a conventional long term lease. On the other hand, serviced offices still provide all of the stability of a traditional lease. Plus, they are located in some of the most prestigious areas of Kuala Lumpur.