Business

Best Business Opportunities in Malaysia

Malaysia is a dream destination with an inviting and welcoming business environment. To start a business in Malaysia is one of the best decisions one can make as this country has shown tremendous growth in recent years and has made its place to incorporate a company.

Identifying business opportunities in Malaysia in 2024 and making the most of them would be profitable. The reason is the nation’s robust economy and conducive business environment, attracting domestic and international business owners.

Malaysia is considered a business heaven for several reasons. Its resilient economy in Asia and globally enabled it to survive and thrive during the global decline of 2009. Malaysia’s key advantage is its diverse culture and worldwide population, which help create a diverse market with continuous demand. The government of Malaysia endorses fresh business prospects to enhance investment security in the country.

Business Opportunities in Malaysia

Malaysia is recognised for its solid attention to security, regard, and affectionate behaviour in its citizens’ daily lives.

The safe and welcoming atmosphere brings home more investors with their families, making it a desirable destination for top business opportunities. Moreover, the aim is to promote mutual growth and success amongst the investors and Malaysia as a nation.

The economy, government support, diversity of culture, and secure environment bring the best business opportunities in Malaysia. This attractive destination offers a better future for foreign investing parties seeking profitable business ventures. 

1. Tourism

The travel industry plays a substantial role in Malaysia’s GDP and is considered the most lucrative sector. The Malaysian Ministry of Economy’s data indicates a 24% increase, amounting to 53.4 million visitors in 2023.

The food and beverage, retail, and transportation sectors have demonstrated ongoing expansion and success within Malaysia’s tourism industry. This industry holds immense business opportunities in Malaysia.

2. Fashion Business

The year 2024 presents an ideal opportunity to enter the fashion industry, given that the market reached US $5.23 billion in 2023 and is projected to grow at a yearly rate of 5.79% from 2023 to 2027.

The growth will likely happen with the surge in the customer’s confidence, raising the comfort of materials, particularly in the women’s section. Zalora, Shopee, Lelong, and Hermo are some of the biggest e-commerce brands according to interest and have a huge fan following in Malaysia.

3. Car Wash and Auto Service

These Automotive services have been very successful in Malaysia, as most citizens use private cars. The findings from Grand View Research say the suggestive growth exhibits a compound annual growth rate (CAGR) of 3.8 % from 2021 through 2028. This industry will grow in the coming years and become one of the most profitable businesses in Malaysia.

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4. Affiliate Marketing

This type of platform connects marketers with influencers and affiliates. According to the statistics, 28.6 million people, or 78.5% of Malaysia’s national population, are social media users. Thus, opening a local affiliate marketing platform is a worthy decision. It is one of the prime business opportunities in Malaysia.

5. Departmental Store

Private consumption and constant investments in infrastructure make the sector’s retail structure promising for foreign investors. International delivery services and foreign transport links support the rising market demand.

6. Leashing Business

Setting up the plant, machinery, and chattel to ships and growing the business in leasing fields can be feasible in Malaysia. Also, incorporating an international company in Labuan (a territory in Malaysia) can give you 100% foreign ownership, keeping aside the tax incentives.

7. Construction Business

A market analysis indicates that those entering the construction industry in Malaysia can anticipate a sustained growth rate of 4.4% in 2024. Anwar Ibrahim, the Prime Minister of Malaysia, has put forward a 2024 budget that involves a total spending of MYR 393.8 billion.

This budget aligns with the 12th Malaysia Plan, utilising the Public Private Partnership 3.0 approach to support the government’s vision for 2021 to 2025. It is one of the recognized business opportunities in Malaysia.

8. Rubber Plantation

Malaysia is known as a leading rubber producer globally, with most of its income derived from rubber goods such as medical gloves that are exported worldwide. If your base is vital in managing rubber plantations and you have experience in rubber export, consider investing in or expanding the rubber plantation business in Malaysia.

9. E-commerce Store

According to Statista, Malaysia is one of the leading countries in e-commerce growth. The top five products bought through the leading e-commerce platform are travel, accommodation, toys, furniture, beauty products, fashion, and electronics.

Given the vast market and growing demand, businesses may benefit greatly from expanding to Malaysia. In order to start an e-commerce store business in Malaysia, you must proceed with seamless company registration in Malaysia.

10. Smartphone and Computer repairs

By 2025, more than 30 million people in Malaysia are expected to become smartphone users. Nine hundred eighty-five of the country’s citizens are connected through the internet on their mobile handsets.

Companies with an established market value over computers and smartphone repairs in different Asian countries can expand their business in Malaysia.

11. Oil and Gas Services

Malaysia is Southeast Asia’s second-largest oil and gas producer. Its government has promoted foreign direct investment (FDI) in various sectors, particularly oil and gas.

PETRONAS, a state-controlled company, holds exclusive rights to Malaysia’s deposits. Foreign companies can partner with local companies to engage in oil and gas production. These services have become a prominent part of top business opportunities in Malaysia.

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12. Cleaning Services

The household service market in Malaysia will reach SGD billion (USD 50. 49 billion) by 2025, with a 55% growth between 2021 and 2025.

As the demand for cleaning services grows, the industry is labour-intensive and requires significant investment in human resources. After partnering with PEO services, investors plan to expand the cleaning business into Malaysia.

13. IT Business

With over 500 business parks and consistent internet speed making the nation an attractive destination for IT ventures, the hardware, software, and cloud sectors are well situated to expand into Malaysia. Hence, the IT industry is rapidly flourishing in Malaysia.

It has emerged as one of the substantial business opportunities in Malaysia.

14. Customize T-shirt Marketing

Wearing customised T-shirts is a popular trend. The T-shirt merchandise is subjugated to generate a good US $269.1 million in 2024. The popularity of batik-printed T-shirts in Malaysia has increased. This industry is among the most lucrative and thriving in Malaysia.

15. Hotel Booking Services

With low-cost living, developed infrastructure, natural scenery, and proximity to other Asian countries, Malaysia attracts millions of tourists.

As expected, by 2028, 73% of the total revenues in tour and travel will be generated through online sales. The hotel booking business is the most financially successful venture in Malaysia.

16. Restaurant Business

The country’s food business is vibrant, with different cultures comprising fast-food cafes and full-service restaurants. Based on research, it is projected that the revenue in Malaysia’s food market will reach US$62.27 billion by 2024.

The market is experiencing an annual growth rate of 6.85 per cent. If a food-related business offers distinctive local dishes in Singapore or elsewhere in Asia, it has a higher chance of acquiring a retail or wholesale trade permit.

17. Microfinance services

Malaysia is Southeast Asia’s 2nd most developed and competitive country, based on the IMD World Competitiveness Ranking 2023. This country is always open to foreign investments, with 5000+ foreign companies from more than 50+ countries.

Malaysia has a favourable business environment that supports microfinancing and stands at the top of expanding into the sector in Malaysia.

18. Real-estate business

Entrepreneurs in Malaysia have excellent business prospects within the industry. The Malaysian government has simplified the purchase of houses, and by concentrating on high-value properties, you can have flexibility in setting your work hours and generate significant profits.

It has joined the league of popular business opportunities in Malaysia and attracts a lot of business enthusiasts.

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19. Professional services

Professionals and consultants such as business management consultants, lawyers, tax consultants, and accountants are in high demand.

Foreign investors have permission to own various businesses 100% foreign. A supply of multilingual professionals skilled in English or Malay has advantages when setting up a professional service base.

20. 3D printing Business

Malaysia’s manufacturing industry wants to adopt new technologies such as 3D printing. In Malaysia, to create rapid prototyping cost-effectively. The low cost of 3D printers and the availability of open-source designs drive 3D printing growth.

Conclusion

Malaysia’s diverse economy and welcoming environment present inviting business opportunities to access expanding markets and take advantage of new trends. Entrepreneurs and investors can succeed by connecting the country’s unique strengths and opportunities. Malaysia’s strategic location, solid infrastructure, and government policies are designed to attract foreign investment and create an active and promising landscape for businesses in multiple sectors.

FAQs

  1. Which business is most profitable in Malaysia?

    The tourism business is considered the most profitable. In 2022, the sector contributed approximately 48 billion Ringgit Malaysia (RM), making it the most profitable company in Malaysia.

  2. What type of business should start in Malaysia in 2024?

    The most profitable businesses 2024 are service-oriented, mainly centred on technology and advice, which are thriving. With the gradual growth in online shopping among Malaysian citizens, e-commerce is a profitable business idea online.

  3. Can foreigners start a business in Malaysia?

    Yes, you can start a new business in Malaysia.

  4. What is the No.1 business opportunity?

    The best business opportunities to start are freelancing, digital marketing, Cloud kitchen, website designing, and affiliate marketing. 

  5. What is the wealthiest job in Malaysia?

    Jobs like banking, engineering, IT sector, and journalism offer the highest salaries in Malaysia.

  6. Which business is 100% profitable?

    Running coaching classes or offering online tutoring services are business ideas with excellent profit potential and low initial investment.

  7. What is Malaysia rich with?

    Malaysia has abundant mineral resources, and mining accounts for a considerable part of the GDP despite employing only a small percentage of the labour force.

  8. Which industry is booming in Malaysia?

    Malaysia's fastest-growing sectors in 2024
    ·         Online betting and Gambling
    ·         E-commerce and Online Retail
    ·         Technology and digital innovation
    ·         Tourism and Hospitality
    ·         Food and Beverage Industry

  9. Is Malaysia good for business?

    Malaysia has a robust infrastructure, skilled workforce, and established trade networks that offer a great chance to connect with varied customers.  

  10. What is the most successful company in Malaysia?

    Malayan Baking is the most valuable company in Malaysia, with a market cap of $25.42 billion.

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