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If you are an IFA considering making a move to Malaysia, you will discover that the country provides a near-ideal mixture of ancient and modern customs; boundless business and leisure opportunities; a local populace widely described as ‘extraordinarily hospitable’; and a sizeable and affluent expat contingent.
In other words, IFAs relocating there will be very hard-pressed to find fault with the destination!
Of all of the overwhelmingly positive comments quoted about Malaysia, its amazing cultural diversity is the factor repeated over and over again.
The nation’s cultural medley is marked by many different cultures, but several in particular have had an especially lasting influence on the country, most notably its two most prominent trading partners throughout history – China and India. The nation, with a population of about 24 million, is characterised by a blend of Malay, Chinese, Indian and indigenous cultures and customs.
The Malay is Malaysia's largest ethnic group, accounting for more than half of the population. They are the oldest indigenous peoples, and form a group called bumiputera, which translates as "sons" or "princes of the soil”.
Malaysia is located in Southeast Asia, and consists of two geographical regions divided by the South China Sea:
- West Malaysia (or Peninsular Malaysia) shares a border on the north with Thailand and is connected on the south with Singapore. It is here the country’s capital – Kuala Lumpur – is located.
- East Malaysia consists of the federal territory of Labuan and the states of Sabah and Sarawak. It occupies the northern part of the island of Borneo, bordering Indonesia on the south and, on the north, the Sultanate of Brunei.
Malaysia is a country that has transformed during the past 30 years from a producer of raw materials into an emerging multi-sector economy.
Doing Business in Malaysia
One of the world's eminent locations for offshore manufacturing operations, Malaysia maintains one of Southeast Asia’s most robust economies. Multinational businesses from more than 40 countries have invested in thousands of projects there, in large part drawn by Malaysia’s very favourable business environment. In addition to its economic strength, among its other appeals, Malaysia offers foreign employees and investors advantageous government policies, a skilled workforce, and a well-developed infrastructure.
Malaysia's growth, its importance as a member of the ASEAN Free Trade Area (AFTA), and its strategic geographical location make it an attractive place to invest. Employees and investors from many English-speaking locales are also attracted to Malaysia thanks to the English language environment and British-centred legal system.
As a result of this thriving foreign investment in the country, a sizeable chunk of Malaysia’s non-national population of close to four million consists of affluent expats - high net worth individuals with the resources and inclination to invest significantly.
Kuala Lumpur
In addition to being the capital, Kuala Lumpur is Malaysia’s largest city. ‘KL’ - as it is commonly called – is the principal focal point of Malaysia. KL hosts a local population of over one and a half million people, hailing from all of Malaysia's many ethnic groups.
The city's busy streets, modern office towers, and its international air symbolize Malaysia's unwavering leap into the future. KL's commercial centre is a magnificent meeting place for business people and holiday-makers worldwide.
Kuala Lumpur’s famous twin towers, the Petronas Towers, have become the symbols for the astounding growth that has taken place in Malaysia over the last two decades. With a height of 1,453 feet, the joined towers form one of the world's tallest buildings.
Labuan
The island of Labuan, a territory of Malaysia, became an international offshore financial centre in October 1990. Tactically located within the Association of South East Asian Nations (ASEAN) region, Labuan offers various comprehensive business incentives to banking, insurance, trust management, corporate funding, investment and professional service companies. With the assurance from the government to develop Labuan as a tourist destination and an international offshore centre, it is in position to become the hub of Asian capital markets.
Labuan provides attractive tax and non-fiscal incentives for offshore companies to embark on any offshore business activities in, from, or via Labuan. Businesses incorporated in - or registered with - Labuan operate with significant flexibility and in a very attractive tax environment - with no exchange controls.
Leisure Activities
For the Malaysia-based expat looking for fun and interesting leisure activities, the country offers a broad host of choices – ranging from the entirely ancient to the very modern.
A visit to the rain forest - the oldest on the planet - is considered an absolute must while you’re in Malaysia. In addition, the national parks provide exciting and exotic guided jungle treks – day or night – that are termed “profound”. Nature has been infinitely inventive with life here, producing the world's largest flower, tremendously adapted insects and mammals, and trees that will make you gape at their size.
Expats can also find some unique native communities along the rivers of Sarawak and Sabah, where residents live in structures called ‘longhouses’: entire villages housed under a single long roof. The occupants live off small crops and the bounty of the rain forest, and their communality and generosity might best be summed up by one simple fact: anyone is welcome to stay for free for as long as they like. Some longhouses have special "guest longhouses" adjacent for visitors; others host guests inside the main longhouse itself.
Spelunking Anyone?
Malaysia’s many caves rival its amazing rainforest in their ability to astound and delight. Both the world's largest single cave chamber and the longest cave passage in Southeast Asia can be found in Sarawak's amazing Gunung Mulu National Park. In fact, almost every national park in Malaysia has a significant limestone cave system, many of which offer guided tours, with varying levels of penetration. It’s no wonder the practice of ‘spelunking’- the exploration of natural caves – is an extremely popular pastime in the wondrous country!
Other favourite leisure activities include a wide variety of pursuits for those who prefer to be water-bound. The tropical waters off both Peninsular Malaysia and Borneo offer some of the world's best scuba diving. Enthusiasts will find the locale provides some of the best variety. You can dive with whale sharks, glide around grand and beautiful coral gardens and walls, or dive to menacing and massive World War II shipwrecks. The nation’s hundreds of islands provide almost unlimited diving options.
Attention Shopaholics!
Compared to such remarkable activities as spelunking and jungle trekking, shopping may sound ridiculously boring and mundane. However, for those so inclined, you will not be disappointed! Exploring Malaysia's outdoor markets is a tremendous adventure, as well as a bargain-hunters dream. The variety of great deals you can find in the major markets is endless, ranging from excellent electronics to affordable traditional arts and crafts.
Gastronomic Pursuits
Because of its many cultural influences, Malaysia is country renown for its imaginative, intricate, and meticulously-prepared cuisines. Food is taken very seriously here, from the best upscale restaurants down to the hawker's booths. Sauces incorporate local fruits and spices, and the seafood dishes are absolutely exceptional.
The country also offers almost limitless choices in terms of bars, clubs, and other leisure-time settings. For golf enthusiasts, Malaysia features countless first-rate courses. And for the interminable travellers among us, trips within the country - as well as to nearby Singapore and Borneo - are economical and delightful.
One expat extols Malaysia as the most pleasant, relaxing, exciting and colourful country in Southeast Asia. All this - and it’s a great place to do business. It’s no wonder so many expats are flocking to the country to live and work.
Why not find out for yourself?
For further information about Malaysia we recommend that you visit http://en.wikipedia.org/wiki/Malaysia where you will find many useful links and informative articles to prepare you for your move.