5 Things to Know About Office Space in Malaysia
Finding suitable office space in Southeast Asia can often be an overwhelming experience, particularly if you are expanding from Australia for the first time. It’s a challenging enough task when you’re familiar with the local business landscape in your home country, however, when you don’t know the lie of the land, it makes things that bit more difficult. You need to ensure you are going to be in the right location for your business to thrive, you want to find a set up that will suit your needs and of course, you have to stay within budget.
Malaysia is home to the fifth largest economy in Southeast Asia and is rife with opportunities just waiting to be explored. It can be a great base for entering other Asian markets and there are different systems in place to make relocation to the country easier than you might think. Also, there are no major restrictions on the repatriation of profits, dividends or capitals which is appealing to overseas investors and entrepreneurs. However, before you can get down to running a business in Malaysia, it’s important first to find an office space to operate from.
Continue reading below to find out more about how you can navigate the office rental space in Malaysia and find a solution that will suit your needs.
Choose the Right Location
When looking at your options for office space in Malaysia, the number one concern will be location. Where you locate your business will have a direct impact on the potential success of your company in this exciting marketplace. For a guide to some of the best office locations on offer in Kuala Lumpur, take a look at this link: www.servcorp.com.my/.
Opportunities to Network
Being located in a prime location in the city, you will have easier access to support businesses and other facilities that you need to succeed. You will also be in a better position to reach out to the local business community, to network and build relationships that can help your business move forward in Malaysia. Having access to other like-minded business people can help you ease into your new location more comfortably and they can offer advice as you need it.
Avoid Long-Term Commitments Early On
As with any major city, office prices in Kuala Lumpur are expensive, in some cases prohibitively so. As well as being expensive, traditional office setups in prime areas of the city often ask renters to sign a long-term lease which is not ideal when you’re just setting up. You don’t know how your business is going to do in this new marketplace and committing to a long-term agreement can be a sure-fire way of sinking your business before you ever get started.
Consider a Serviced Solution
For many businesses, a serviced office solution is the perfect way to enter a new market. This type of office has everything in place when you arrive so you don’t have to worry about kitting the office out when you arrive, You will also be provided with support staff such as a receptionist, IT support and the building operator looks after the cleaning and maintenance of the space. In addition, you will have to pay just one flat rate monthly bill and the lease terms are monthly, meaning you can walk away at the end of any month if things don’t work out.
Understand the Local Culture
When moving into a foreign market, it’s important to take some time to understand the local culture and customs of the country you are moving into. Speak with other people who may have made the move prior to you and be sure to take their advice on board. How meetings are conducted, how you greet people and how the things you say or don’t say, can all be interpreted differently than in your home country. Showing an appreciation and understanding of how things are done locally will build trust with the local business community.
Find Office Space in Malaysia that Meets Your Needs
With plenty of opportunities and a growing economy, it’s no wonder more and more business owners are looking at expanding to Malaysia. Strategically located in Southeast Asia, it offers a great base for exploring other Asian markets and opportunities on the Asian continent.
Take some time to understand the local business culture and research the various business districts of the city carefully before committing to an area. Be sure to avoid making any long-term commitments and backing yourself into a corner in the early stages. Instead look at alternative leasing options such as a serviced office and ensure that you have access to everything you need to get your business off the ground in Malaysia.