Business startups in Malaysia increase faster than most major economies

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startupBusiness startups are increasing much faster in Malaysia than in most major economies, according to UHY, an international accounting and consultancy firm.

The research data conducted showed that new businesses in Malaysia had increased an average of 3.7% per annum over the last five years. In comparison with 20 other countries, including the G8 and emerging economies such as the BRIC nations (Brazil, Russia, India and China), the newly created businesses have decreased over the last five years. In addition, there was a six percent increase in the number of new companies in Malaysia in the past one year.

While policymakers have taken measures to encourage greater entrepreneurial activity during the financial crisis, research showed that there is a need for countries to show more initiative to help business startups.

UHY Malaysia senior partner Alvin Tee said that Malaysia has one of the most developed economies in Southeast Asia, but unlike many countries, it has managed to ensure that the barriers to entrepreneurship have been kept to a minimum.

He added, “Despite the turbulent economic conditions globally, Malaysia’s abundance of natural resource has meant it has benefited greatly from the commodities boom. The government has introduced a significant number of subsidies and incubators that encourage startups from green initiatives to biotech and creative industries.”

 

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Reading Time: 1 minute

Business startups are increasing much faster in Malaysia than in most major economies, according to UHY, an international accounting and consultancy firm.

Reading Time: 1 minute

startupBusiness startups are increasing much faster in Malaysia than in most major economies, according to UHY, an international accounting and consultancy firm.

The research data conducted showed that new businesses in Malaysia had increased an average of 3.7% per annum over the last five years. In comparison with 20 other countries, including the G8 and emerging economies such as the BRIC nations (Brazil, Russia, India and China), the newly created businesses have decreased over the last five years. In addition, there was a six percent increase in the number of new companies in Malaysia in the past one year.

While policymakers have taken measures to encourage greater entrepreneurial activity during the financial crisis, research showed that there is a need for countries to show more initiative to help business startups.

UHY Malaysia senior partner Alvin Tee said that Malaysia has one of the most developed economies in Southeast Asia, but unlike many countries, it has managed to ensure that the barriers to entrepreneurship have been kept to a minimum.

He added, “Despite the turbulent economic conditions globally, Malaysia’s abundance of natural resource has meant it has benefited greatly from the commodities boom. The government has introduced a significant number of subsidies and incubators that encourage startups from green initiatives to biotech and creative industries.”

 

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