Following recent economic reforms, Malaysia features on the top of the list for the most attractive destinations for expatriates, according to a recent HSBC survey.
The survey ranks the cities by a variety of factors from the area’s quality of urban living, ease of settling, urban work life, cost of living as well as housing.
Kuala Lumpur, as a popular expat haven, presents very limited language or cultural barriers for newcomers. The nearly 32 million strong population boasts a great number of foreigners including a high proportion of Chinese and Indian nationals who have made Malaysia their home. This means Hindi, Mandarin and English are commonly used languages, alongside Bahasa Malaysian, the national language.
Malaysia is a rapidly developing economy in Asia which, in recent years, has successfully transformed from an exporter of raw materials into a diversified economy. The largest sector of the economy is services, accounting for around 54 percent of GDP. The Malaysian economy is growing at a rate of 5.4% p.a., which is lower than in 2017 but still considerably higher than other Asian economies.
The recent article in The Telegraph featuring Access Financial demonstrates that Malaysian companies are ready to pay high salaries to entice international experts to come and work in the country.
ACCESS FINANCIAL IN MALAYSIA
Access Financial opened a new office in Malaysia this year, to meet the rising demand for immigration and payrolling services. Contractors seeking temporary employment opportunities will likely need to engage umbrella services in payroll Malaysia to help manage the registration process and maximise retention without any tax difficulties, an area where Access Financial can help. Access Financial can also assist in arranging medical insurance, dependent visas, opening bank accounts, payroll processing and tax clearance. That said, once a contractor has a valid work visa, the lifestyle benefits of living in Malaysia as mentioned above are well worth the effort. We have global experience and local expertise to put at the service of international contractors. Our staff will make seamless the transition to your new professional life. To read more about the recent launch in Malaysia, the registration process and how Access Financial can help, click here.
Wherever you are considering moving to as an expatriate, it is important to do your homework. But, don’t be afraid, because there are opportunities to be had and Access Financial will be there to guide you through the maze of local compliance requirements.