Business in Kuala Lumpur

Business in Kuala Lumpur

Kuala Lumpur and the areas nearby stand for the most industrialized and economically, the rapidest developing region in Malaysia. Although the federal government administration had been transmitted to Putrajaya, specific government’s vital machineries such as Bank Negara Malaysia (Central Bank of Malaysia), Companies Commission of Malaysia and Securities Commission in addition to almost all embassies and diplomatic delegations are still located in the city.
The city symbolizes the economic and businesses core of the country. As a matter of fact, the city is a core for finance, insurance, real property, media and the arts of Malaysia. The base growth in the nearby areas such as the Kuala Lumpurs’ International Airport at Sepang, the foundation of the Multimedia Super Corridor and the expansion of Port Klang support more the economic importance of the city.

Practicing business in Kuala Lumpur particularly if a person is changing his location demands having a reasonable idea about its banking and business formulas, which can have a crucial consequence upon your business programs.

The following instructions will afford you a fast glance of the business formulas pursued in Kuala Lumpur

Business Meetings: The most favorite place for carrying on business meetings, disregarding about if official or unofficial, at Kuala Lumpurs’ is office. A person can likewise carry on meetings at restaurants and other public places. Although it is extremely humid, suit and tie establish the official dressing formula for men, though for women putting on a chic dress is regarded as business in Kuala Lumpur official.

The business in Kuala Lumpur goes on principally utilizing English and generally all business people interpret and speak English perfectly. Yet, a limited number of Bahasa Malaysian words can assist breaking the ice rapidly. Using the right hand is regarded as suitable for handshakes and other crucial business performances. Business cards should be still handed over while using both hands.

Business Timings: Kuala Lumpur business and office hours are 0900 to 1700, from Monday to Friday. Once carrying on a meeting or making a visit to a business location, attempt not to manage this on a Friday since most religious vacations come on Fridays. Government departments in Kuala Lumpur do not notice the business timings referred to above and therefore close earlier.

Meeting and Greeting: customers and business fellows are not allowed for home visits for discussing business issues. Malaysia is a Muslim country and therefore they do not have alcohol at lunch and dinner hours for that might not be regarded as right. When offering a gift, make certain that you have a reasonable recognition concerning local savors and business favors.

Bursa Malaysia or the Malaysia Exchange is settled in the city and grades one of its main economic activities. As of 20 November, 2007, the business in Kuala Lumpur market capitalization made up US$318.65 billion.

There has been developing effort to build up the economic range of the city into other service fields such as research and development which helps the rest of the economy of Malaysia. Kuala Lumpur has been base throughout years to crucial research centers such as the Rubber Research Institute of Malaysia, the Forest Research Institute Malaysia and the Institute of Medical Research and more research centers are business in Kuala Lumpur anticipated to be founded in the upcoming years.