Business Expansion into the UK: What Should Malaysian Enterprises Consider?

The UK is the world’s 6th largest economy, with a GDP of £2.27 trillion recorded in 2023 and a growth of 0.7% forecast for 2024. 2024 marks a pivotal moment to elevate the longstanding trade relations between the UK and Malaysia into a contemporary partnership. The inaugural ministerial meeting of the UK-Malaysia Joint Economic and Trade Committee (JETCO) will take place, in addition to the upcoming implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) for the UK. Malaysia is one of the only CPTPP members which the UK does not currently have a bilateral agreement and with both countries being a member of CPTPP, it will enhance market access for both economies.

According to the UK Department of Business and Trade latest data, the total trade in goods and services (exports plus imports) between the UK and Malaysia was £5.7 billion in the four quarters to the end of Q1 2024. Malaysia was the UK’s 45th largest trading partner for the same period. In 2023, the UK welcomed 156,000 visits from Malaysia. During the travellers’ visits, their total expenditure was £179 million, with an average spend of £1,151 per visit.

While the UK market presents great potential for Malaysian enterprises, there are many areas which enterprises need to consider before expanding into the UK. These include exploring the need of setting up permanent establishment, understanding commercial contracts, employment and immigration rules, protecting intellectual property and so on. This seminar will provide a detailed overview of key considerations for Malaysian businesses when expanding into the UK and how to meet the compliance standards for doing business in the UK.

Host or Publisher Irwin Mitchell LLP