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Business process outsourcing has become incredibly popular with companies ranging from small to medium size enterprises, and big corporation over the last two decades. Business process outsourcing (BPO) is the contracting of non-primary business activities and functions to a third- party provider.
Broadly speaking, companies adopt BPO practices in two main areas which are back office and front office operations. Back office BPO refers to a company contracting its internal business operations such as accounting, payment processing, IT services, human resources, regulatory compliance, and quality assurance to external professionals who ensure the business runs smoothly. In contrast, front office BPO tasks commonly include customer – related services such as tech support, sales, and marketing.
BPO IN MALAYSIA
Initial business startup idea and subsequent efforts to bring that vision into fruition. Factors one enterprise would take into consideration before expanding his business overseas usually include market potential, skilled workforce, technical support or natural raw material support, and government incentive to foreign enterprise. According to CEOWORLD MAGAZINE (2019), Malaysia has been crowned as the best country in the world to invest in or do business based on 11 factors*.
Malaysia, strategically located between two market-giants of Asia – India and China enables companies to expand in all directions within Asian market. Labuan with its low tax regime is also seen as a big plus for foreign enterprise to invest in Malaysia. In terms of location, tax regime and maturity of BPO industry, Labuan is a brilliant and rational choice for you to set up your foundation in expanding your business.