Malaysia has unveiled ambitious schemes aimed at propelling the country into becoming Southeast Asia’s premier business hub, with a particular focus on attracting unicorn start-ups and venture capitalists (VCs). One of the key initiatives introduced is the ‘Golden Pass’ scheme, designed to entice unicorn start-ups and VCs and establish Malaysia as a hotspot for high-skilled and high-value job creation. Alongside this, the government has launched several other initiatives, including the Innovation Pass and Innovation Belt to broaden the pool of high-skilled professionals, the GPU Scheme catering to AI-centric start-ups, and the Single Window system to streamline application processes.
The incentives offered under the ‘Golden Pass’ scheme include exemptions from fees and visas for senior management executives of unicorn start-ups, subsidies for rent, and tax concessions. Similarly, VCs are offered benefits such as expedited license approvals and exemptions from work visas for senior executives. However, eligibility criteria apply, with only VCs managing assets over $100 million and demonstrating a strong track record in tech investments being eligible for certain benefits.
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Economy Minister Rafizi Ramli emphasized the government’s vision to position Malaysia as Southeast Asia’s technology hub, attracting global unicorns and fostering a conducive environment for entrepreneurship. Rafizi highlighted Malaysia’s strategic advantages, including its geographical proximity to major markets and diverse domestic population, making it an ideal testing ground for product launches and pilots.
Additionally, Malaysia is focusing on bolstering its semiconductor ecosystem, with plans to establish semiconductor plants near Kuala Lumpur and prioritize the development of artificial intelligence infrastructure. Prime Minister Anwar Ibrahim underscored Malaysia’s commitment to becoming a leader in semiconductors, clean energy, agritech, and Islamic fintech, positioning the country for sustained growth and transformation.
The initiatives announced signal Malaysia’s proactive approach to attracting investment, fostering innovation, and positioning itself as a global business destination in the technology sector.
