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ISP designed for investor in Medini who meet the criteria for Approved Developers, Approved Development Managers and IDR-Status Companies
An Approved Developer is an approved Malaysian incorporated resident company which purchases or acquires any right(s) over part or the whole of the land in an approved node (Medini) in Iskandar Malaysia to undertake development in accordance with the master plan for the node.
Approved Development Managers
An Approved Development Manager is an approved Malaysian incorporated resident company appointed by an Approved Developer to provide management, supervisory or marketing services to the said Approved Developer.
An IDR-status company is a company incorporated under the Companies Act 1965 and approved by MOF and resident in Malaysia which undertakes a qualifying activity in the approved node within Iskandar for customers located within the approved node and outside Malaysia or wholly for customers outside Malaysia.
The qualifying activities will be related to the following 6 categories of service-based sectors:
Financial advisory and consulting
Approved Development Managers
Income tax exemption for provision of management, supervisory or marketing services within approved node (up to year 2020).
Withholding tax exemption for services up to 31 Dec 2015.
Unabsorbed losses incurred during the tax exempt period can be carried forward to be offset against income derived from the activities outlined above during the post-exempt period.
Exemption from corporate income tax for a period of 10 years in respect of statutory income derived from qualifying activity carried out within the approved node for customers situated within the approved node and outside Malaysia or wholly for customers outside Malaysia.
Exemption from compliance with the withholding tax provisions on payment of royalty and services fee to non-residents for a period of 10 years from commencement of operations.
Exemption from RPGT on disposal of land and buildings.
Enhanced incentives for Medini
Option for 100% ITA for 5 years to be set off against 100% of statutory income.
Tax exemption to include income derived from within IM and anywhere in Malaysia as follows:
Can derive up to 100% from within IM.
Against the total revenue from IM, a maximum of 20% from anywhere in Malaysia (only for first 3 years of operations).
Import duty/ sales tax exemption.
Exemption from the Foreign Investment Committee (FIC) rules
There is no restriction on foreign equity ownership
Not necessary to seek for FIC’s approval in relation to acquisition of property and acquisition of interest in companies
Flexibilities under the foreign exchange administration rules as follows:
Make and receive payments in foreign currency with residents;
Borrow any amount of foreign currency from licensed onshore and non-residents;
Invest any amount in foreign currency assets onshore and offshore;
Retain export proceeds offshore and to offset export proceeds against other foreign currency payables due to non-residents;
Issue foreign currency bonds in Malaysia as part of the entity’s fund-raising requirements;
Borrow in ringgit from its non-resident non-bank parent company to finance activities in the real sector in Malaysia;
Borrow in ringgit up to RM 1 million in aggregate from non-resident non-bank companies or individuals for use in Malaysia.
Unrestricted employment of foreign knowledge workers
Entitled to employ any number of expatriates to their business requirements.
C-07-01 to 08, Block C, Level 7, Sky Park One City, Jalan USJ 25/1A, 47650, Subang Jaya, Selangor Darul Ehsan, Malaysia