Malaysia Launches Unicorn Golden Pass to Attract Global Tech Giants and Foster Innovation

Malaysia launches Unicorn Golden Pass initiative to attract global tech giants, offering incentives for setting up in the country. The KL20 Action Plan outlines measures to accelerate the startup ecosystem, focusing on capital, talent, and quality of startups.

22 April 2024 – Malaysia is set to launch the Unicorn Golden Pass initiative, aiming to attract global unicorns and create high-skilled, high-value jobs, as announced by Economy Minister Rafizi Ramli during his keynote address at the KL20 Summit held at the Kuala Lumpur Convention Centre.

Rafizi emphasized Malaysia’s ambition to position itself as the Southeast Asian base for global technology companies under the Unicorn Golden Pass initiative. In return for setting up in Malaysia, companies will receive a package of incentives, including exemptions on employment pass fees for senior management, subsidized rentals, concessional tax rates on corporate profits, relocation services, and startup concierge services.

The KL20 Action Plan, introduced during the summit, outlines initiatives to accelerate critical areas of the startup ecosystem, including capital, talent, and the quality of startups. Malaysia aims to become the choice destination for early-stage and growth capital, center for world-class entrepreneurs and skilled talent, and home for world-leading startups.

Under the VC Golden Pass, Malaysia plans to attract world-leading venture capitalists by offering incentives such as access to limited partners (LP) funding, subsidized office spaces, expedited license registrations, and waived employment pass fees. The Innovation Pass aims to enlarge the pool of high-skilled talent with a multi-tier employment pass program tailored for founders, senior management, high-skilled talent, and general tech talent.

Furthermore, Malaysia plans to strengthen its artificial intelligence infrastructure to attract top talent. The KL20 GPU Scheme will provide startups and tech firms with infrastructure to work on breakthrough AI solutions. The Startup Single Window will act as a one-stop center for information and application for the startup ecosystem.

Rafizi highlighted Malaysia’s strategic geographical and cultural position, making it an ideal testbed for product launches and pilots. He emphasized Malaysia’s role as a microcosm and gateway to the East, with its diverse population, quality digital amenities, and affordable costs.

With these initiatives, Malaysia aims to attract global tech giants, foster innovation, and position itself as a leading hub for technology and entrepreneurship in the region. – ref: Bernama

Author: Terry KS

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