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In this COVID-19 economy, Malaysia is one of the safest countries to invest in for better business survival, investment, medical, family & living security. Today we will make a small review that why it will be the best decision to invest in Malaysia at this moment. We make your investment & company setup successful in Malaysia as per your budget.
For the COVID-19 pandemic, the Malaysian government updated the implemented measures continuously, such as; Movement Control Order (MCO), based on the COVID-19 situation from time to time. Until 31st March 2021, Malaysia recorded 345,500 total COVID-19 cases, of which 14,604 hospitalized, 329,624 recovered, and had 1,272 deaths. All the important economic sectors have reopened, with a very strict SOP (Standard Operating Procedure) to follow. The country border remains closed and only travelers with approval from relevant agencies are allowed to enter.
Measures are taken to prevent COVID-19:
As per the Emergency (Prevention and Control of Infectious Diseases) (Amendment) Ordinance 2021, from 11th March 2021, any individuals who violate SOPs stipulated for the prevention and control of the COVID-19 pandemic can be fined not more than RM10,000. Companies that violate the SOPs can be fined not more than RM50,000.
International travel is still not permissible as Malaysian borders remain closed. Malaysia and Singapore’s borders going to reopened for the selected travelers under the Reciprocal Green Lane (RGL) and the Periodic Commuting Arrangement (PCA) travel schemes very soon.
The Malaysian government is very open to business investment and welcomes the entry of business travelers amid the COVID-19 pandemic. The government started the One Stop Centre, in October 2020, which aims to help business travelers’ business entry to Malaysia easier. The government has also started a Safe Travel Portal with information and advisory services to help business travelers entry into Malaysia, effective from 3rd March 2021.
Before entering Malaysia, the applicant is requested to undergo the rT-PCR COVID-19 Test abroad within 3 days and must be medically confirmed to be tested negative for COVID-19. All entries into Malaysia must take another health screening at the Point of Entry (POE) - the travelers must bear rT-PCR COVID-19 test and quarantine costs. On 18th September 2020, the National Disaster Management Agency has decided that all foreign nationals are subjected to bear the full quarantine cost of RM4,700, effective from last 24th September 2020. All Malaysians and foreigners who are coming back to Malaysia, must download and use the MySejahtera application.
According to the Malaysian Ministry of Finance, Malaysia’s GDP is expected to regain its growth in 2021 of 6.5% to 7.5%. The online sales of consumer goods growing rapidly by 40% due to the pandemic. Malaysian consumer behavior has changed due to the COVID-19 pandemic and making the new normal for good, now Malaysian are more comfortable buying online and contact less payment transactions. Courier services are recognized as one of the sectors less affected by the COVID-19 pandemic.
Budget 2021 theme this year is “Stand United, We Shall Prevail”, with the allocation of MYR322.5 billion expenditure to revive the economy more.
The 2021 Budget has three key areas of focus: ensuring the well being of the people, business continuity, and resilience of the economy. 73.30% of the total budget is allocated for Operating Expenditure, 21.40% for Development Expenditure, and a special allocation of 5.30% for the COVID-19 fund. Budget 2021 extends the support provided in the earlier announced economic stimulus packages.
Key highlights of Budget 2021:
The Malaysian government plans to revive the economic activities by medium, and Long-term Economic Recovery plans, which will introduce economic stimulus packages. On 5th June 2020, the Malaysian Prime Minister announced the Short-term National Economic Recovery Plan – PENJANA. Malaysia is currently in the 4th Phase: Recovery, under the 6-Phase Plan (6Rs): Resolve, Resilience, Restart, Recovery, Revitalise, and Reform. PENJANA has 40 initiatives worth MYR35 billion, focusing on 3 key thrusts - Empower People, Propel Businesses, and Stimulate the Economy. PENJANA has stimulated Malaysia’s economy through the Wage Subsidy Program 1.0, benefitting over 322,177 employers and 2.64 million employees.
Malaysia has the 2nd highest E-Commerce penetration rate in the ASEAN region. During the COVID-19 pandemic, Malaysia’s E-Commerce Industry has expanded at a fast pace. The accelerated E-Commerce industry’s growth is mainly due to the increase in the number of online shoppers.
To start a business or buy a business in Malaysia you will need business licenses, specially if you are a foreigner, it's a must to have a Pvt. Ltd. or SDN BHD company. We are processing company registration, bank account, business licenses, accounts & taxes for you as experienced accountants, tax advisors, SST advisors & business investment advisors.
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Why Lim & Ani Associates Sdn Bhd
We are providing one of the best business setup & company registration services in Malaysia, with experienced & licensed company secretaries, professional accountants, auditors, tax & SST experts, business advisors - a one-stop business solution in Malaysia.
As one of the best leading corporate advisors, we are offering services below as per business act 2016 & Malaysian Government policy;
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