Economy minister Rafizi Ramli said that with the right investors and talent, Malaysia would be the regional base for global technology companies.

“We want to attract global unicorns to Malaysia, so that high-skilled and high-value jobs are created, and a pipeline of future entrepreneurs and senior leaders in tech is developed.

“In return, we are offering a package of incentives including exempted fees for employment passes for senior management, subsidised rent, concessionary tax rates on corporate profits, relocation services, and a start-up concierge that handles the backroom registration,” he said in his speech at the KL20 Summit 2024 event at the Kuala Lumpur Convention Centre today.

Rafizi also announced two other visas: the venture capital (VC) golden pass, and the innovation pass.

“We are offering a series of incentives, including limited partner funding access opportunities, subsidised office spaces, expedited licence registrations, and exempted fees for employment passes.

“Our hope is that with more international and sophisticated VCs in Malaysia, innovative start-ups within the country will have access to more funding, networks, and mentoring to help them cross the chasm and scale to other markets,” he said.

Meanwhile, he said the innovation pass is to enlarge the pool of highly skilled talent.

“We are introducing a multi-tier employment pass programme that gives tailor-made benefits to founders, senior management, highly skilled talent, and general talent in tech.

“This will enable the cross-pollination of ideas between Malaysians and international talent that will have a net positive effect on the ecosystem,” he said.