JOHOR BAHRU: A total of 32 local and foreign companies, including those from Singapore and Thailand, have expressed interest in opening business operations in the Forest City Special Financial Zone (SFZ).
Chairman of the Johor Investment, Trade, Consumer Affairs, and Human Resources Committee, Lee Ting Han, said that 19 companies from the three countries, including Malaysia, have shown interest in establishing family offices, with two already receiving approval from the Securities Commission Malaysia (SC).
"The renowned Malaysian investment company, CMY Capital and Yow Kee Family Office, have obtained SC approval, making them the first group to open family offices that will operate in Forest City SFZ," he said in a statement today.
He said the opening of the two companies would have a direct impact, with more family offices and financial institutions expected to begin operations in Forest City this year.
According to him, this achievement also reflects that all the planning by the state and federal governments to ensure the success of Forest City as an SFZ and the Johor-Singapore Special Economic Zone (JS-SEZ), more broadly, is on the right track.
Lee said the Ministry of Finance is currently finalising the incentive package announced earlier.
"This includes a zero corporate tax rate for family offices, a corporate tax rate of zero to five per cent for businesses, and an average income tax rate of 15 per cent for highly skilled workers, which is expected to be enforced soon.
"During that period, accepted applications will be processed individually to expedite approvals and simultaneously attract more investments to SFZ," he said.
Lee noted that the recent visit of Chinese President Xi Jinping to Malaysia brought significant development opportunities, particularly in economic and trade cooperation between the two countries, thereby providing further investment prospects for Johor, including the Forest City SFZ.
"His Majesty, Sultan Ibrahim, the King of Malaysia, stated that there is great potential for companies and investors from China to explore opportunities in Malaysia, aligning with the interests of regional connectivity and high-quality development under China's 'Belt and Road' Initiative," he said.
Therefore, he said the Malaysia Investment Facilitation Centre in Johor (IMFC-J) has been established as a one-stop centre for investors, where an account manager is assigned to review each investment file and profile.
"The role of the account manager is to facilitate transactions between investors and local authorities, federal government agencies, and utility companies," he said.
Lee added that since January 2025, the IMFC-J office has received more than 250 enquiries from interested investors. - Bernama
