ISKANDAR PUTERI: A total of 11 companies, including eight family offices, have expressed interest in setting up their businesses in the Special Financial Zone (SFZ) in Forest City, says Datuk Onn Hafiz Ghazi (pic).
The Johor Mentri Besar said the family offices include logistics company Tiong Nam Logistics Holdings, developer and engineering services provider AME Elite Consortium Bhd, and investment company Wan Li Holdings.
“The eight family offices that have shown interest include a company from Indonesia and two Taiwanese companies.
“Apart from family offices, two asset management companies, namely CIMB (Group Holdings Bhd) and China’s Galaxy Securities Co Ltd, have also shown their interest in setting up businesses in the area,” he told the Johor state assembly in Kota Iskandar here on Wednesday (Nov 27).
He said this in response to questions from Arthur Chiong Sen Sern (PH-Bukit Batu) and Fauziah Misri (BN-Penawar) about the progress of the SFZ.
He added that apart from the companies, five major financial institutions have also shown interest in setting up operations in the SFZ.
The Mentri Besar said there are two primary focus sectors for the SFZ - banking and financial services, logistics, global services and relocation services.
“Banking and financial services will be offered at Forest City Island 1.
“This includes not only banking facilities but also business and commercial community needs, including investments, insurance, Financial Technology (FinTech), Regulation Technology (RegTech), and Insurance Technology (Insurtech) for both conventional and Islamic banking.
“Logistics, global services, and relocation services are set to be at Forest City’s mainland and will be supported by support services such as customer support and product development, marketing, finance and accounting,” he said.
In September, Finance Minister II Datuk Seri Amir Hamzah Azizan announced a package of incentives to make Forest City a magnet for international capital.
This includes a 0% tax rate for single-family offices, a concessionary corporate tax rate between 0% and 5%, and a special individual income tax rate of 15% for knowledge workers and Malaysians who choose to work in Forest City.
