- Forest City has realized the implementation of highly competitive incentives covering the industry of healthcare, tourism and education
- Forest City will continually introduce incentives to support its own development. In next coming phases, Forest City’s incentive application will mainly focus on regional headquarters, entrepot trade hub and financial center
- Forest City will also work out exclusive incentive for strategic partners.
Incentives available to Investors of Forest City:
- Income tax exemption up to 2028
- Income tax exemption up to 2028
- Income tax exemption
- Investment Allowance
Qualifying activities for tourismHotel, Theme park, entertainment centre, Conference and exhibition centre, Regional operation centre of hotel/leisure
Qualifying activities for educationPrivate University, Private College, SKill training centre, Institute of research and development, Regional training centre, International school
Qualifying activities for healthcareHospital, Traditional and complimentary medicine centre, Integrated orthodontic and dental services, Healthcare R&D, Integrated laboratory centre
Duty FreeAll the retailed commodities (Including alcohol, liquor, cigarettes, tobacco, and other dutiable luxury items) sold within duty free area will be exempted from import duty and excise duty
Instruction of Tax Incentive Application
All the materials related to Forest City incentive application shall be directly submitted to Iskandar Regional Development Authority (IRDA). Deloitte, a world-renowned account consultancy, will provide exclusive service to the investors in Forest City for incentive application. The applicants will be informed final results within three to six months.
|1||Preparing supporting document before material submission. Filling in incentive application form (Provided by IRDA, the application mainly include basic information of applicant, current investment and prediction on future capital flow)|
|2||Submitting application material to IRDA, IRDA will assign the document to industry head and officials. IRDA will have a meeting with applicants when any inquiry arising.|
|3||Internal inspection and evaluation, IRDA will hold internal evaluation meeting for specific application|
|4||Representatives from other government department (Ministry of Finance for example) will presemt during the meeting and make the decision.|
|5||IRDA will make the final decision based on the result of evaluation and inform the result to applicant in the form of policy paper.|
Competitive Operation Costs
Investors in Malaysia can enjoy lower operating costs compared to Singapore. Capital expenditure such as housing, machinery and equipment purchase costs will be more affordable, with land costs at just one-third of Singapore’s, and salaries at only half of Singapore’s. Established in 2006, the Iskandar Special Economic Zone has lifted Johor’s GDP by at least 4.5 times. In next 10 years, GDP growth in Johor will remain at 8%, surpassing that of Singapore’s, which is projected at 4.6%. Forest City will attract highly skilled technicians and talents from the region.
a. Quality Living at Affordable Price
Compared with the major metropolitan cities, property prices in Forest City are extremely competitive. Property here is also on a freehold basis and free from inheritance taxes. Besides, exclusive incentives have been granted by the Malaysian government, offering foreign property buyers a lower purchasing threshold of RM 500,000, compared with RM 1million for local buyers.
b. World-Renowned Amenities
Forest City benefits from being surrounded by top-notch educational and medical resources in Iskandar Malaysia. Meanwhile, through cooperating with Iskandar Special Economic Zone, Forest City will develop world-renowned medical and educational facilities, creating core competitiveness for corporates on the talent acquisition front.
High-End Healthcare Services
There are 11 specialist hospitals providing high-end medical services in the Johor Bahru area, these include Gleneagles Medini Hospital, Columbia Asia Hospital, KPJ Johor Specialist Hospital, Puteri Specialist Hospital and Regency Specialist Hospital.
Educity, located in the Iskandar Education Town, produces large numbers of graduates with a global vision to Iskandar Malaysia. World-renowned institutions such as Newcastle University, University of Reading, University of Southampton and Singapore Institute of Management are present at Educity, churning out more than 150,000 graduates every year. This will significantly expand the talent base in Iskandar.
Malaysia My Second Home (MM2H)
- Successful applicants will hold ten-year residence visa.
- The applicant’s spouse, parents and children will automatically qualify for a second home once the application is approved，so that they can all enjoy Malaysia’s quality healthcare and education.
- Children of Chinese applicants are qualified to sit for the “College Entrance Exam for Overseas Chinese”. Participants will have the opportunity to be admitted into first-class Chinese University with relatively lower grades.