Rikvin Launched “IDR” Setup Services for International Clients
Rikvin launched comprehensive setup and business migration services for clients, who wish to setup their business in Malaysia new development gateway, Iskandar Development Region or commonly known as IDR.
Iskandar Development Region (IDR) is set to become Southern Peninsular Malaysia's most developed region, where living, entertainment, environment and business seamlessly converge within a bustling and vibrant metropolis.
Incentives in IDR
Initial Incentive and Support Package (ISP) in IDR
These incentives, announced on March 22, 2007, are designed to encourage and kick-start early investment into IDR focusing on the targeted 6-services based sectors at designated nodes.
They are:
a. Corporate tax exemption for 10 years
b. Exemption from FIC ruling
c. Allowed to source capital globally
d. Allowed to employ foreign workers without restrictions
How to qualify for ISP in IDR?
In order to qualify for the above incentives, the company must be an IRDA-status company. There are two general criteria to fulfill in order to qualify as an IRDA-status company, namely:
1. Must be involved one of the following six activities:
- Creative industries
- Educational services
- Financial advisory and consulting services
- Healthcare services
- Logistics services
- Tourism related activities
2. Be situated in the designated IRDA-approved zones
Foreign knowledge workers in Iskandar will be able to import or purchase a duty free car for their personal use. This incentive is similar to that offered under the Malaysia My Second Home programme.
Tags: business, company, setup, tax
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