32 firms queue up for Forest City's billion-ringgit financial zone
Of the 32, at least 19 are looking to establish family offices, with interest pouring in from Malaysia, Singapore and Thailand.
Two companies namely CMY Capital and Yow Kee Family Office have secured approvals from the Securities Commission Malaysia (SC), marking them as pioneers in the zone.
Johor Investment, Trade, Consumer Affairs, and Human Resources Committee chairman, Lee Ting Han said the momentum showed that Forest City was firmly on track of becoming a financial services powerhouse.
"All agencies are actively driving investor interest, and we are seeing the results. The government's game plan is working," he said, in a statement today.
Lee said CMY Capital and Yow Kee Family Office's entry had set a precedent for others to follow, creating a "demonstration effect" expected to attract a wave of family offices and financial institutions by year-end.
Incentives under the SFZ include a zero per cent corporate tax for family offices with a zero to five per cent corporate tax range and a flat 15 per cent income tax rate for knowledge-based workers.
The Finance Ministry is working to legally enshrine the packages, with current applications handled on a case-by-case basis to fast-track approvals.
Lee said more than 250 investor inquiries have been received since January by the Invest Malaysia Facilitation Centre Johor (IMFCJ), the state's newly launched one-stop hub for investors.
"The IMFCJ assigns dedicated account managers to assist with regulatory procedures, local authorities, utilities and federal agency dealings, to streamline what the process," he added.
Forest City's momentum also gained traction following Chinese President Xi Jinping's recent visit, which culminated in a landmark Malaysia-China visa waiver agreement and renewed bilateral economic cooperation.
In a Facebook post on April 16, His Majesty Sultan Ibrahim, King of Malaysia, highlighted the potential of Forest City under this enhanced regional connectivity.
"There is great potential for Chinese companies and investors to explore opportunities in Malaysia, as it aligns with regional connectivity high-quality development under China's Belt and Road Initiative.
"With strong strategic incentives and a favourable location, the Forest City SFZ within the JS-SEZ has emerged as one of the region's prime investment destinations," Sultan Ibrahim posted.
Lee said engagement with anchor investors was ongoing, with the government ready to offer pre-packaged, tailored incentives to suit strategic investment needs.
"With strategic location, investor-friendly incentives and political support, Forest City is emerging as Southeast Asia's next frontier for high-value financial investments," he added.
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