1. BUSINESS PREMISE LICENSES AND SIGNBOARD LICENSES
The lone casino in Malaysia was founded in 1969 by Tan Sri Lim Goh Tong when he asked former Prime Minister Tunku Abdul Rahman to give him a licence to operate a casino. The Genting Group was given the necessary permits, which led to the creation of the Casino de Genting in 1971.
- A driving licence is required in Malaysia before a person is allowed to drive a motor vehicle of any description on a road in Malaysia under the Road Transport Act 1987, section 26(1). Under section 26(1) of the Road Transport Act, an individual must possess a valid driving licence before being permitted to drive on the road, or can be prosecuted under section 26(2).
- On top of that, the ministry of finance, which issues the casino licence, has increased the annual casino licence fees by RM30 million to RM150 million, and machine dealer's licence to RM50,000 from RM10,000 a year. It is believed that this is the first hike on casino duties in 20 years.
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Companies doing business in Malaysia are required to apply for business premise licenses and signboard licenses from the respective State Authorities. The requirements for the application of a business premise license and a signboard license may vary according to each local authority. Generally, an application for a business license and signboard license must be accompanied by:
(i) Photocopy of the applicant's identity card
(ii) Passport-sized photograph of the applicant
(iii) Copy of the company's M&A and Forms 9, 24 and 49
(iv) Copy of either the rental agreement or the sale and purchase agreement of the company's business premise
(v) Copy of the Certificate of Fitness of the company's business premise
(vi) Copy of the Fire Department's support letter
(vii) Copy of the location plan of the company's business premise
(viii) Photographs of the business premise
(ix) Photographs showing the location of the company's signboard
(x) Samples of the signboard indicating its design and colors
For further information for companies located in Kuala Lumpur, kindly visit DBKL's website at www.dbkl.gov.my
For further information for companies located in Petaling Jaya, kindly visit MPPJ's website at www.mbpj.gov.my
2. SPECIAL LICENSES
In addition companies doing the following businesses are also required to obtain special licenses:
i) Manufacturing
Manufacturing companies with shareholders' funds of RM2.5M and above or which employ at least 75 full-time employees are required to apply for manufacturing license from MIDA.
For further details please visit MIDA's website at http://www.mida.gov.my
ii) Banking
Under the Banking and Financial Institutions Act, 1989, the Malaysian Central Bank licenses and regulates businesses such as banking, money broking, discount houses, provision of credit and finance, merchant banking, deposit taking and certain other financial businesses.
For further details, please visit Bank Negara's website at www.bnm.gov.my.
iii) Building and Construction
All Companies in this field must obtain a licence from the Construction Industry Development Board (CIDB) prior to incorporating in Malaysia and before undertaking any construction and related activities in the country.
For further details, please visit CIDB's website at www.cidb.gov.my
iv) Oil and gas industry
When incorporating in Malaysia, companies which wish to explore and develop upstream oil and gas reserves in Malaysia are required to sign a production sharing agreement with Malaysian state Oil Company Petronas.
(vi) Copy of the Fire Department's support letter
(vii) Copy of the location plan of the company's business premise
(viii) Photographs of the business premise
(ix) Photographs showing the location of the company's signboard
(x) Samples of the signboard indicating its design and colors
For further information for companies located in Kuala Lumpur, kindly visit DBKL's website at www.dbkl.gov.my
For further information for companies located in Petaling Jaya, kindly visit MPPJ's website at www.mbpj.gov.my
2. SPECIAL LICENSES
In addition companies doing the following businesses are also required to obtain special licenses:
i) Manufacturing
Manufacturing companies with shareholders' funds of RM2.5M and above or which employ at least 75 full-time employees are required to apply for manufacturing license from MIDA.
For further details please visit MIDA's website at http://www.mida.gov.my
ii) Banking
Under the Banking and Financial Institutions Act, 1989, the Malaysian Central Bank licenses and regulates businesses such as banking, money broking, discount houses, provision of credit and finance, merchant banking, deposit taking and certain other financial businesses.
For further details, please visit Bank Negara's website at www.bnm.gov.my.
iii) Building and Construction
All Companies in this field must obtain a licence from the Construction Industry Development Board (CIDB) prior to incorporating in Malaysia and before undertaking any construction and related activities in the country.
For further details, please visit CIDB's website at www.cidb.gov.my
iv) Oil and gas industry
When incorporating in Malaysia, companies which wish to explore and develop upstream oil and gas reserves in Malaysia are required to sign a production sharing agreement with Malaysian state Oil Company Petronas.
For further details, please visit Petronas website at www.petronas.com.my
v) Wholesale and Retail Trade
When incorporating in Malaysia, note that all proposals for foreign involvement in wholesale and retail trade must obtain the approval of the Committee on Wholesale and Retail Trade (CWRT).
There is no restriction on maximum shareholding i.e. foreigners can own 100% of a company. If they own more than 30% of any company, they will be required to apply for Foreign Investment Committee approval, the process of which takes more than 6 months but approval is normally given. Normally, small businesses will not apply for any FIC approval unless there is business with the government departments.
Wholesale and Retail Trade (WRT) license is required by all companies that are in the wholesale, retail, trading, import/export and restaurant business which have foreign shareholding. The WRT license is required by all the said business sectors before they can apply for a professional work permit.
The Companies with foreign ownership that are engaged in distributive trade are required to obtain a wholesale and retail trade (WRT) license from the Malaysian Ministry of Domestic Trade and Consumer Affairs (MDTCA) [KEMENTERIAN PERDAGANGAN DALAM NEGERI DAN HAL EHWAL PENGGUNA (KPHDN)]. For WRT, the minimum paid up capital requirement is RM 1 million. Other companies with foreign ownership that are not engaged in distributive trade do not require a WRT license.
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For further information, kindly visit KPHDN's website at www.kpdnkk.gov.my
3. FOREIGN INVESTMENT COMMITTEE APPROVAL
Foreign investors may have to obtain the approval from the FIC for the following:
- any proposed acquisition by foreign interests of any substantial fixed assets in Malaysia
- any proposed acquisition of assets or any interests, mergers and take-overs of companies and businesses in Malaysia by any means, which will result in ownership or control passing to foreign interests
- any proposed acquisition of 15% or more of the voting power by any one foreign interest or associated group or by foreign interest in the aggregate of 30% or more of the voting power of a Malaysian company and business
- control of Malaysian companies and businesses through any form of joint-venture agreement, management agreement and technical assistance or other arrangements
- any mergers and take-over of any company and business in Malaysia whether by Malaysian or foreign interests
- any other proposed acquisition of assets or interests exceeding RM10 million in value whether by Malaysian or foreign interests (the threshold was revised to RM10 million with effect from 21 May 2003)
- Any acquisition by Malaysian interests of shares in Malaysian incorporated companies which constitutes more than 50% of the voting power of the company, i.e. where it gains statutory control.
Specific projects approved by the Government are exempted from the requirement of obtaining FIC's prior approval. Normally, small businesses will not apply for any FIC approval unless there is business with the government departments.
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