For a region to grow rapidly, business is an indispensable industry. As a special financial zone in Malaysia, Forest City is directly linked to the word business, and the development team, strategic location, policy advantages and geographical location of Forest City are very conducive to the long-term development of business in the region.
In 2016, Forest City was designated as a duty-free zone in Malaysia**, and there are currently 3 duty-free shops in operation, including alcoholic beverages, chocolates, cosmetics and perfumes. In the future, Forest City will gradually introduce more duty-free retail outlets and attract more industries to land, so as to move steadily towards the goal of duty-free on the whole island.
In August 2023, Malaysian Prime Minister Datuk Seri Anwar Ibrahim set Forest City as a special financial zone, and employees working in the Forest City Special Financial Zone can enjoy a special income tax rate of 15%, convenient customs channels, special residence permits and other preferential policies, which is conducive to the influx of a large number of knowledge workers and skilled workers, and enterprises or businesses will not have a shortage of employees.
In addition, Forest City is located in the extremely economically dynamic Iskandar Malaysia Special Economic Zone, and certified enterprises in this special economic zone can apply for corporate tax deductions from **, and can enjoy corporate income tax reduction after approval, and there is no foreign shareholding requirement for these enterprises. The policy will attract global enterprises and international capital investment.
Singapore and Malaysia have signed a Memorandum of Understanding (MoU), which is considered to be a substantial move to promote the development of a special economic zone (SEZ), which will integrate Forest City into the system, which will also contribute to the booming business in Forest City.
Forest City is located at the first connection point between Malaysia and Singapore, with convenient transportation, 2-4 hours flight can cover the ASEAN market with a population of more than 800 million, close to the Strait of Malacca, which is the second most navigable in the world, and has high convenience and superiority in international logistics development and shipping.
In addition, the business advantages of Singapore and Malaysia also serve Forest City, Singapore, as one of the largest recipients of foreign investment in Southeast Asia, has obvious geographical advantages and superior business environment, focusing on attracting foreign investment, and has fewer restrictions on foreign investment.
Malaysia's business environment is also very strong, with the World Bank's Doing Business 2020 report ranking 12th out of 190 economies in the world, and the combined effects of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force in 2022, can catalyze the expansion and diversification of Malaysia's services and economic growth.
At present, Forest City operates about 70 stores on the island, covering different fields such as specialty food and beverage from China, Japan, South Korea and Malaysia, daily necessities, leisure massage, home design, luxury shopping, virtual golf, and duty-free tobacco and liquor. Thanks to the radiation of the business advantages of Singapore and Malaysia to Forest City and the blessing of the commercial policy dividends of the three special zones, Forest City has huge commercial potential and rich commercial resources, and is an emerging commercial paradise in Southeast Asia!