Image credit: Borneo Post Online
PUTRAJAYA, April 14 — The Business Licensing Electronic Support System (BLESS) 2.0 has improved the application process for foreign companies wanting to do business in Malaysia, said Minister of Domestic Trade and Consumer Affairs Datuk Seri Alexander Nanta Linggi.
In a statement today, he said the BLESS 2.0 system has simplified the application process for companies and at the same time, attracted more foreign investors to open more branches in the country.
“The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) remains committed to helping facilitate the business application process in order to attract more quality foreign investments into Malaysia,” he said.
Nanta also said that although Malaysia was impacted by the economic downturn caused by the Covid-19 pandemic, the country still attracted various foreign companies to continue investing in the country.
According to the minister, between 2020 and 2021, KPDNHEP received a total of 1,280 applications from 573 foreign companies to conduct business in the distribution trade sector in Malaysia, covering retail, distribution, and food and beverage (F&B).
The cumulative amount of paid-up capital brought in by foreign companies during the year was RM11.383 billion with 33,123 jobs created in the local market, he said.
Nanta revealed that for the unregulated services sector such as consulting companies, logistics agents, real estate agents, as well as machinery and equipment repair services, the ministry approved 87 out of 149 applications from foreign companies in 2020 and 2021.
He added that the total paid-up capital brought in by foreign companies in that sector amounted to RM828.84 million during the period.
The minister noted that throughout 2020 and 2021, KPDNHEP approved foreign companies’ applications from 31 countries to conduct business in the unregulated services sector.
Source: https://www.malaymail.com/news/money/2022/04/14/minister-business-licensing-electronic-support-system-2.0-improves-business/2053584