MTEP x WORQ: Your ticket to set up tech business in Malaysia
In 2017, Malaysia’s ICT custodian – Malaysia Digital Economy Corporation (MDEC) introduces two key initiatives to support and grow Malaysia’s tech startup ecosystem. The initiatives are Malaysia Digital Hub and Malaysia Tech Entrepreneur Programme (MTEP).
What is the Malaysia Tech Entrepreneur Programme (MTEP)?
MTEP’s objective is to attract gifted tech entrepreneurs from all around the world to develop their startups in Malaysia.
The intention of this program is to fast-track the application process for work visas in Malaysia for individuals with proven tech entrepreneurial businesses.
Eligibility to apply for MTEP
i. Non-Malaysian with no criminal record in their residing country.
ii. Has a minimum amount of RM50,000 in their personal bank account for at least 3 months before the application.
A. New foreign entrepreneur
1. This is for individuals with no track record of establishing a business.
2. Application fee begins from RM 2,650 for a 1-year pass.
3. Personal bond document signed by Malaysia Digital Hubs or MTEP recognised partners.
4. Letter of Offer/ Tenancy Agreement from any Malaysia Digital Hubs or MTEP recognised partners.
B. Establish foreign entrepreneur
1. This is for an individual with a track record of an established business.
2. Application fee begins from RM 5,300 for a 5-year pass.
3. Proof of business performance.
4. Declaration form from a Malaysian sponsor or individual.
5. (For Venture Capital) Founder, co-founder, or Malaysian Venture Partner with minimum funds of RM10mil, must register with Securities Commission Malaysia as Venture Capital Management Corporations (VCMC).
How does WORQ assist?
WORQ is recognised as a Digital Hub by MDEC, which means it is a site for collaboration and a launchpad for businesses. Companies housed in our space are eligible for corporate tax exemptions, ability to hire foreign talent, access to funding and other government-initiated incentives. On top of that, we are the “sponsor” for these talents as an organisation who is able to vouch for their presence in Malaysia for the MTEP application. For example, New Entrepreneurs in Malaysia require a recognised sponsoring organisation which is a company registered in Malaysia – in this case, WORQ.
As long as you register with us for any of our products (e.g. Private Office) for a duration of 1 year, WORQ will assist you in being a sponsor and run through the process to apply for the MTEP programme.
What are the benefits of setting up in Malaysia?
”Malaysia is gradually gaining interests from startups and entrepreneurs worldwide. Located at the heart of South East Asia, Malaysia is able to connect businesses to a regional market of more than 625 million people.“ – MDEC chief executive officer Yasmin Mahmood.
Malaysia is a dynamic country for different businesses and a launchpad for the rest of South-East Asia. From homegrown Unicorns such as Grab, the Malaysian consumer is discerning, mature, and technology savvy – being quick adopters of technology and platform economy initiatives.
Our young population also means that we are only at the start of the next wave of innovation and new ideas which continue to drive the country’s growth and progress forward to a more innovative and service-led economy.
Some coverage on this also highlights additional initiatives been taken by the government in the form of multiple training and skill uplift programs for SMEs to drive growth and digitalisation of small and medium-sized businesses.
4 simple steps to apply with WORQ
Step 2: Our community manager or team will talk you through some of the processes.
Step 3: Prepare your business pitch deck, certificate of good conduct, financial track records and sponsor details (from WORQ as a Malaysia Digital Hub)
Step 4: Apply with the relevant authorities
Congrats and welcome to Malaysia and WORQ!