MindValley granted MSC Status
Our Lab in Kuala Lumpur has finally been granted MSC Status by the Malaysian Government. The MSC (Multimedia Super Corridor) is South East Asia's version of Silicon Valley; a tech hub where IT companies can come together to pool resources and benefit from tech infrastructure and perks from the government. What does this mean for us?
Well, we won't get taxed on revenues for the next 10 years so we can re-invest in research and growth. MSC status is also really respected here in Malaysia and this means we'll now be in an even stronger position to attract bright minds to come work for us. In addition, it makes it far easier for us to hire the best and the brightest from anywhere in the world since the Malaysian government will speed up the visa process.
More details on the MSC here: http://www.mdc.com.my/
posted by Vishen at 1/04/2006 12:27:00 AM
7 Comments:
Congratulations....the MSC status has its benefits and is great if you intend use the new entity as one which you intend to bill customers and make money. It has no tax benefits for any subsidiaries etc though. You should also ensure that the scope of product develoment coverage in terms of the tax benefit is wide enough to cover new revenue streams in your initial application.
However, you guys would need to move to cyberjaya or one of those designated areas which are normally located in pretty out of the way locations within six months. This has always been an issue with companies in the MSC... the alternative is of course just getting a 600 sq feet place IN CYBERJAYA just for the address....
I guess you may need to move from your bangsar pad if you don't ;-)
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