New incentives for Global start-ups looking to expand into Malaysia under MyStartUp Hub 2021

Amiruddin Abdul Shukor, acting Chief Executive Officer of MaGIC

SHAH ALAM 29 April - Fantastic opportunities await global start-ups looking to establish their business hub in Malaysia, ASEAN’s premier marketplace gateway through the MyStartup Hub (MSH) programme which has just been launched, affording a new round of market accessibility and incentives.

An initiative of the ASEAN Centre of Entrepreneurship (ACE), MyStartup Hub is  engineered to support start-ups in their growth into one of the most populous and thriving regions in the world - Southeast Asia. Through MSH, innovative, high-value start-ups from anywhere in the world can establish a presence in Malaysia as a gateway to access ASEAN’s marketplace.

Southeast Asia’s expanding middle income population of 655 million, representing 8.5% of the world’s population, is expected to drive between 4 and 8% gross domestic product (GDP) growth this year.

“MSH 2021 now starts with an introduction to Malaysia with more incentives available. This year, we are looking to assist 20 high-growth global start-ups with unique technology looking to expand in and through Malaysia - doubling our reach from last year as international borders open and markets move to post-pandemic recovery,” said Amiruddin Abdul Shukor acting Chief Executive Officer of MaGIC.

Amongst others, MSH 2021 will be offering incentives to selected start-ups that fulfil the commitments under the MSH programme. An additional incentive of US$750 is added this year to the programme for global start-ups that successfully recruit a minimum of three local talents.

“We are inviting global start-ups at the high-growth and expansion stage to apply for the programme which has been streamlined and well-designed for their soft-landing through this flagship support services programme,” Amiruddin continued.

“Solutions offered by the start-ups should benefit the people of ASEAN, whilst catalysing innovations and knowledge transfer to Malaysian talents,” he said.

Priority will be given to start-ups with products and solutions in key areas:  Smart Manufacturing; Smart Cities & Transportation; Technology in Healthcare, Education and Agriculture; and Culture, Arts & Tourism.  The start-ups are required to have a clear ASEAN-focused growth, expansion and commitment plan - with strong financial backing and a track record on performance.

Successfully selected global start-ups will undergo a 12-month structured programme where the incentives are valid through which they will receive pertinent and in-depth advice on a guided business incorporation process, hands-on mentoring, local talent acquisition and access to the Malaysian market. MSH2021 is also supported by industry and technology leaders including Microsoft Malaysia and other partners which are purposed on driving a knowledge and innovation led ecosystem.

“Last year 10 global start-ups participated in MSH 2020 - primarily from China, Taiwan, India, Egypt, Sri Lanka and Indonesia. Participants in this programme were engaged in a number of industries including Artificial Intelligence (AI) & Technology, Agriculture Technology, Aeronautics, ecommerce, and Power & Energy,” stated Amiruddin.

Cheng Loke, Director of Business Development from The Decision Lab which was founded in and  headquartered in India, explained that MSH was a pivotal point in their market expansion strategy. “We are currently expanding to Singapore, Thailand and Indonesia from Malaysia. It is very easy for us to get access into these countries from our business hub in Malaysia, which is actually centrally located. We started in 2017 and have grown tremendously, presently working with very big clients.”

Speaking of the importance and efficacy of MSH, Cheng Loke also stated that, “Joining the right programme and getting the right resources to help you, especially as an international start-up, is very beneficial. It can save a lot of time in terms of doing research, figuring things out on your own and a lot of money and effort.”

Foundingbird’s CEO and Founder, Dylan Damsma who hails from the Netherlands, concurs, “I think Malaysia is great for anyone who wants to bootstrap their business in Asia. Malaysia is by far the best entry point to do that. A lot of efforts are being made by MaGIC, MDEC and other agencies that continually improve this.” Foundingbird offers digital company secretarial services that simplify the incorporation process.

According to a World Bank 2020 Report, Malaysia is currently ranked second in ASEAN for ease of doing business, while a 2019 World Economic Forum (WEF) Global Competitiveness Report also places the country as second in the region for competitiveness and for a vibrant economy. Meanwhile, the Startup Genome report puts Malaysia fourth worldwide as an emerging market in Asia Pacific.   

To sign-up and participate in MSH2021, visit https://www.mymagic.my/msh or fill out the application form here (terms and conditions listed here). Registration deadline: 7 May 2021.   - DagangNews.com