Do Business, Travel and Retire with Sarawak Trade & Tourism (STATOS) and S-MM2H

Sarawak, a state on the island of Borneo in Malaysia, is a treasure trove of opportunities for those looking to do business, travel, or retire. Known for its rich cultural heritage, stunning natural landscapes, and growing economic potential, Sarawak offers a unique blend of experiences that cater to diverse interests.

In this article, we will explore how the Sarawak Trade & Tourism Office Singapore (STATOS) and the Sarawak Malaysia My Second Home (S-MM2H) programmes can facilitate your journey in this vibrant state. By understanding the requirements and advantages of these programs, you can unlock various opportunities in Sarawak.

Sarawak: A Land of Opportunities

Rich Cultural Heritage

Sarawak, also known as the land of the hornbills, is home to a mosaic of cultures, with over 40 ethnic groups, each contributing to the state's vibrant traditions and festivals. The annual Gawai Dayak celebration showcases the rich Iban culture, while the Kaamatan festival highlights Kadazan-Dusun traditions. This cultural diversity not only enriches the local lifestyle but also offers expats a chance to immerse themselves in unique experiences.

Natural Beauty

The state boasts breathtaking landscapes, from lush rainforests and majestic mountains to pristine beaches. The Bako National Park and Gunung Mulu National Park are just two examples of places where nature lovers can explore diverse ecosystems. Such natural beauty makes Sarawak an ideal destination for eco-tourism and outdoor activities.

Economic Potential

Sarawak's economy is on an upward trajectory, with significant investments in various sectors such as agriculture, manufacturing, and tourism. The state government actively encourages foreign investment through attractive incentives, making it a promising location for business ventures.

Understanding STATOS

Overview of the STATOS Programme

Founded in 2019, STATOS aims to enhance trade and tourism connections between Sarawak and Singapore. It serves as a gateway for entrepreneurs and investors looking to explore opportunities in Sarawak.

Eligibility Criteria for Entrepreneurs and Investors

To benefit from STATOS, entrepreneurs must demonstrate a viable business plan that aligns with Sarawak's economic goals. Investors are encouraged to engage in sectors such as eco-tourism, agriculture, and technology.

Benefits and Incentives Offered by STATOS

• Tax Incentives: Eligible companies can receive income tax exemptions of 70% or 100% for 5 to 10 years under the Pioneer Status incentive.
• Visa Exemptions: Malaysia has different visa options for business activities, but exemptions vary based on the type of business and the applicant's nationality. It's best to check with Malaysian immigration or STATOS for accurate details.
• Work Permit Eligibility: Entrepreneurs can apply for work permits; however, the approval is subject to specific criteria and regulations set by Malaysian authorities.
• Business Setup Assistance: STATOS provides guidance on local regulations and facilitates connections with relevant authorities.

Understanding S-MM2H

Overview of the Malaysia My Second Home (MM2H) Programme

The S-MM2H programme allows foreigners to reside in Malaysia long-term with a renewable ten-year visa. This programme is particularly appealing to retirees seeking a peaceful lifestyle or professionals wanting to establish roots in Sarawak.

Eligibility Criteria for Retirees and Long-Term Residents

Applicants must be at least 30 years old and meet financial requirements, including proof of offshore income or savings.

Benefits and Incentives Offered by MM2H

• Multiple-Entry Visa: The S-MM2H visa allows multiple entries into Malaysia without restrictions.
• Family Inclusion: Participants can include their spouses and dependent children under 21.
• Property Ownership Rights: Foreigners can purchase residential properties in Sarawak, with minimum purchase prices set at RM600,000 in Kuching, Sibu, Miri, and Bintulu, and RM500,000 in other divisions.
• Work Permit Eligibility: Participants aged 50 and above may work part-time, up to 20 hours per week, in specific sectors such as education, banking, manufacturing, and medical fields, subject to approval.

Combining STATOS and S-MM2H for a Holistic Lifestyle

Leveraging both STATOS and S-MM2H can create a balanced lifestyle that encompasses business opportunities, travel experiences, and retirement benefits.

• Business Ventures: Entrepreneurs can establish businesses under STATOS while enjoying the long-term residency benefits of S-MM2H.
• Travel Opportunities: With easy access to neighbouring countries like Indonesia and Brunei, retirees can explore Southeast Asia during their stay.
• Community Engagement: By participating in local events and festivals, individuals can build connections within their communities.

Note:

The S-MM2H programme is set to change effective January 1, 2025. The new requirements include:

• A standardized fixed deposit of RM500,000 for all applicants, regardless of age or dependents.
• Proof of monthly offshore income of RM10,000 for individuals or RM15,000 for couples, or proof of savings of RM100,000 (individuals) or RM200,000 (couples), will be required.

Practical Tips for Making the Most of Sarawak

To ensure a smooth transition into life in Sarawak, consider these practical tips:

• Finding Suitable Accommodation: Research local listings online or consult real estate agents familiar with expat needs.
• Opening a Local Bank Account: Visit local banks with necessary documents like ID and proof of residence; many banks offer services tailored for expats.
• Obtaining a Local Mobile Phone Plan: Compare plans from different providers to find the best rates; local SIM cards are widely available.
• Understanding Local Customs and Etiquette: Familiarise yourself with Sarawakian culture; respect for traditions is highly valued.
• Building a Social Network: Join local expat groups or community events; this will help you meet new people and integrate into your new environment.

Conclusion

Sarawak presents an array of benefits for those considering business ventures, travel opportunities, or retirement. The STATOS programme facilitates trade connections while the S-MM2H programme offers long-term residency options.

We encourage readers to explore these opportunities further. Contact relevant authorities or immigration consultants for more information on how you can embark on this exciting journey. Embrace the potential for a fulfilling lifestyle in Sarawak—where business meets adventure amidst stunning natural beauty.

Mistakes to Avoid

When considering moving to Sarawak or engaging with its programs:

• Neglecting Research: Failing to understand local laws or cultural practices can lead to challenges.
• Ignoring Financial Requirements: Ensure you meet all financial criteria before applying for S-MM2H programme or engaging with STATOS.
• Underestimating Language Barriers: While English is widely spoken, learning basic Malay phrases can enhance your experience.

FAQs

1. What is the duration of the S-MM2H visa?

The S-MM2H visa is valid for an initial period of 5 years and is renewable for an additional 5 years, totaling 10 years. After this period, a new application may be required to continue participation in the programme.

2. Can I work while on an S-MM2H visa?

Yes, individuals aged 50 and above may work part-time under specific conditions.

3. What are the financial requirements for applying?

Applicants must show proof of monthly offshore income or maintain a fixed deposit account in local banks.

Checklist

Before applying for either program:

• Research eligibility criteria thoroughly.
• Prepare necessary documentation (financial proof, identification).
• Understand local customs and cultural practices.
• Consider engaging with local communities upon arrival.