Malaysia has kicked off a new initiative to establish itself as a hub for top-tier entrepreneurs and skilled professionals. This involves rolling out a fresh series of visas, including the "unicorn golden pass", which aims to draw in world-renowned unicorns, stimulate high-level job growth, and nurture tech-savvy entrepreneurs and leaders. Two other visas namely the 'venture capital golden pass' and the 'innovation pass', each with unique incentives were also released. The ultimate goal is to support start-ups and enhance Malaysia's status as a global tech hub.

In his keynote address at the KL20 Summit 2024, organized by the Malaysian government and spearheaded by the Ministry of Economy, Economy Minister Rafizi Raml elaborated on how Malaysia offers incentives, including waived employment pass fees for top management, reduced rent, preferential corporate tax rates, relocation assistance, and start-up registration support.

Prime Minister Anwar Ibrahim also initiated the KL20 Action Plan, a strategic blueprint to accelerate Malaysia's tech start-up ecosystem. It aims to unite key players such as founders, venture capitalists, and incubators. The plan is committed to nurturing a dynamic start-up culture. It aims to create 100,000 high-skilled jobs and foster 3,000 new active start-ups, which aligns with Malaysia's vision of creating a seamless business environment with ample funding and talent access.