PUTRAJAYA, May 20 — The Kuala Lumpur City Hall’s (DBKL) initiative to introduce business licence renewals of up to three years beginning July 1 is expected to benefit nearly 95,000 licence holders while strengthening a more business-friendly and efficient urban business ecosystem.
Minister in the Prime Minister’s Department (Federal Territories) Hannah Yeoh said the initiative was introduced to ease the burden of annual licence renewals, which often place pressure on traders, especially towards the end of the year.
“They (traders) can still choose to renew their licences annually, but those who are able now have the option to renew for two or three years.
“If they have no compounds or outstanding payments, they will be eligible for discounts if they opt for the two- or three-year renewal period,” she said during a media conference with Kuala Lumpur Mayor Datuk Seri Fadlun Mak Ujud today.
Yeoh added that DBKL would offer a five per cent discount on licence fees for two-year renewals and 10 per cent for three-year renewals.
The initiative will also benefit traders seeking financing from banks or other financial institutions, as licences with longer validity periods could strengthen confidence in a business's stability.
She noted that the move could help reduce operational and hidden costs incurred by traders at each renewal, including the need to repeatedly submit documents.
“The implementation of multi-year licence renewals is expected to reduce the burden of annual renewals, save time and compliance costs, while improving the efficiency of service delivery to the business community,” Yeoh said.
DBKL remained committed to making Kuala Lumpur more business-friendly by reducing unnecessary bureaucracy and processes.
“We just want to make KL really business-friendly to everybody and to ease doing business in KL,” she said.
