Malaysia now allows majority Australian ownership in a range of services industries, including telecommunications, insurance, education, tourism, research and development, accountancy and mining-related services.
Significantly, Australian services providers are guaranteed the right to:
- 70 per cent ownership in higher education services provided by privately funded institutions, increasing to 100 per cent by 2015;
- 70 per cent ownership in a range of other education services;
- 70 per cent ownership in investment banking and direct insurance services;
- at least 70 per cent ownership in all telecommunications services;
- 100 per cent ownership in accounting, auditing and bookkeeping services;
- 100 per cent ownership in providers of management consulting services (excluding financial management consulting); and
- 51 per cent ownership in taxation services.
Australian services exporters also benefit from:
- more business executives and senior managers able to work in Malaysia, and to stay for longer periods;
- the establishment of a framework for mutual recognition of qualifications and licencing for professionals; and
- stronger protections for trademarks and copyright.
For more information see MAFTA Trade in Services Fact Sheet for Business.