Kuala lumpur: 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.

According to BERNAMA News Agency, traders will now have the option to renew their licences for two or three years, although annual renewals remain available. Those opting for the extended renewal periods without any compounds or outstanding payments will be eligible for discounts. Specifically, DBKL will offer a five percent discount on licence fees for two-year renewals and a ten percent discount for three-year renewals.

Hannah emphasized that this initiative could benefit traders seeking financing from banks or financial institutions, as licences valid for a longer duration could enhance confidence in the business's stability. Additionally, the move is expected to help reduce operational and hidden costs involved in the renewal process, such as the repeated submission of documents.

The implementation of multi-year licence renewals aims to alleviate the burden of annual renewals, save time, and reduce compliance costs, while also improving the efficiency of service delivery to the business community. Hannah reiterated DBKL's commitment to making Kuala Lumpur more business-friendly by minimizing unnecessary bureaucracy and processes.