Foreign investment in fisheries activities is prohibited, except for high seas tuna fishing, in which foreign shareholding is imited to 49%.
"PART I - PRELIMINARY […]
Interpretation
2. In this Act, unless the context otherwise requires― 
―fishing vessel‖ means any boat, craft, ship or other vessel which is used for, equipped to be used for, or of a type used for— (a) fishing; (aa) aquaculture; or (b) aiding or assisting any other boat, craft, ship or other vessel in the performance of any activity related to fishing, including any of the activities of preparation, processing, refrigeration, storage, supply or transportation of fish; [...]
―local fishing vessel‖ means any fishing vessel— (a) which is not registered outside Malaysia and which is wholly owned by— (i) a natural person who is a citizen or natural persons who are citizens of Malaysia; (ii) a statutory corporation established under any of the laws of Malaysia; (iii)the Government of Malaysia or the Government of a State in Malaysia; or (iv)a body corporate or unincorporate established in Malaysia, and wholly owned by any of the persons described in subparagraph (i), (ii) or (iii) or this definition; or (b) which is chartered, subchartered, leased or subleased by any person, statutory corporation, Government or body corporate described under subparagraph (a)(i), (a)(ii), (a)(iii) or (a)(iv) of this definition;
[...]
PART IV - GENERAL LICENSING PROVISIONS [...]
Offence for fishing without licence or in contravention of condition or direction
8. Any person who undertakes any fishing activity, operates, or allows to be operated, in Malaysian fisheries waters any local fishing vessel for the purpose of fishing—(a) without a valid licence issued under this Part; (b) in contravention of any condition in the licence issued in respect of such vessel; or (c) in contravention of any direction in writing issued by the Director General under this Act,— shall be guilty of an offence.
[...]
Conditions in licence and directions
10. (1) The Director General shall in issuing a licence under this Part impose such conditions as he thinks fit which shall include conditions relating to the following matters: (a) the permanent marking of the fishing vessel with such letters and numbers or other means of identification as may be assigned to it by the Director General in such manner as may be prescribed in regulations made under this Act; (b) the nationality and number of persons to be employed or carried on the fishing vessel; and (c) in addition to complying with the requirement of any other written law that may be applicable, the requirement that a person who is not a Malaysian citizen shall not engage in any fishing activity related to the fishing vessel without the written approval of the Director General. 
[...]
PART V - FOREIGN FISHING VESSELS
Fishing, etc., by foreign fishing vessel in Malaysian fisheries waters
15. (1) Subject to subsection (2), no foreign fishing vessel shall do any of the following in Malaysian fisheries waters -- (a) fish or attempt to fish; or (b) subject to subsection (1A) conduct any techno-economic research or survey of any fishery;  -- unless authorized so to do under an international fishery agreement in force between the Government of Malaysia and the government of the country, or between the Government of Malaysia and the international organization, to which such vessel belongs or in which such vessel is registered, as the case may be, and under a permit issued under section 19. [..] (2) No foreign fishing vessel shall load or unload any fish, fuel or supplies or tranship any fish in Malaysian fisheries waters without the written approval of the Director General. 
[...]
Director General to take account of certain matters in considering application for permit  18.  (1) The Director General shall in considering an application for a permit under section 19 in respect of a foreign fishing vessel take into account the following matters: [...] (e) the reciprocity of treatment given to local fishing vessels by the relevant country or relevant international organization. 
(2)  In this section, ―relevant country‖ means the country or territory in which the foreign fishing vessel is registered or to which it belongs, and ―relevant international organization‖ means the international organization to which the foreign fishing vessel belongs.[...]"(Fisheries Act, 1985)
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"Vessel Permit Application and Sea Fishing Equipment in Zone C2 [from the shore: 30 nautical miles to EEZ]
Application Category
1. A company registered with the Companies Commission of Malaysia (SSM) and wholly owned (100%) by Malaysian citizens.
2. A cooperative registered with the Malaysian Cooperative Commission (SKM) and wholly owned (100%) by Malaysian citizens. [...]" (Department of Fisheries Malaysia (2023), "Deep Sea Licensing", website content).
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"Application Conditions and Guidelines
Applicant Category
1. Companies registered with the Companies Commission of Malaysia (SSM) with at least 51% equity owned by Malaysian citizens.
2. A cooperative registered with the Malaysian Cooperative Commission (SKM) and wholly owned (100%) by Malaysian citizens.. [...]" (Department of Fisheries Malaysia (2023), "Tuna Licensing", website content).
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Previously: 
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"TERMS AND GUIDELINES FOR APPLICATION OF SEA PERMIT / TUNA [...]
1. Category of Applicant: (i) Individuals - Malaysian citizens; (ii) Company - at least 51% owned by a Malaysian citizen;"(Terms and Conditions and Guidelines for Deep Sea & Tuna Permit Application, Department of Fisheries Malaysia [accessed November, 2017]).
Fisheries Act 1985 [Act 317], Part I, Art. 2. 
Department of Fisheries Malaysia (2023), "Deep Sea Licensing", website content
Department of Fisheries Malaysia (2023), "Tuna Licensing", website content
Terms and Conditions and Guidelines for Deep Sea & Tuna Permit Application, Department of Fisheries Malaysia [accessed November, 2017].


[<a href="http://www.agc.gov.my/agcportal/uploads/files/Publications/LOM/EN/Act%20317%20-%20Fisheries%20Act%201985.pdf">Act</a>],[<a href="https://www.dof.gov.my/en/services/captured-fisheries/tuna-licensing/">Website</a>],[<a href="https://www.dof.gov.my/en/services/captured-fisheries/deep-marine-licensing/">Website</a>],[<a href="https://www.dof.gov.my/dof2/resources/user_1/UploadFile/Muat%20Turun%20Borang/Panduan_Penyediaan_Kertas_Kerja.pdf">Application Form</a>]