From Ammoland:

The most sweeping change in Act No. 168 is to eliminate the restrictive and burdensome requirements of the old law in obtaining a permit to purchase, own, or carry firearms. The new law enacts a shall-issue system that requires a permit to be issued if the applicant meets the legal requirements. The legal requirements are essentially the same as in the United States for firearms ownership; except for a uniform minimum age of 21. This was likely influenced by recent legislation in California, Washington, and Florida.
Costs under the old system were upwards from $1,500, with no guarantee of obtaining a permit to own a gun at the end of the long process. Under the new law, costs are about $200, with a guarantee of a permit, if the applicant does not fall into one of the prohibited categories. The permit is valid for five years. The renewal fee is $100.