New Initiatives Launched By SSM to Help Businesses Recover Economically
The COVID-19 pandemic has negatively impacted the majority of the companies and businesses in Malaysia. As a result, the government and other authorities concerned are introducing more and more initiatives to support businesses and help them recover so that the overall economy can also recover quickly and efficiently.
The Companies Commission of Malaysia (SSM) is leading the way for economic recovery by introducing more than 20 economic programs that can help companies and businesspeople to mitigate the impact of the pandemic on their companies.
1. Pemerkasa Agenda
Three of the major initiatives were introduced as part of the Pemerkasa agenda. According to the first initiative in Pemerkasa, the current threshold of indebtedness was increased from RM10,000 to RM50,000 till 31st December 2020.
Similarly, the period in which a company must respond to a notice of claim was extended by six months to give organizations more time to deal with financial issues.
The second important initiative to support businesses was to provide free company registration in Malaysia to B40 group entrepreneurs and full-time IPT students who want to enter the business industry. Another initiative in the Pemerkasa agenda was to offer help to specially-abled individuals in company registration and also renewing the business licenses with SSM for free of cost.
It is also expected that the SSM will continue to provide more financial initiatives to mitigate the impact of the pandemic on the business community. A major focus of the authorities is on allowing businesses to get their registrations renewed quickly.
2. Zakat Allocation
3. ‘Usahawan Bijak, Usahawan Berdaftar’ Campaign
SSM has introduced a new campaign called ‘Usahawan Bijak, Usahawan Berdaftar.’ The purpose of this campaign is to provide training to potential entrepreneurs in an ethical and trustable manner so they can work for the benefit of the country’s economy. It is one of the large-scale campaigns to encourage the public to register their businesses in Malaysia and get the benefits of various financial initiatives.
The primary purpose of the campaign is to attract full-time business students to apply to Prihatin Business Registration Scheme (SPPP) and get their businesses registered without spending any money, as the government is doing it for free. This kind of the first step will set a solid foundation for budding entrepreneurs to enter the business sector and become successful.
If any company wants to get such benefits, they must register with SSM under the Business Registration Act 1956 or the Companies Act 2016. If business owners are facing issues related to Malaysia company registration or financial management, they always have the option of hiring professional accounting services in Malaysia to get through the process.
4. SSM BizTrust
SSM has also introduced the “SSM BizTrust” platform that can benefit online business companies in many different ways. The purpose of this platform is to allow online business owners to get official certification that can be shown on the business’s website and social media.
The good thing is that the SSM is offering the SSM BizTrust to all of the online businesses in Malaysia for free. Therefore, you do not have to go through any other additional company registration process. Instead, the government is implementing a variety of steps to mitigate the burden on online businesses.
It serves an essential goal of reinforcing customer confidence in the businesses. The introduction of the SSM BizTrust QR Code has made it even easier for the customers to obtain all of the information about a business by simply scanning the code.
In a Nutshell
SSM and other government agencies are trying their best to make the Malaysia company registration process smoother and easier. Other than the registration process, a number of initiatives have been introduced by the SSM to help businesses recover their finances and have a positive impact on the GDP as well.
These initiatives are already bringing in the business community. It is expected that the same positive trend will continue because most financial institutions are still focused on helping businesses in their recovery.
For more information, feel free to get in touch with us.
