KUCHING: The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) will expand its free business registration initiative to B40 youth and single mothers to stimulate and boost the growth of domestic trade sector due to impact of the Covid-19 pandemic.
Its minister Datuk Seri Alexander Nanta Linggi said the ministry through its agency, Companies Commission of Malaysia (SSM), would formulate appropriate methods to enable these groups to benefit from the free business registration scheme.
“SSM’s effort to expand the free business registration initiative for B40 youth and single mothers will spark business interest and encourage these groups to venture into business.
“This can generate additional incomes for them and further boost the growth of the business sector in the country,” he said when answering a question from Rasah MP Cha Kee Chin on the assistance for disabled, women, youth and students who just started their businesses in the Parliament today.
He said apart from that, SSM also encouraged youth and full-time students in public and private institutions of higher learning to register their businesses for free through the 1 Student 1 Business Scheme (S1P1P) which was introduced on Jan 1, 2017.
“People with disabilities are also advised to take advantage of the 1 OKU 1 Business Scheme (S1OKU1P) offered by SSM to register new businesses and renew business registration for free. This scheme was first introduced on Oct 23, 2012,” he said.
Nanta said SSM also developed SSM BizTrust products on July 20, 2017 to create an ethical online business environment.
“On Nov 20 this year, SSM through this ministry announced the extension of SSM BizTrust registration period for free until Dec 31 next year,” he said.
Apart from the initiatives to help the disabled, women, youth and students, SSM had also implemented eight inclusive initiatives to reduce the burden and pressures faced by the business and corporate sector, he added.
Among them was the implementation of a moratorium period of 30 days from the end date of the movement control order (MCO). And submission of the SSM statutory documents under the Companies Act 2016 and the Limited Liability Partnership Acts 2012 to SSM had been extended from March 18 this year to Sept 30 this year.
SSM has also exempted the late submission fees for statutory documents under the Companies Act 2016 following government directives to implement the conditional movement control order and (CMCO) and targeted movement control order (TMCO) in some areas from Nov 9 to Dec 31 this year.
The third initiative involved the extension of time to submit financial statements to SSM for the financial year that ended Sept 1 last year to March 31 this year.
For the fourth initiative, SSM increased the threshold value of indebtedness under section 466 of the Companies Act 2016 from RM10,000 to RM50,000 to reduce the winding-up action against the company. The period to answer the notice of claim by a company had also been extended to six months compared to the period of 21 days before MCO.
For the fifth initiative, the Ministry of Domestic Trade and Consumer Affairs through SSM had also granted an exemption to companies limited by guarantee (SBMJ) which had been approved by the Inland Revenue Board (IRB) under subsection 44 (6) of the Income Tax Act 1967 (ITA 1967) to obtain the approval of the Minister of KPDNHEP or SSM to collect donations related to the COVID-19 pandemic until Dec 31 this year.
SBMJs which do not receive approval under subsection 44 (6) of the ITA 1967 from the IRBM are still allowed to collect donations for the Covid-19 pandemic provided that the SBMJ makes an application to SSM to get the approval of the Minister of KPDNHEP or SSM within 30 days after the MCO period ends.
For the sixth initiative, SSM extended the period for company secretaries to comply with the requirement of 20 points Continuing Professional Education (CPE) for the renewal of practice certificates until Dec 31 this year which was subject to the prescribed conditions.
SSM also provided a compound reduction rate of a maximum of 90 percent of the original value of the compound against the compounds for common offences under the Companies Act 1965 and the Companies Act 2016 until June 30. Compound due to business registration renewal delay under the Business Registration Act 1956 PKP is also given an exemption from March 17 to December 31 this year.
For the eighth initiative, SSM introduced the Compound Reduction Incentive for Cancellation of Company Name under Section 549 or 550 of the Companies Act 2016 from Aug 17 to Dec 31 this year. This 90 percent compound reduction rate applies to all compounds under the Companies Act 1965 and Companies Act 2016.
