KUCHING, Mar 30: The Companies Commission of Malaysia (SSM) is extending the due date for late renewal of business licences and late registration of new businesses without compound until December 31, 2021.
Domestic Trade and Consumer Affairs Minister Dato Sri Alexander Nanta Linggi in a press statement today said the initiative was part of the agenda under the new economic recovery programme dubbed Permekasa announced by Prime Minister Tan Sri Muhyiddin Yassin on March 17 and implemented through SSM.
“The compound exemption was introduced to assist the business community impacted during the Movement Control Order (MCO) whereby many entrepreneurs in the rural areas could not renew or register their businesses which could cause them to be compounded.
“The extension of the initiative is expected to benefit more than 330,000 business communities for them to overcome the challenges of the economic recovery and provides a total savings of RM13.7 million.
“The ministry hopes that the initiative will assist the business community to sustain their businesses and encourage more entrepreneurs to venture into business to stimulate the domestic economy which was impacted by Covid-19,” he said.
Nanta added through the 18th initiative of Permekasa, the people with disabilities (OKU) are given the chance to register and renew their business licences with SSM for free.
He also said SSM provides free registration of business to B40 income groups and full-time students of institutions of higher learning who want to venture into business.
Apart from that, Nanta said SSM has agreed to increase the indebtedness threshold to RM50,000 from RM10,000 to reduce the financial burden and the risk of bankruptcy risk faced by companies. — DayakDaily
